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Reservoir Media (RSVR)

Document and Entity Information

Document and Entity Information - USD ($)12 Months Ended
Mar. 31, 2022Jun. 13, 2022
Document Type10-K 
Document Annual Reporttrue 
Document Period End DateMar. 31, 2022 
Document Transition Reportfalse 
Entity File Number001-39795 
Entity Registrant NameRESERVOIR MEDIA, INC. 
Entity Incorporation, State or Country CodeDE 
Entity Tax Identification Number83-3584204 
Entity Address, Address Line One75 Varick Street 
Entity Address, Address Line Two9th Floor 
Entity Address, City or TownNY 
Entity Address State Or ProvinceNY 
Entity Address, Postal Zip Code10013 
City Area Code212 
Local Phone Number675-0541 
Entity Well-known Seasoned IssuerNo 
Entity Voluntary FilersNo 
Entity Current Reporting StatusYes 
Entity Interactive Data CurrentYes 
Entity Filer CategoryNon-accelerated Filer 
Entity Small Businesstrue 
Entity Emerging Growth Companytrue 
Entity Ex Transition Periodfalse 
ICFR Auditor Attestation Flagfalse 
Entity Shell Companyfalse 
Entity Public Float $ 192,049,942  
Entity Common Stock, Shares Outstanding 64,234,449
Entity Central Index Key0001824403 
Current Fiscal Year End Date--03-31 
Document Fiscal Year Focus2022 
Document Fiscal Period FocusFY 
Amendment Flagfalse 
Auditor NameDeloitte & Touche LLP 
Auditor Firm ID34 
Auditor LocationNew York 
Common Stock  
Title of 12(b) SecurityCommon Stock, $0.0001 par value per share (the “Common Stock”) 
Trading SymbolRSVR 
Security Exchange NameNASDAQ 
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share  
Title of 12(b) SecurityWarrants to purchase one share of Common 
Trading SymbolRSVRW 
Security Exchange NameNASDAQ 

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME  
Revenues $ 107,840,245 $ 80,245,664
Costs and expenses:  
Cost of revenue44,185,837 32,854,453
Amortization and depreciation19,022,131 14,077,473
Administration expenses25,279,256 14,986,085
Total costs and expenses88,487,224 61,918,011
Operating income19,353,021 18,327,653
Interest expense(10,870,866)(8,972,100)
Gain (loss) on foreign exchange330,582 (910,799)
Gain on fair value of swaps8,558,339 2,988,322
Interest and other income10,513 13,243
Income before income taxes17,381,589 11,446,319
Income tax expense4,253,192 2,146,691
Net income13,128,397 9,299,628
Net income attributable to noncontrolling interests(51,770)(46,673)
Net income attributable to Reservoir Media, Inc. $ 13,076,627 $ 9,252,955
Earnings per common share (Note 15):  
Basic $ 0.23 $ 0.21
Diluted $ 0.22 $ 0.21
Weighted average common shares outstanding (Note 15):  
Basic52,611,175 28,370,281
Diluted58,450,019 44,545,687

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
Net income $ 13,128,397 $ 9,299,628
Other comprehensive income (loss):  
Translation adjustments(3,294,416)6,481,973
Total comprehensive income9,833,981 15,781,601
Comprehensive income attributable to noncontrolling interests(51,770)(46,673)
Total comprehensive income attributable to Reservoir Media, Inc. $ 9,782,211 $ 15,734,928

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)Mar. 31, 2022Mar. 31, 2021
Current assets  
Cash and cash equivalents $ 17,814,292 $ 9,209,920
Accounts receivable25,210,936 15,813,384
Current portion of royalty advances12,375,420 12,840,855
Inventory and prepaid expenses4,041,471 1,406,379
Total current assets59,442,119 39,270,538
Intangible assets, net571,383,855 391,149,163
Equity method and other investments3,912,978 1,591,179
Royalty advances, net of current portion44,637,334 28,741,225
Property, plant and equipment, net342,080 321,766
Fair value of swap assets3,991,802  
Other assets559,922 781,735
Total assets684,270,090 461,855,606
Current liabilities  
Accounts payable and accrued liabilities4,436,943 3,316,768
Royalties payable21,235,815 14,656,566
Accrued payroll1,938,281 1,634,852
Deferred revenue1,103,664 1,337,987
Other current liabilities12,272,577 2,615,488
Amounts due to related parties (Note 12) 290,172
Current portion of loans and secured notes payable 1,000,000
Income taxes payable77,496 527,172
Total current liabilities41,064,776 25,379,005
Loans and secured notes payable269,856,169 211,531,875
Deferred income taxes24,884,170 19,267,617
Fair value of swap liabilities 4,566,537
Other liabilities1,012,651 6,739,971
Total liabilities336,817,766 267,485,005
Contingencies and commitments (Note 17)
Shareholders' Equity  
Preferred stock, $0.0001 par value 75,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2022; 98,032,767 shares authorized, 16,175,406 shares issued and outstanding at March 31, 2021 81,632,500
Common stock, $0.0001 par value; 750,000,000 shares authorized, 64,150,186 issued and outstanding at March 31, 2022; 196,065,534 shares authorized, 28,539,299 shares issued and outstanding at March 31, 20216,415 2,854
Additional paid-in capital335,372,981 110,496,300
Retained earnings (accumulated deficit)12,213,519 (863,108)
Accumulated other comprehensive income (loss)(1,198,058)2,096,358
Total Reservoir Media, Inc. shareholders' equity346,394,857 193,364,904
Noncontrolling interest1,057,467 1,005,697
Total shareholders' equity347,452,324 194,370,601
Total liabilities and shareholders' equity $ 684,270,090 $ 461,855,606

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesMar. 31, 2022Mar. 31, 2021
CONSOLIDATED BALANCE SHEETS  
Preferred stock, par value, (per share) $ 0.0001 $ 0.0001
Preferred stock, shares, authorized75,000,000 98,032,767
Preferred stock, shares, issued0 16,175,406
Preferred stock, shares, outstanding0 16,175,406
Common shares, par value, (per share) $ 0.0001 $ 0.0001
Common stock, shares, authorized750,000,000 196,065,534
Common stock, shares, issued64,150,186 28,539,299
Common stock, shares, outstanding64,150,186 28,539,299

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)Preferred StockCommon StockAdditional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive income (loss)Noncontrolling interestsTotal
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Retrospective application of reverse recapitalization  $ 2,735 $ (2,735)    
Retrospective application of reverse recapitalization (in shares)16,092,906 27,353,454      
Balance at Mar. 31, 2020 $ 81,632,500 $ 14 102,423,431 $ (10,116,063) $ (4,385,615) $ 959,024 $ 170,513,291
Balance (in shares) at Mar. 31, 202082,500 140,227      
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Issuance of common shares  $ 105 7,972,904    7,973,009
Issuance of common shares (in shares) 1,045,618      
Share-based compensation  102,700    102,700
Net income   9,252,955  46,673 9,299,628
Other comprehensive income (loss)    6,481,973  6,481,973
Ending balance at Mar. 31, 2021 $ 81,632,500 $ 2,854 110,496,300 (863,108)2,096,358 1,005,697 194,370,601
Beginning balance at Mar. 31, 2020 $ 81,632,500 $ 2,749 102,420,696 (10,116,063)(4,385,615)959,024 170,513,291
Ending balance (in shares) at Mar. 31, 202116,175,406 28,539,299      
Beginning balance (in shares) at Mar. 31, 202016,175,406 27,493,681      
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Net income      (1,506,981)
Ending balance at Jun. 30, 2021      193,104,437
Beginning balance at Mar. 31, 2021 $ 81,632,500 $ 2,854 110,496,300 (863,108)2,096,358 1,005,697 194,370,601
Beginning balance (in shares) at Mar. 31, 202116,175,406 28,539,299      
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Net income      2,864,881
Ending balance at Sep. 30, 2021      337,035,151
Beginning balance at Mar. 31, 2021 $ 81,632,500 $ 2,854 110,496,300 (863,108)2,096,358 1,005,697 194,370,601
Beginning balance (in shares) at Mar. 31, 202116,175,406 28,539,299      
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Net income      4,274,882
Ending balance at Dec. 31, 2021      339,808,929
Beginning balance at Mar. 31, 2021 $ 81,632,500 $ 2,854 110,496,300 (863,108)2,096,358 1,005,697 194,370,601
Beginning balance (in shares) at Mar. 31, 202116,175,406 28,539,299      
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Business Combination and PIPE Investment, net of transaction costs  $ 1,935 141,144,876    141,146,811
Business Combination and PIPE Investment, net of transaction costs (in shares) 19,354,548      
RHI Preferred Stock Conversion $ (81,632,500) $ 1,618 81,630,882     
RHI Preferred Stock Conversion (in shares)(16,175,406)16,175,406      
Issuance of common shares  $ 8 (8)    
Issuance of common shares (in shares) 80,933      
Share-based compensation  2,100,931    2,100,931
Net income   13,076,627  51,770 13,128,397
Other comprehensive income (loss)    (3,294,416) (3,294,416)
Ending balance at Mar. 31, 2022  $ 6,415 335,372,981 12,213,519 (1,198,058)1,057,467 347,452,324
Beginning balance at Mar. 31, 2021 $ 81,632,500 $ 2,854 $ 110,496,300 $ (863,108) $ 2,096,358 $ 1,005,697 194,370,601
Ending balance (in shares) at Mar. 31, 2022 64,150,186      
Beginning balance (in shares) at Mar. 31, 202116,175,406 28,539,299      
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Net income      4,371,862
Ending balance at Sep. 30, 2021      337,035,151
Beginning balance at Jun. 30, 2021      193,104,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]       
Net income      1,410,001
Ending balance at Dec. 31, 2021      339,808,929
Beginning balance at Sep. 30, 2021       $ 337,035,151

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities      
Net income $ (1,506,981) $ 2,864,881 $ 4,274,882 $ 13,128,397 $ 9,299,628 $ 9,432,170
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangible assets4,028,444 8,740,069 13,646,413 18,839,671 13,855,068 8,237,507
Depreciation of property, plant and equipment   182,460 222,405  
Share-based compensation   2,890,931 102,700  
Non-cash interest charges   1,646,900 795,212  
Gain on fair value of swaps   (8,558,339)(2,988,322) 
Share of earnings of equity affiliates, net of tax   (10,155)(7,089) 
Dividend from equity affiliates   27,811   
Deferred income taxes20,020 782,446 489,443 4,044,661 1,619,317 3,644,619
Changes in operating assets and liabilities:      
Accounts receivable   (9,397,552)(6,068,178) 
Inventory and prepaid expenses   (2,635,092)(975,350) 
Royalty advances   (15,430,674)(1,318,641) 
Other assets   152,571 138,706  
Accounts payable and accrued expenses   8,046,652 (350,861)1,675,286
Income tax payable   (449,676)390,226 22,745
Net cash provided by operating activities3,741,861 1,465,122 12,851,291 12,478,566 14,714,821 11,113,691
Cash flows from investing activities:      
Purchases of music catalogs(112,222,978)(125,654,269)(155,992,828)(194,155,476)(118,521,164)(106,073,777)
Investment in unconsolidated affiliates   (2,464,486)(13,366) 
Purchase of property, plant and equipment   (202,774)(79,901) 
Net cash used for investing activities(112,699,836)(128,147,495)(158,580,076)(196,822,736)(118,614,431)(107,038,530)
Cash flows from financing activities:      
Issuance of common shares, net of issuance costs    7,973,009  
Proceeds from Business Combination and PIPE Investment, net of issuance costs   141,146,811   
Proceeds from secured line of credit   133,554,867 40,600,000  
Repayments of secured line of credit   (55,000,000)  
Repayments of secured loans   (18,500,000)(1,000,000) 
Deferred financing costs paid   (4,377,473)(648,769) 
Repayments of related party loans   (81,203,792)  
Draws on related party loans   80,913,620 295,843  
Net cash provided by financing activities   196,534,033 47,220,083  
Foreign exchange impact on cash   (3,585,491)7,649,324  
Increase (decrease) in cash and cash equivalents   8,604,372 (49,030,203) 
Cash and cash equivalents beginning of period $ 9,209,920 $ 9,209,920 $ 9,209,920 9,209,920 58,240,123  
Cash and cash equivalents end of period    $ 17,814,292 $ 9,209,920 $ 58,240,123

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS12 Months Ended
Mar. 31, 2022
DESCRIPTION OF BUSINESS 
DESCRIPTION OF BUSINESSNOTE 1. DESCRIPTION OF BUSINESS Reservoir Media, Inc. (formerly known as Roth CH Acquisition II Co. (“ ROCC Company On July 28, 2021 (the “ Closing Date RHI Merger Agreement Merger Sub Business Combination Common Stock NASDAQ The Business Combination was accounted for as a reverse recapitalization, with RHI determined to be the accounting acquirer and the Company as the acquired company for accounting purposes. All historical financial information presented in the consolidated financial statements represents the accounts of RHI and its consolidated subsidiaries as if RHI is the predecessor to the Company. See Note 3, “ Business Combination and PIPE Investment The Company’s activities are organized into two operating segments: Music Publishing and Recorded Music. Operations of the Music Publishing segment involve the acquisition of interests in music catalogs from which royalties are earned as well as signing songwriters to exclusive agreements which give the Company an interest in the future delivery of songs. The publishing catalog includes ownership or control rights to more than 140,000 musical compositions that span across historic pieces, motion picture scores and current award-winning hits. Operations of the Recorded Music segment involve the acquisition of sound recording catalogs as well as the discovery and development of recording artists and the marketing, distribution, sale and licensing of the music catalog. The Recorded Music operations are primarily conducted through the Chrysalis Records platform and Tommy Boy Music, LLC (“ Tommy Boy Acquisitions COVID-19 Pandemic In March 2020, the World Health Organization characterized the coronavirus (“ COVID-19 The Company has evaluated and continues to evaluate the potential impact of the COVID-19 pandemic on its consolidated financial statements. Government-imposed restrictions and general behavioral changes in response to the pandemic adversely affected the Company’s results of operations for the fiscal years ended March 31, 2022 and 2021. This included performance revenue generated from retail, restaurants, bars, gyms and live shows, synchronization revenue, and the release schedule of physical product. Even as government restrictions are lifted and consumer behavior starts to return to pre-pandemic norms, it is unclear for how long and to what extent the Company’s operations will continue to be affected. Although the Company has not made material changes to any estimates or judgments that impact its consolidated financial statements as a result of COVID-19, the extent to which the COVID-19 pandemic may impact the Company will depend on future developments, which are highly uncertain and cannot be predicted. Future developments surrounding the COVID-19 pandemic could negatively affect the Company’s operating results, including reductions in revenue and cash flow and could impact the Company’s impairment assessments of accounts receivable, royalty advances or intangible assets, which may be material to our consolidated financial statements. Paycheck Protection Program Loan During the fiscal year ended March 31, 2021 (“ fiscal 2021 PPP Loan PPP CARES Act The Company accounted for the PPP Loan as an in-substance government grant because it expected to meet the PPP Loan eligibility criteria and concluded that the loan represented, in substance, a grant that was expected to be forgiven. Proceeds from the PPP Loan were initially recognized as a deferred income liability and presented as an operating activity within the Company’s consolidated statement of cash flows. Subsequently, the Company reduced this liability and recognized a reduction in payroll expenses on a systematic basis over the period in which the related costs for which the PPP Loan was intended were incurred. No interest for the PPP Loan was recognized in the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES12 Months Ended
Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP The following include significant accounting policies that have been adopted by the Company: Principles of Consolidation These consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries. The Company records a noncontrolling interest in its consolidated balance sheets and statements of operations with respect to the remaining economic interests in majority-owned subsidiaries it does not own. All intercompany transactions and balances have been eliminated upon consolidation. The equity method of accounting is used to account for investments in entities in which the Company has the ability to exert significant influence over the investee’s operating and financial policies. As of March 31, 2022 and 2021, the Company was not involved with any entities identified as variable interest entities. Use of Significant Accounting Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities. Significant estimates are used for, but not limited to, determining useful lives of intangible assets, intangible asset recoverability and impairment and accrued revenue. Actual results could differ from these estimates. Foreign Currencies The Company has determined the U.S. dollar to be the functional currency of the Company and certain subsidiaries as it is the currency of the primary economic environment in which the companies operate while other subsidiaries have been determined to have the British Pound as their functional currencies. Monetary assets and liabilities denominated in foreign currencies other than the functional currency are translated into the respective functional currencies at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations. Financial statements of subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using the current rate method. Under this method, assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. Revenue and expenses are translated at the average rate of exchange for the fiscal year. Exchange gains and losses are deferred and reflected on the balance sheet in accumulated other comprehensive income and subsequently recognized in income upon substantial disposal of the net investment in the foreign operation. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Accounts Receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. The time between the Company’s issuance of an invoice and payment due date is not significant. Customer payments that are not collected in advance of the transfer of promised services or goods are generally due 30-60 days from the invoice date. Customer payments related to synchronization licenses often take longer to collect, but that does not typically impact the ultimate collectability. The Company monitors customer credit risk related to accounts receivable and, when deemed necessary, maintains a provision for estimated uncollectible accounts, which is estimated based on historical experience, aging trends and in certain cases, management judgments about specific customers. Based on this analysis, the Company did not record a provision for estimated uncollectible accounts as of March 31, 2022 or March 31, 2021. Concentrations of Credit Risk Customer credit risk represents the potential for financial loss if a customer is unwilling or unable to meet its agreed upon contractual payment obligations. Two customers accounted for approximately 37% of total accounts receivable as of March 31, 2022 and two customers accounted for approximately 43% of total accounts receivable as of March 31, 2021. No other single customer accounted for more than 10% of accounts receivable in either period. In the Music Publishing segment, the Company collects a significant portion of its royalties from global copyright collecting societies. Collecting societies and associations are generally not-for-profit organizations that represent composers, songwriters and music publishers. These organizations seek to protect the rights of their members by licensing, collecting license fees and distributing royalties for the use of the members’ works. The Company does not believe there is any significant collection risk from such societies and associations. In the Recorded Music segment, the majority of the revenue is collected from the Company’s distribution partners, rather than directly from the customers. These distribution partners primarily pay through the revenue to the Company on a monthly basis. The Company routinely assesses the financial strength of its distribution partners and the Company does not believe there is any significant collection risk. Acquisitions and Business Combinations In conjunction with each acquisition transaction, the Company assesses whether the transaction should follow accounting guidance applicable to an asset acquisition or a business combination. This assessment requires an evaluation of whether the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. If treated as an asset acquisition, the assets are recorded on a relative fair value basis in accordance with the Company’s accounting policies and related acquisition costs are capitalized as part of the asset. In a business combination, the Company recognizes identifiable assets acquired, liabilities assumed, and non-controlling interests at their fair values at the acquisition date. Any consideration paid in excess of the net fair value of the identifiable assets and liabilities acquired in a business combination is recorded to goodwill and acquisition-related costs are expensed as incurred. Intangible Assets Intangible assets consist primarily of publishing and recorded music catalogs. Intangible assets are recorded at fair value in a business combination and relative fair value in an asset acquisition. Intangible assets are amortized over their expected useful lives using the straight-line method. The Company periodically reviews the carrying value of its amortizable intangible assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable or that the lives assigned may no longer be appropriate. To the extent the estimated future cash inflows attributable to the asset, less estimated future cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. If the Company determines that events and circumstances warrant a revision to the remaining period of amortization, an asset’s remaining useful life would be changed, and the remaining carrying amount of the asset would be amortized prospectively over that revised remaining useful life. Goodwill The Company had $402,067 of goodwill as of March 31, 2022 and 2021, which is classified with “Other assets” in the Company’s consolidated balance sheets. All of the goodwill arose in connection with an acquisition in 2019 and has been assigned to a reporting unit within the Music Publishing segment. There were no impairments, disposals or other acquisitions of goodwill in the fiscal years ended March 31, 2022 and 2021. Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company evaluates goodwill for potential impairment on an annual basis on the first day of the fiscal fourth quarter (January 1), or at other times during the year if events or circumstances indicate that it is more-likely-than-not (greater than 50%) that the fair value of a reporting unit is below the carrying amount. In reviewing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount, the Company performs a quantitative goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. If the fair value of the reporting unit is less than its carrying amount, the Company will measure any goodwill impairment loss as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment testing of goodwill as of January 1, 2022 and no impairment was required. The Company’s impairment testing consisted of a qualitative assessment. Changes in market conditions, laws and regulations, and key assumptions could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge. Investments in Equity Affiliates The Company accounts for investments in affiliates using the equity method of accounting when it has significant influence over an affiliate’s operations. The Company’s share of investee’s net income or loss and basis difference amortization is classified as “Interest and other income” in the consolidated statements of income. Deferred Revenue Deferred revenue principally relates to fixed fees and minimum guarantees received in advance of the Company’s performance or usage by the licensee. Reductions in deferred revenue are a result of the Company’s performance under the contract or usage by the licensee. Deferred Finance Costs Deferred finance costs are amortized on an effective interest basis over the term of the related obligation. Deferred finance charges are netted against the loans. See Note 8, “ Loans Revenues The Company recognizes revenue when, or as, control of the promised services or goods is transferred to its customers and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. Music Publishing Music Publishing revenues are earned in the form of royalties relating to the licensing of rights in musical compositions and the sale of published sheet music and songbooks. Royalties principally relate to amounts earned from the public performance of musical compositions, the mechanical reproduction of musical compositions on recorded media including digital formats and the use of musical compositions in synchronization with visual images. Music publishing royalties, except for synchronization royalties, are recognized when the sale or usage occurs. The most common form of consideration for publishing contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports when these reports are available for the reporting period or estimates of royalties based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends when usage reports are not available for the reporting period. Synchronization revenue is recognized as revenue when control of the license is transferred to the customer. Recorded Music Revenues from the sale or license of Recorded Music products through digital distribution channels are recognized when the sale or usage occurs based on usage reports received from the customer. Digital licensing contracts are generally long-term with consideration in the form of sales- and usage-based royalties that are primarily received monthly. For certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Revenues from the sale of physical Recorded Music products are recognized upon delivery, which occurs once the product has been shipped and control has been transferred. Principal versus Agent Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in a transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. The Company is typically required to pay a specified portion of the fees, earnings, payments and revenues received from the exploitation of the underlying music compositions and recorded music to the original songwriter or recorded artist (the “ Royalty Costs Royalty Costs and Royalty Advances The Company incurs Royalty Costs that are payable to its songwriters and recording artists generated from the sale or license of its music publishing copyrights and recorded music catalog. Royalties are calculated using negotiated rates in accordance with the songwriter and recording artist contracts. Calculations are based on revenue earned or user/usage measures or a combination of these. There are instances where such data is not available to be processed and royalty cost calculations may be complex or involve judgments about significant volumes of data to be processed and analyzed. In some instances, the Company commits to pay its songwriters and recording artists royalties in advance of future sales. The Company accounts for these advances under the related guidance in the Financial Accounting Standards Board (the “ FASB ASC Entertainment—Music ASC 928 Share-Based Compensation Compensation expense related to the issuance of share-based awards to the Company’s employees and board of directors is measured at fair value on the grant date. The Company uses the Black-Scholes option pricing model to value stock options. The compensation expense for awards that vest over a future service period is recognized over the requisite service period on a straight-line basis. The Company recognizes share-based award forfeitures as they occur rather than estimating by applying a forfeiture rate. Earnings Per Share The consolidated statements of income present basic and diluted earnings per share (“ EPS participating securities Diluted EPS is computed similar to basic EPS, except that the denominator is increased to include the number of additional shares for potential dilutive effects of the RHI Preferred Stock (as defined below), stock options, restricted stock units (“ RSU’s As a result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Closing Date to give effect to the Exchange Ratio (as defined in the Merger Agreement) to determine the number of shares of Common Stock into which they were converted. Employee Benefit Plans The Company has a 401(k) retirement savings plan open to U.S. based employees who have completed three months of eligible service. The Company contributes $0.60 for every $1.00 of employee contributions up to a maximum of 6% of the employee’s salary based upon each individual participant’s election. Expenses totaled $143,937 and $109,265 for employer contributions to the 401(k) retirement savings plan in the fiscal years ended March 31, 2022 and 2021, respectively. Income Taxes Income taxes are determined using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the differences between the accounting bases of assets and liabilities and their corresponding tax basis. Deferred taxes are measured using enacted tax rates expected to apply when the asset is realized, or the liability is settled. A deferred tax asset is recognized when it is considered more likely than not to be realized. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing jurisdictions. Accordingly, the Company accrues liabilities when it believes that it is not more likely than not that it will realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense (benefit). Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s consolidated financial position but could possibly be material to the Company’s consolidated results of operations or cash flow in any given quarter or annual period. Companies subject to the Global Intangible Low-Taxed Income provision (“ GILTI Comprehensive Income The Company reports in accordance with ASC Topic 220, “ Comprehensive Income ASC 220 Derivative Financial Instruments The Company’s interest rate swaps have not been designated as a hedging instrument and, therefore, are recognized at fair value at the end of each reporting period with changes in fair value recorded in the consolidated statements of income. Fair Value Measurement and Hierarchy The Company reports in accordance with ASC Topic 820, “ Fair Value Measurements and Disclosures ASC 820 i.e. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability and are based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: ● Level 1 ––Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. ● Level 2 ––Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ● Level 3 ––Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. See Note 16, “ Financial Instruments Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1993, as amended (the “ Securities Act JOBS Act Sarbanes-Oxley Act Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a registration statement declared effective under the Securities Act or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “ Exchange Act Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In February 2016, the FASB issued Accounting Standards Update (“ ASU Leases (Topic 842) ASU 2016-02 ROU Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) ASU 2016-02 requires a modified retrospective transition approach with application in all comparative periods presented (the “ comparative method effective date method Leases The Company performed an analysis of the impact of the new lease guidance and is in the process of completing the final phase of a comprehensive plan for its implementation of the new guidance. The project plan includes analyzing the impact of the new guidance on its current lease contracts, reviewing the completeness of its existing lease portfolio, comparing its accounting policies under current accounting guidance to the new accounting guidance and identifying potential differences from applying the requirements of the new guidance to its lease contracts. Upon its transition to the new guidance, the Company currently expects to recognize approximately $2,268,681 of operating lease liabilities. Additionally, the Company expects to record right-of-use assets in a corresponding amount, net of amounts reclassified from other assets and liabilities, as specified by the new lease guidance. The Company does not expect the adoption of this new guidance will have a material impact on the amount or timing of the Company’s cash flows or liquidity. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 In December 2019, the FASB issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes ASU 2019-12 In April 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848) ASU 2020-04 In October 2021, the FASB issued ASU 2021-08, “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ASU 2021-08

BUSINESS COMBINATION AND PIPE I

BUSINESS COMBINATION AND PIPE INVESTMENT12 Months Ended
Mar. 31, 2022
BUSINESS COMBINATION AND PIPE INVESTMENT 
BUSINESS COMBINATION AND PIPE INVESTMENTNOTE 3. BUSINESS COMBINATION AND PIPE INVESTMENT As discussed in Note 1, “ Description of Business Immediately prior to the consummation of the Business Combination, each share of Series A preferred stock, par value $0.00001 per share, of RHI (the “ RHI Preferred Stock RHI Common Stock RHI Preferred Stock Conversion Exchange Ratio RMI Exchanged Option In connection with the Business Combination, ROCC entered into subscription agreements with certain accredited investors (the “ PIPE Investors ROCC Common Stock PIPE Investment Approximately $20,900,000 of transaction fees and expenses were incurred in connection with the closing of the Business Combination and the PIPE Investment, which have been accounted for as a reduction in proceeds. A portion of the proceeds from the Business Combination and the PIPE Investment was used to pay transaction fees and expenses, and approximately $81,300,000 was used to retire the Tommy Boy Related Party Notes (as defined below) and related accrued interest, repay the secured loan outstanding in an amount of $18,250,000 and make a payment totaling $36,750,000 on the secured line of credit in connection with a refinancing of the Previous Credit Facilities. See Note 8, “ Loans On the Closing Date, the Company also amended and restated its certificate of incorporation to adjust the number of its authorized shares of capital stock to 750,000,000 shares of Common Stock and 75,000,000 shares of preferred stock.

REVENUE RECOGNITION

REVENUE RECOGNITION12 Months Ended
Mar. 31, 2022
REVENUE RECOGNITION 
REVENUE RECOGNITIONNOTE 4. REVENUE RECOGNITION For the Company’s operating segments, Music Publishing and Recorded Music, the Company accounts for a contract when it has legally enforceable rights and obligations and collectability of consideration is probable. The Company identifies the performance obligations and determines the transaction price associated with the contract. Revenue is recognized when, or as, control of the promised services or goods is transferred to the Company’s customers, and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. Certain of the Company’s arrangements include licenses of intellectual property with consideration in the form of sales- and usage-based royalties. Royalty revenue is recognized when the subsequent sale or usage occurs using the best estimates available of the amounts that will be received by the Company. The Company recognized revenue of $1,210,132 and $2,263,778 from performance obligations satisfied in previous periods for the fiscal years ended March 31, 2022 and 2021, respectively. Disaggregation of Revenue The Company’s revenue consisted of the following categories during the fiscal years ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Revenue by Type ​ ​ Performance ​ $ 15,556,648 ​ $ 16,318,823 Digital ​ 37,418,935 ​ 34,842,482 Mechanical ​ 3,189,026 ​ 2,998,465 Synchronization ​ 13,185,079 ​ 9,322,048 Other ​ 7,720,948 ​ 2,592,316 Total Music Publishing ​ 77,070,636 ​ 66,074,134 ​ ​ ​ ​ ​ ​ ​ Digital ​ 18,381,439 ​ 7,271,432 Physical ​ 6,365,613 ​ 3,854,852 Synchronization ​ 2,633,306 ​ 451,765 Neighboring rights ​ 2,130,624 ​ 1,501,298 Total Recorded Music ​ 29,510,982 ​ 13,079,347 ​ ​ ​ ​ ​ ​ ​ Other revenue ​ 1,258,627 ​ 1,092,183 Total revenue ​ $ 107,840,245 ​ $ 80,245,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Revenue by Geographical Location ​ ​ United States Music Publishing ​ $ 39,764,683 ​ $ 34,007,515 United States Recorded Music ​ 16,014,204 ​ 4,599,570 United States other revenue ​ ​ 1,258,627 ​ 1,092,183 Total United States ​ 57,037,514 ​ 39,699,268 International Music Publishing ​ 37,305,953 ​ 32,066,619 International Recorded Music ​ 13,496,778 ​ 8,479,777 Total International ​ 50,802,731 ​ 40,546,396 Total revenue ​ $ 107,840,245 ​ $ 80,245,664 ​ Only the United States represented 10% or more of the Company’s total revenues in the fiscal years ended March 31, 2022 and 2021. Music Publishing Music publishers act as copyright owners and/or administrators of the musical compositions and generate revenues related to the exploitation of musical compositions (as opposed to recorded music). Music publishers receive royalties from the use of the musical compositions in public performances, digital and physical recordings, and through synchronization (the combination of music with visual images). Performance revenues are received when the musical composition is performed publicly through broadcast of music on television, radio and cable and in retail locations ( e.g. e.g. novelty items and merchandise. Other revenues represent earnings for use in printed sheet music and other uses. Digital and synchronization revenue recognition is similar for both Recorded Music and Music Publishing, therefore refer to the discussion within Recorded Music. Included in these revenue streams, excluding synchronization and other revenues, are licenses with performing rights organizations or collecting societies ( e.g The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction, and (ii) collected from customers. Recorded Music Recorded Music mainly involves selling, marketing, distribution and licensing of recorded music owned by the Company. Recorded Music revenues are derived from four main sources, which include digital, physical, synchronization and neighboring rights. Digital revenues are generated from the expanded universe of digital partners, including digital streaming services and download services. Digital licensing contracts are generally long-term with consideration in the form of sales- and usage-based royalties that are typically received monthly. Additionally, for certain licenses, including synchronization licenses, where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Physical revenues are generated from the sale of physical products such as vinyl, CDs and DVDs. The Company uses distribution partners to facilitate the sale of physical products. Revenues from the sale of physical Recorded Music products are recognized upon transfer of control to the customer, which typically occurs once the product has been shipped and the ability to direct use and obtain substantially all of the benefit from the asset have been transferred. In accordance with industry practice and as is customary in many territories, certain products, such as CDs and DVDs, are sold to customers with the right to return unsold items. Revenues from such sales are generally recognized upon shipment based on gross sales. Synchronization revenues represent royalties or fees for the right to use sound recordings in combination with visual images such as in films or television programs, television commercials and video games. In certain territories, the Company may also receive royalties when sound recordings are performed publicly through broadcast of music on television, radio and cable and in public spaces such as shops, workplaces, restaurants, bars and clubs. These public performance royalties on sound recordings are classified as “Neighboring rights” revenue. For fixed-fee contracts, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Royalty based contracts are recognized as the underlying sales or usage occurs. Deferred Revenue The following table reflects the change in deferred revenue during the fiscal years ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance at beginning of period ​ $ 1,337,987 ​ $ 473,022 Cash received during period ​ 5,029,810 ​ 6,716,569 Revenue recognized during period ​ (5,264,133) ​ (5,851,604) Balance at end of period ​ $ 1,103,664 ​ $ 1,337,987 ​

ACQUISITIONS

ACQUISITIONS12 Months Ended
Mar. 31, 2022
ACQUISITIONS 
ACQUISITIONSNOTE 5. ACQUISITIONS In the ordinary course of business, the Company regularly acquires publishing and recorded music catalogs, which are typically accounted for as asset acquisitions. During the fiscal years ended March 31, 2022 and 2021, the Company completed such acquisitions totaling $202,067,308 and $115,227,517, respectively, inclusive of deferred acquisition payments. Significant acquisition transactions, all of which have been accounted for as asset acquisitions, completed during the fiscal years ended March 31, 2022 and 2021 included the following: ● On June 2, 2021, the Company acquired U.S. based record label and music publishing company Tommy Boy for approximately $100 million. Two members of the Company’s board of directors (the “ Board ”) were also members of Tommy Boy’s board of managers and had an equity interest in both companies. The acquisition of Tommy Boy was accounted for as an asset acquisition as a result of the significant concentration of the fair value of gross assets acquired in a recorded music catalog intangible asset (weighted average useful life of 30 years ). ● On April 13, 2020, the Company acquired all of the copyrights to the musical compositions owned by Shapiro, Bernstein & Co., Inc. (“ SBI ”), one of the oldest music publishers in the United States. The transaction was accounted for as an asset acquisition as a result of the significant concentration of the fair value of gross assets acquired in a publishing catalog intangible asset (weighted average useful life of 30 years ).

INTANGIBLE ASSETS

INTANGIBLE ASSETS12 Months Ended
Mar. 31, 2022
INTANGIBLE ASSETS 
INTANGIBLE ASSETSNOTE 6. INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following as of March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Intangible assets subject to amortization: ​ ​ Publishing and recorded music catalogs ​ $ 654,284,671 ​ $ 455,637,385 Artist management contracts ​ 947,723 ​ 995,464 Gross intangible assets ​ 655,232,394 ​ 456,632,849 Accumulated amortization ​ (83,848,539) ​ (65,483,686) Intangible assets, net ​ $ 571,383,855 ​ $ 391,149,163 ​ Straight-line amortization expense totaled $18,839,671 and $13,855,068 in the fiscal years ended March 31, 2022 and 2021, respectively. The expected amortization expense of intangible assets for each of the five succeeding fiscal years and thereafter is as follows: ​ ​ ​ ​ ​ Fiscal year ended March 31: ​ 2023 ​ $ 21,180,868 2024 ​ 21,180,868 2025 ​ 21,180,275 2026 ​ 21,146,020 2027 ​ 21,146,020 Thereafter ​ 465,527,837 Total ​ $ 571,361,888 ​

ROYALTY ADVANCES

ROYALTY ADVANCES12 Months Ended
Mar. 31, 2022
ROYALTY ADVANCES 
ROYALTY ADVANCESNOTE 7. ROYALTY ADVANCES The Company made royalty advances totaling $27,952,527 and $14,474,288 during the fiscal years ended March 31, 2022 and 2021, respectively, recoupable from the writer’s or artist’s share of future royalties otherwise payable, in varying amounts. Advances expected to be recouped within the next twelve months are classified as current assets, with the remainder classified as noncurrent assets. The following table reflects the change in royalty advances during the fiscal years ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance at beginning of period ​ $ 41,582,080 ​ $ 40,263,439 Additions ​ 27,952,527 ​ 14,474,288 Recoupments ​ (12,521,853) ​ (13,155,647) Balance at end of period ​ $ 57,012,754 ​ $ 41,582,080 ​

LOANS

LOANS12 Months Ended
Mar. 31, 2022
LOANS 
LOANSNOTE 8. LOANS Long-term debt consists of the following as of March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Secured loan bearing interest at LIBOR plus a spread ​ $ — ​ $ 18,500,000 Secured line of credit bearing interest at LIBOR plus a spread ​ 275,645,715 ​ 197,090,848 Debt issuance costs, net ​ ​ (5,789,546) ​ ​ (3,058,973) ​ ​ 269,856,169 ​ 212,531,875 Less: short term portion of secured loan ​ ​ — ​ ​ 1,000,000 ​ ​ $ 269,856,169 ​ $ 211,531,875 ​ Credit Facilities On December 19, 2014, Reservoir Media Management, Inc. (“ RMM RMM Credit Agreement Secured Loan Secured Line of Credit Credit Facilities Debt Refinancing “First Amendment” Senior Credit Facility The Senior Credit Facility has a scheduled maturity date of October 16, 2024. Borrowings under the Senior Credit Facility bear interest at a rate equal to either the sum of a base rate plus a margin of 1.25% or the sum of a LIBO rate plus a margin of 2.25%. RMM is also required to pay an unused fee in respect of unused commitments under the Senior Credit Facility, if any, at a rate of 0.25% per annum. Substantially all tangible and intangible assets of the Company, RHI, RMM and the other subsidiary guarantors are pledged as collateral to secure the obligations of RMM under the RMM Credit Agreement. The RMM Credit Agreement contains customary covenants limiting the ability of the Company, RHI, RMM and certain of its subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, make investments, make cash dividends, redeem or repurchase capital stock, dispose of assets, enter into transactions with affiliates or enter into certain restrictive agreements. In addition, the Company, on a consolidated basis with its subsidiaries, must comply with financial covenants requiring the Company to maintain (i) a total leverage ratio (net of up to $20,000,000 of certain cash balances) of no greater than 7.50:1.00 as of the end of each fiscal quarter, (ii) a fixed charge coverage ratio of not less than 1.25:1.00 for each four fiscal quarter period, and (iii) a consolidated senior debt to library value ratio of 0.475, subject to certain adjustments. If RMM does not comply with the covenants in the RMM Credit Agreement, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under the Senior Credit Facility. The Senior Credit Facility also includes an “accordion feature” that permits RMM to seek additional commitments in an amount not to exceed $50,000,000 that would increase the Senior Credit Facility. As of March 31, 2022, the Senior Credit Facility had a borrowing capacity of $350,000,000, with remaining borrowing availability of $74,354,285. Interest Rate Swaps At March 31, 2022, RMM had the following interest rate swaps outstanding, under which it pays a fixed rate and receives a floating interest payment from the counterparty based on LIBOR with reference to notional amounts adjusted to match the original scheduled principal repayments pursuant to the indenture agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ Amount at ​ ​ ​ ​ ​ ​ March 31, ​ Pay Fixed ​ ​ Effective Date ​ 2022 ​ Rate ​ Maturity March 10, 2022 ​ $ 8,750,000 ​ 1.602 % September 2024 March 10, 2022 ​ $ 88,039,137 ​ 1.492 % September 2024 December 31, 2021 ​ $ 53,210,863 1.042 % September 2024 ​ On March 10, 2022, two previous interest rate swaps expired with original notional amounts of $40,228,152 and $59,325,388. Through the expiration date of these previous interest rate swaps, RMM paid fixed rates of 2.812% and 2.972%, respectively, to the counterparty and received a floating interest payment from the counterparty based on LIBOR with reference to notional amounts adjusted to match the original scheduled principal repayments pursuant to the indenture agreement.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES12 Months Ended
Mar. 31, 2022
OTHER NON-CURRENT LIABILITIES 
OTHER NON-CURRENT LIABILITIESNOTE 9. OTHER NON-CURRENT LIABILITIES As of March 31, 2022, the Company’s other non-current liabilities, which consist primarily of obligations related to certain asset purchases and acquisitions that are due more than a year in the future, are as follows: ​ ​ ​ ​ ​ Fiscal year ended March 31: ​ 2024 ​ $ 213,122 2025 ​ 213,122 2026 ​ 213,122 2027 ​ 213,122 2028 and later ​ 160,163 Total ​ $ 1,012,651 ​

INCOME TAXES

INCOME TAXES12 Months Ended
Mar. 31, 2022
INCOME TAXES 
INCOME TAXESNOTE 10. INCOME TAXES The following table presents domestic and foreign income before income taxes for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Domestic ​ $ 18,369,088 ​ $ 9,782,622 Foreign ​ (987,499) ​ 1,663,697 Income before income taxes ​ $ 17,381,589 ​ $ 11,446,319 ​ The provision for income taxes consists of the following for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Current income taxes: ​ ​ U.S. federal ​ $ — ​ $ (62,685) State and local ​ 6,860 ​ 8,827 Foreign ​ 201,671 ​ 581,232 Total current ​ 208,531 ​ 527,374 Deferred income taxes: ​ ​ ​ ​ U.S. federal ​ 3,950,871 ​ 1,759,503 State and local ​ 509,130 ​ 226,568 Foreign ​ (415,340) ​ (366,754) Total deferred ​ 4,044,661 ​ 1,619,317 Income tax expense ​ $ 4,253,192 ​ $ 2,146,691 ​ The Company has determined that undistributed earnings of certain non-U.S. subsidiaries will be reinvested for an indefinite period of time. The Company has both the intent and ability to indefinitely reinvest these earnings. Given its intent to reinvest these earnings for an indefinite period of time, The Company has not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable. A reconciliation of the statutory tax rate to the effective rate is as follows for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Federal income tax statutory rate 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 2.3 % 1.7 % Foreign subsidiary earnings 0.8 % 2.4 % Return to provision adjustments (1.4) % (5.5) % Executive compensation 1.8 % 0.3 % Other, net 0.0 % (1.1) % Effective income tax rate 24.5 % 18.8 % ​ The Company’s effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax assets. Significant components of the Company’s deferred income tax liability as of March 31, 2022 and 2021are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 1,964,261 ​ $ 1,239,173 Fair value of swaps ​ — ​ 1,046,459 Compensation ​ 187,541 ​ 44,375 Charitable contributions ​ 13,249 ​ 8,951 Unrealized foreign exchange losses ​ ​ 61,044 ​ ​ 51,924 Legal fees ​ 24,873 ​ — Total deferred tax assets ​ 2,250,968 ​ 2,390,882 Deferred tax liabilities: ​ ​ ​ ​ Fixed assets and leasehold improvements ​ (63,871) ​ (44,393) Intangible assets ​ (26,156,253) ​ (21,614,106) Fair value of swaps ​ (915,014) ​ — Total deferred tax liabilities ​ (27,135,138) ​ (21,658,499) Net deferred tax liabilities ​ $ (24,884,170) ​ $ (19,267,617) ​ As of March 31, 2022, the Company has income tax Net operating loss carry forwards of $55,343,261 related to the U.S. operations. The Company has recorded a deferred tax asset of $1,964,261 reflecting the benefit of $55,343,261 in loss carry forwards. Such net operating loss carry forwards will expire as follows: ​ ​ ​ ​ ​ ​ ​ Federal $ 7,118,325 No expiration date New York ​ 47,116,842 2035 – 2040 California ​ 674,133 2040 – 2042 Tennessee ​ 433,961 2035 – 2037 ​ Tax Uncertainties As of March 31, 2022, the Company has not recorded any unrecognized tax benefits. Tax Audits The Company and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. The Company is subject to examination by federal, state and local, and foreign tax authorities. RMM’s Federal income tax returns for the years 2019 through 2021 are subject to examination by the Internal Revenue Service, and RMM’s state tax returns are subject to examination by the respective tax authorities for the years 2018 through 2021. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2018 through 2021. The Company regularly assesses the likelihood of additional assessments by each jurisdiction and have established tax reserves that the Company believes are adequate in relation to the potential for additional assessments. Examination outcomes and the timing of examination settlements are subject to uncertainty. Although the results of such examinations may have an impact on the Company’s unrecognized tax benefits, the Company does not anticipate that such impact will be material to its consolidated financial position or results of operations. The Company does not expect to settle any material tax audits in the next twelve months.

SUPPLEMENTARY CASH FLOW INFORMA

SUPPLEMENTARY CASH FLOW INFORMATION12 Months Ended
Mar. 31, 2022
SUPPLEMENTARY CASH FLOW INFORMATION 
SUPPLEMENTARY CASH FLOW INFORMATIONNOTE 11. SUPPLEMENTARY CASH FLOW INFORMATION Interest paid and income taxes paid for the fiscal years ended March 31, 2022 and 2021 were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Interest paid ​ $ 9,223,410 ​ $ 8,176,888 Income taxes paid ​ $ 693,170 ​ $ 131,414 ​ Non-cash investing and financing activities for the fiscal years ended March 31, 2022 and 2021 were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Acquired intangible assets included in other liabilities ​ $ 5,463,665 ​ $ 2,416,635 Conversion of RHI Preferred Stock to Common Stock ​ $ 81,632,500 ​ $ — ​

AMOUNTS DUE TO RELATED PARTIES

AMOUNTS DUE TO RELATED PARTIES12 Months Ended
Mar. 31, 2022
AMOUNTS DUE TO RELATED PARTIES 
AMOUNTS DUE TO RELATED PARTIESNOTE 12. AMOUNTS DUE TO RELATED PARTIES The Company has various shared services agreements with a shareholder and other affiliated entities under the control of its shareholder. These agreements cover services such as IT support and re-billed services of staff who perform services across multiple entities. Amounts due to this shareholder and other affiliated entities totaled $0 as of March 31, 2022 and $290,172 as of March 31, 2021. The acquisition of Tommy Boy was financed using cash on hand and borrowings from related parties (the “ Tommy Boy Related Party Notes Business Combination and PIPE Investment

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY12 Months Ended
Mar. 31, 2022
SHAREHOLDERS' EQUITY 
SHAREHOLDERS' EQUITYNOTE 13. SHAREHOLDERS’ EQUITY The consolidated statements of shareholders’ equity reflect the reverse capitalization as of the Closing Date. Because RHI was deemed to be the accounting acquirer in the reverse capitalization with ROCC, all periods prior to the Closing Date reflect the balances and activity of RHI. The consolidated balances, share activity and per share amounts in these consolidated statements of equity were retroactively adjusted, where applicable, using the Exchange Ratio. See Note 1, “ Description of Business Business Combination and PIPE Investment RHI Preferred Stock Prior to the Business Combination, RHI had 16,175,406 shares of RHI Preferred Stock outstanding. The RHI Preferred Stock was convertible into an equal number of shares of RHI Common Stock at the option of the preferred shareholder and was mandatorily converted into an equal number of shares of RHI Common Stock upon a qualified public offering of RHI Common Stock. Immediately prior to the effective time of the Business Combination, each share of RHI Preferred Stock that was issued and outstanding was automatically converted into a number of shares of RHI Common Stock pursuant to the RHI Preferred Stock Conversion. See Note 3, “ Business Combination and PIPE Investment While outstanding, the RHI Preferred Stock participated in dividends declared on common shares, if any, on the basis as if the shares of RHI Preferred Stock were converted into shares of RHI Common Stock. The Company did not declare any dividends subsequent to the issuance of RHI Preferred Stock through the RHI Preferred Stock Conversion. As of March 31, 2022, the Company had no shares of RHI Preferred Stock outstanding. RHI Common Stock Issuance During the fiscal year ended March 31, 2021, RHI issued 1,045,617 shares of RHI Common Stock for an aggregate consideration of $8,000,009 to existing shareholders to fund its publishing and recorded music catalog acquisitions. RHI incurred $27,000 of issuance costs in connection with this issuance, which RHI accounted for as a reduction in the proceeds from the RHI Common Stock. Warrants As of March 31, 2022, the Company’s outstanding warrants included 5,750,000 publicly-traded warrants (the “ Public Warrants Private Warrants Warrants The Company may redeem the outstanding Public Warrants in whole, but not in part, at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of Common Stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the registered holders. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the warrants to do so on a cashless basis. In no event will the Company be required to net cash settle the warrant exercise. The Private Warrants are identical to the Public Warrants, except that the Private Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company evaluated the Warrants under ASC Topic 480, Distinguishing Liabilities from Equity ASC 480 Derivatives and Hedging ASC 815

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION12 Months Ended
Mar. 31, 2022
SHARE-BASED COMPENSATION 
SHARE-BASED COMPENSATIONNOTE 14. SHARE-BASED COMPENSATION 2021 Incentive Plan On July 28, 2021, in connection with the Business Combination, the Company adopted the Reservoir Media, Inc. 2021 Omnibus Incentive Plan (the “ 2021 Incentive Plan Previous RHI 2019 Incentive Plan Beginning on April 1, 2022 and ending on March 31, 2031, the aggregate number of shares of Common Stock that may be issued under the 2021 Incentive Plan will automatically increase by the lesser of (a) 3% of the total number of shares of Common Stock issued and outstanding on the last day of the preceding fiscal year on a fully diluted basis and assuming that all shares available for issuance under the 2021 Incentive Plan are issued and outstanding, or (b) such number of Shares determined by the Board. As of the effective date of the 2021 Incentive Plan, no further stock awards have been or will be granted under the Previous RHI 2019 Incentive Plan, and the Previous RHI 2019 Incentive Plan is no longer in effect. As of March 31, 2022, 7,984,354 shares of Common Stock were available for the Company to grant under the 2021 Incentive Plan. The 2021 Incentive Plan is administered by the compensation committee of the Board (the “ Compensation Committee Share-based compensation expense totaled $2,890,931 ($2,228,263, net of taxes) and $102,700 ($79,165, net of taxes) during the fiscal years ended March 31, 2022 and 2021, respectively. Share-based compensation expense is classified as “Administration expenses” in the accompanying consolidated statements of income. The increase in share-based compensation expense during the fiscal year ended March 31, 2022 reflects the accelerated vesting of stock options and new grants of restricted stock units (“ RSU’s Stock Options All stock options outstanding as of March 31, 2022 were granted under the Previous RHI 2019 Inventive Plan. As discussed in Note 3, “ Business Combination and PIPE Investment Prior to vesting, the Company recorded share-based compensation expense for stock options based on the estimated fair value of the stock options on the date of the grant using the Black-Scholes option-pricing model. The absence of a public market for the Company’s common stock on the grant date required the Company’s board of directors to estimate the fair value of its common stock for purposes of granting options and for determining share-based compensation expense by considering several objective and subjective factors, including third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of common and then-outstanding convertible preferred stock, and transactions involving the Company’s stock. The fair value of the Company’s common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation. The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of stock option awards at the grant date: ● risk-free interest rate of 1.74% — 2.41% , based on the U.S. Treasury bond yield with a remaining term equal to the expected option life assumed at the date of grant. ● expected term (in years) of 8 ; which is based on consideration of the contractual terms of the stock-based awards, vesting schedules, and expectations of future employee behavior. ● expected volatility of 39.1% to 57.7% determined by using an average of historical volatilities of selected companies deemed to be comparable to the Company corresponding to the expected term of the awards. ● expected dividend yield of 0% , which reflects the Company’s lack of history or expectation of declaring dividends on its common stock. The following table is a summary of stock option activity under the Plan for the fiscal year ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ ​ ​ ​ Remaining ​ ​ Total ​ Average ​ ​ Aggregate ​ Contractual ​ ​ Number of ​ Exercise ​ ​ Intrinsic ​ Term ​ ​ Options ​ Price ​ ​ Value ​ (Years) Outstanding as of April 1, 2021 ​ 1,494,848 ​ $ 5.11 ​ ​ ​ Granted — ​ ​ Exercised — ​ $ — ​ Forfeited — ​ $ — ​ Outstanding as of March 31, 2022 1,494,848 ​ $ 5.11 ​ $ 7,055,683 7.1 Exercisable as of March 31, 2022 1,494,848 ​ $ 5.11 ​ $ 7,055,683 Vested or expected to vest as of March 31, 2022 1,494,848 ​ $ 5.11 ​ $ 7,055,683 7.1 ​ Restricted Stock Units During the fiscal year ended March 31, 2022, the Company granted RSUs to certain employees and executive officers under the 2021 Incentive Plan. RSUs are not entitled to dividends or dividend equivalents and are not considered to be participating securities. During the fiscal year ended March 31, 2022, 183,474 of these RSUs vested, with the remainder scheduled to vest over the following two years. The Company records share-based compensation expense for RSUs based on their grant date fair value. The following is a summary of RSU activity for the fiscal year ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Total ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding as of April 1, 2021 ​ — ​ $ — Granted ​ 247,045 ​ $ 8.97 Vested and settled (80,933) ​ $ 8.97 Forfeited — ​ $ — Outstanding as of March 31, 2022 166,112 ​ $ 8.97 ​ The total fair value, determined as of the date of vesting, of RSUs vested and converted to common shares of the Company during the fiscal year ended March 31, 2022 was $741,492. Outstanding RSUs as of March 31, 2022, include 102,541 RSUs with a fair value of $1,007,978 that vested on March 31, 2022 and converted to common shares in April 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE12 Months Ended
Mar. 31, 2022
EARNINGS PER SHARE 
EARNINGS PER SHARENOTE 15. EARNINGS PER SHARE The following table summarizes the basic and diluted earnings per common share calculation for the fiscal years ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Basic earnings per common share ​ ​ Net income attributable to Reservoir Media, Inc. ​ $ 13,076,627 ​ $ 9,252,955 Less: income allocated to participating securities ​ (1,182,247) ​ (3,359,927) Net income attributable to common shareholders ​ $ 11,894,380 ​ $ 5,893,028 Weighted average common shares outstanding - basic ​ 52,611,175 ​ 28,370,281 Earnings per common share - basic ​ $ 0.23 ​ $ 0.21 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ Net income attributable to common shareholders ​ $ 11,894,380 ​ $ 5,893,028 Add: income allocated to participating securities ​ 1,182,247 ​ 3,359,927 Net income attributable to Reservoir Media, Inc. ​ $ 13,076,627 ​ $ 9,252,955 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 52,611,175 ​ 28,370,281 Weighted average effect of potentially dilutive securities: ​ ​ Assumed conversion of RHI Preferred Stock ​ 5,229,309 ​ 16,175,406 Effect of dilutive stock options and RSUs ​ 609,535 ​ — Weighted average common shares outstanding - diluted ​ 58,450,019 ​ 44,545,687 Earnings per common share - diluted ​ $ 0.22 ​ $ 0.21 ​ Prior to the RHI Preferred Stock Conversion in connection with the Business Combination, shares of the RHI Preferred Stock were considered participating securities. Because of their anti-dilutive effect, 5,887,500 shares of Common Stock equivalents comprised of warrants have been excluded from the diluted earnings per share calculation for the fiscal year ended March 31, 2022. Because of their anti-dilutive effect, 1,494,848 shares of Common Stock equivalents comprised of stock options have been excluded from the diluted earnings per share calculation for the fiscal year ended March 31, 2021.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS12 Months Ended
Mar. 31, 2022
FINANCIAL INSTRUMENTS 
FINANCIAL INSTRUMENTSNOTE 16. FINANCIAL INSTRUMENTS The Company is exposed to the following risks related to its financial instruments: (a) Credit Risk Credit risk arises from the possibility that the Company’s debtors may be unable to fulfill their financial obligations. Revenues earned from publishing and distribution companies are concentrated in the music and entertainment industry. The Company monitors its exposure to credit risk on a regular basis. (b) Interest Rate Risk The Company is exposed to market risk from changes in interest rates on its secured loan. As described in Note 8, “ Loans, The fair value of the outstanding interest rate swaps was a $3,991,802 asset as of March 31, 2022 and a $4,566,537 liability as of March 31, 2021. Fair value is determined using Level 2 inputs, which are based on quoted prices and market observable data of similar instruments. The change in the unrealized fair value of the swaps during the fiscal year ended March 31, 2022 of $8,558,339 was recorded as a gain on changes in fair value of derivative instruments. The change in the unrealized fair value of the swaps during the fiscal year ended March 31, 2021 of $2,988,322 was recorded as a gain on changes in fair value of derivative instruments. (c) Foreign Exchange Risk The Company is exposed to foreign exchange risk in fluctuations of currency rates on its revenue from royalties, writers’ fees and its subsidiaries’ operations. (d) Financial Instruments Financial instruments not described elsewhere include cash, accounts receivable, accounts payable, accrued liabilities and borrowing under its line of credit. The carrying values of these instruments as of March 31, 2022 and 2021 do not differ materially from their respective fair values due to the immediate or short-term duration of these items or their bearing market-related rates of interest. The fair value of amounts owed to related parties at March 31, 2021 are impracticable to determine due to the related party nature of such amounts and the lack of readily determinable secondary market.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS12 Months Ended
Mar. 31, 2022
CONTINGENCIES AND COMMITMENTS 
CONTINGENCIES AND COMMITMENTSNOTE 17. CONTINGENCIES AND COMMITMENTS (a) Lease Commitments The Company leases its business premises under operating leases which have expiration dates between 2022 – 2027. Rent expense totaled $1,075,723 and $962,224 during the fiscal years ended March 31, 2022 and 2021, respectively. Future minimum lease payments as of March 31, 2022 are as follows: ​ ​ ​ ​ ​ Fiscal year ended March 31: ​ 2023 ​ $ 758,688 2024 ​ 582,659 2025 ​ 501,160 2026 ​ 416,106 2027 ​ 229,547 Total ​ $ 2,488,160 ​ (b) Royalty Advances The Company has committed to make payments for additional Royalty advances totaling $2,913,415 through March 2023, and a further $1,250,000 through March 2024, subject to certain conditions. These Royalty advances are to be used to fund future music compositions and sound recordings and will be recorded as royalty advances when paid. (c) Deferred Acquisition costs As discussed in Note 9, the Company has obligations related to certain asset purchases and business acquisitions, which are recorded as liabilities. Some of those agreements call for additional amounts to be paid based on future performance of the assets. The Company has recorded liabilities based on its view of the future performance of those assets, but it is possible that the actual performance and resulting obligations may be different than current estimates. (d) Litigation On September 8, 2020, an action was filed in the U.S. District Court for the Southern District of New York against a consolidated subsidiary of the Company and certain prior owners (the “ Prior Owners Engagement Letters In addition to the foregoing, the Company is subject to claims and contingencies in the normal course of business. To the extent the Company cannot predict the outcome of the claims and contingencies or estimate the amount of any loss that may result, no provision for any contingent liabilities has been made in the consolidated financial statements. The Company believes that losses resulting from these matters, if any, would not have a material adverse effect on the financial position, results of operations or cash flows of the Company. All such matters which the Company concludes are probable to result in a loss and for which management can reasonably estimate the amount of such loss have been accrued for within these consolidated financial statements.

SEGMENT REPORTING

SEGMENT REPORTING12 Months Ended
Mar. 31, 2022
SEGMENT REPORTING 
SEGMENT REPORTINGNOTE 18. SEGMENT REPORTING The Company’s business is organized in two reportable segments: Music Publishing and Recorded Music. The Company identified its Chief Executive Officer as its Chief Operating Decision Maker (“ CODM OIBDA The accounting policies of the Company’s business segments are consistent with the Company’s policies for the consolidated financial statements. The Company does not have sales between segments. The following tables present total revenue and reconciliation of OIBDA to operating income by segment for the fiscal years ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2022 ​ ​ Music ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ Publishing Music Other Consolidated Total revenue ​ $ 77,070,636 ​ $ 29,510,982 ​ $ 1,258,627 ​ $ 107,840,245 Reconciliation of OIBDA to operating income: ​ ​ ​ ​ ​ Operating income (a) ​ 10,730,584 ​ 8,386,143 ​ 236,294 ​ 19,353,021 Amortization and depreciation ​ 13,769,188 ​ 5,154,612 ​ 98,331 ​ 19,022,131 OIBDA ​ $ 24,499,772 ​ $ 13,540,755 ​ $ 334,625 ​ $ 38,375,152 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ ​ Music ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ Publishing Music Other Consolidated Total revenue ​ $ 66,074,134 ​ $ 13,079,347 ​ $ 1,092,183 ​ $ 80,245,664 Reconciliation of OIBDA to operating income: ​ ​ ​ ​ Operating income (a) ​ 15,278,593 ​ 2,786,566 ​ 262,494 ​ 18,327,653 Amortization and depreciation ​ 11,749,031 ​ 2,222,272 ​ 106,170 ​ 14,077,473 OIBDA ​ $ 27,027,624 ​ $ 5,008,838 ​ $ 368,664 ​ $ 32,405,126 ​ (a) During the fourth quarter the fiscal year ended March 31, 2022, the Company revised the methodology it uses to allocate corporate general and administrative expenses to its operating segments to better align usage of corporate resources allocated to the Company segments. The updated allocation methodology had no impact on the Company’s consolidated statements of operations. This change was applied retrospectively, and segment OIBDA for all comparative periods has been updated to reflect this change. The Company’s CODM manages assets on a consolidated basis. Accordingly, segment assets are not reported to the Company’s CODM, used to allocate resources or assess performance of the segments, and therefore, total segment assets have not been disclosed. Total long-lived assets by country are as follows as of March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 United States ​ $ 247,653 ​ $ 187,861 United Kingdom ​ 94,427 ​ 133,905 ​ During the fiscal years ended March 31, 2022 and 2021, a single external customer accounted for 11% and 12%, respectively, of total revenues, and is included in both the Music Publishing and Recorded Music segments. No other customer accounted for more than 10% of revenue.

CORRECTION OF PRIOR PERIOD ERRO

CORRECTION OF PRIOR PERIOD ERRORS12 Months Ended
Mar. 31, 2022
CORRECTION OF PRIOR PERIOD ERRORS 
CORRECTION OF PRIOR PERIOD ERRORSNOTE 19. CORRECTION OF PRIOR PERIOD ERRORS During the current fiscal year-end financial reporting process, the Company identified prior period accounting errors that the Company has concluded are not material to the Company’s previously reported consolidated financial statements and unaudited interim condensed consolidated financial statements. The financial reporting periods affected by these errors include the Company’s previously reported consolidated financial statements for the fiscal years ended March 31, 2020, and 2021, and the Company’s previously reported unaudited interim condensed consolidated financial information for each of the quarterly and fiscal year-to-date periods ended December 31, 2020, and 2021 (collectively the “previously reported financial statements”). Based on management’s evaluation of the accounting errors in consideration of the SEC Staff’s Accounting Bulletins Nos. 99 (“SAB 99”) and 108 (“SAB 108”) and interpretations therewith, the Company concluded the errors are not material, on an individual or aggregate basis, to the Company’s previously reported financial statements. However, the Company further concluded the accounting errors cannot be corrected as an out-of-period adjustment in the Company’s current period consolidated financial statements as of and for the year ended March 31, 2022, because to do so would cause a material misstatement in those financial statements. Accordingly, the Company referred to the guidance prescribed by SAB 108 which specifies that the errors must be corrected the next time the previously reported financial statements are filed. Therefore, the Company has corrected these accounting errors in the accompanying consolidated financial statements as of and for the fiscal years ended March 31, 2022, and 2021 as an immaterial revision of these financial statements. In addition, the Company plans to correct the accounting errors in its previously reported interim condensed consolidated financial information for the three-month period ended June 30, 2021, the three- and six-month periods ended September 30, 2021, and the three- and nine-month periods ended December 31, 2021, as an immaterial revision of those financial statements upon filing of the Company’s fiscal year 2023 Quarterly Reports on Form 10-Q. The following is a description of the accounting errors and their impact on the Company’s previously reported financial statements: The Company identified certain accounting errors that originated in the fourth quarter of fiscal year 2020 related to the recognition of royalty revenue associated with royalties generated from the pre-acquisition usage of intellectual property rights that the Company acquired in certain of its music catalog acquisitions for which the Company was entitled to collect pre-acquisition royalties from the sellers for a specified period prior to the closing date of these acquisitions. The Company’s historical accounting practice with respect to pre-acquisition royalties was to recognize revenue upon closing of the acquisitions. Upon further review, the Company concluded that the pre-acquisition royalties should have been accounted for as reduction of the purchase price of the acquired music catalogs, as prescribed by ASC 805-50, Business Combinations – Related Issues (“ASC 805-50”) rather than recognized as revenue under ASC 606, Revenue from Contracts with Customers (“ASC 606”). As part of its review, the Company further concluded that certain royalty revenue generated from pre-acquisition usage that remained uncollected at closing, as well as the related royalties due to certain artists or songwriters associated with each of the acquired music catalogs, should have been recognized as accounts receivable and royalties payable, respectively, on the closing date of the acquired music catalog based on the Company’s best estimate of the uncollected royalties due to the Company and payables due to the artists or songwriters on the closing date. The Company’s historical accounting practice associated with these uncollected royalties and royalties payable was to recognize the uncollected royalties as revenue under ASC 606 as they were collected after the closing date, and to recognize cost of revenue as the royalties due to the artists or songwriters when the related royalty revenue was collected. The Company also concluded that the acquired accounts receivable and royalties payable assumed on the date of closing should have been included in the purchase price allocation of the Company’s acquired music catalogs, as prescribed by ASC 805-50. The financial tables below present the impact of correcting the accounting errors on the Company’s previously reported financial statements. Annual Periods: The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated statements of income for the fiscal years ended March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ Fiscal Year Ended March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Revenues ​ $ 81,777,789 ​ $ (1,532,125) ​ $ 80,245,664 ​ $ 63,238,672 ​ $ (767,851) ​ $ 62,470,821 Cost of revenue ​ 32,991,979 ​ (137,526) ​ 32,854,453 ​ 27,305,489 ​ (9,675) ​ 27,295,814 Amortization and depreciation ​ 14,128,604 ​ (51,131) ​ 14,077,473 ​ 8,423,197 ​ (12,798) ​ 8,410,399 Total costs and expenses ​ 62,106,668 ​ (188,657) ​ 61,918,011 ​ 47,761,359 ​ (22,473) ​ 47,738,886 Operating income ​ 19,671,121 ​ (1,343,468) ​ 18,327,653 ​ 15,477,313 ​ (745,378) ​ 14,731,935 Income before income taxes ​ 12,789,787 ​ (1,343,468) ​ 11,446,319 ​ 14,209,908 ​ (745,378) ​ 13,464,530 Income tax expense ​ 2,454,153 ​ (307,462) ​ 2,146,691 ​ 4,199,141 ​ (166,781) ​ 4,032,360 Net income ​ 10,335,634 ​ (1,036,006) ​ 9,299,628 ​ 10,010,767 ​ (578,597) ​ 9,432,170 Net income attributable to Reservoir Media, Inc. ​ 10,288,961 ​ (1,036,006) ​ 9,252,955 ​ 10,057,794 ​ (578,597) ​ 9,479,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share - basic ​ $ 0.23 ​ $ (0.02) ​ $ 0.21 ​ $ 0.26 ​ $ (0.01) ​ $ 0.25 Earnings per common share - diluted ​ $ 0.23 ​ $ (0.02) ​ $ 0.21 ​ $ 0.26 ​ $ (0.01) ​ $ 0.25 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated statements of comprehensive income for the fiscal years ended March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ Fiscal Year Ended March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ 10,335,634 ​ $ (1,036,006) ​ $ 9,299,628 ​ $ 10,010,767 ​ $ (578,597) ​ $ 9,432,170 Total comprehensive income ​ 16,817,607 ​ (1,036,006) ​ 15,781,601 ​ 8,029,014 ​ (578,597) ​ 7,450,417 Total comprehensive income attributable to Reservoir Holdings, Inc. ​ 16,770,934 ​ (1,036,006) ​ 15,734,928 ​ 8,076,041 ​ (578,597) ​ 7,497,444 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated balance sheet and consolidated statements of changes in shareholders’ equity as of March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Intangible assets, net ​ $ 393,238,010 ​ $ (2,088,847) ​ $ 391,149,163 ​ $ 285,109,108 ​ $ (745,378) ​ $ 284,363,730 Total assets ​ 463,944,453 ​ (2,088,847) ​ 461,855,606 ​ 396,591,203 ​ (745,378) ​ 395,845,825 Income taxes payable ​ 533,495 ​ (6,323) ​ 527,172 ​ 297,112 ​ (160,166) ​ 136,946 Deferred income taxes ​ 19,735,537 ​ (467,920) ​ 19,267,617 ​ 16,415,239 ​ (6,615) ​ 16,408,624 Total liabilities ​ 267,959,248 ​ (474,243) ​ 267,485,005 ​ 225,499,314 ​ (166,781) ​ 225,332,533 Retained earnings (accumulated deficit) ​ 751,496 ​ (1,614,604) ​ (863,108) ​ (9,537,465) ​ (578,597) ​ (10,116,062) Total Reservoir Media, Inc. shareholders’ equity ​ 194,979,508 ​ (1,614,604) ​ 193,364,904 ​ 170,132,865 ​ (578,597) ​ 169,554,268 Total shareholders’ equity ​ 195,985,205 ​ (1,614,604) ​ 194,370,601 ​ 171,091,888 ​ (578,597) ​ 170,513,291 Total liabilities and shareholders’ equity ​ 463,944,453 ​ (2,088,847) ​ 461,855,606 ​ 396,591,202 ​ (745,378) ​ 395,845,824 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated statements of cash flows for the fiscal years ended March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ Fiscal Year Ended March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ 10,335,634 ​ $ (1,036,006) ​ $ 9,299,628 ​ $ 10,010,767 ​ $ (578,597) ​ $ 9,432,170 Amortization of intangible assets ​ 13,906,199 ​ (51,131) ​ 13,855,068 ​ 8,250,305 ​ (12,798) ​ 8,237,507 Accounts payable and accrued expenses ​ (213,335) ​ (137,526) ​ (350,861) ​ 1,684,961 ​ (9,675) ​ 1,675,286 Income taxes payable ​ 236,383 ​ 153,843 ​ 390,226 ​ 182,911 ​ (160,166) ​ 22,745 Deferred income taxes ​ 2,080,622 ​ (461,305) ​ 1,619,317 ​ 3,651,234 ​ (6,615) ​ 3,644,619 Net cash provided by operating activities ​ 16,246,946 ​ (1,532,125) ​ 14,714,821 ​ 11,881,542 ​ (767,851) ​ 11,113,691 Purchases of music catalogs ​ (120,053,289) ​ 1,532,125 ​ (118,521,164) ​ (106,841,628) ​ 767,851 ​ (106,073,777) Net cash used for investing activities ​ (120,146,556) ​ 1,532,125 ​ (118,614,431) ​ (107,806,381) ​ 767,851 ​ (107,038,530) ​ Unaudited Fiscal Year 2022 Interim Periods: ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated statements of income for the three-month periods ended June 30, 2021, September 30, 2021, and December 31, 2021, the six-month period ended September 30, 2021, and the nine-month period ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Three Months Ended September 30, 2021 ​ Three Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Revenues ​ $ 16,718,150 ​ $ (85,519) ​ $ 16,632,631 ​ $ 30,435,488 ​ $ (162,324) ​ $ 30,273,164 ​ $ 27,127,779 ​ $ (1,315,223) ​ $ 25,812,556 Amortization and depreciation ​ 4,079,245 ​ (19,522) ​ 4,059,723 ​ 4,777,683 ​ (20,555) ​ 4,757,128 ​ 4,981,748 ​ (26,712) ​ 4,955,036 Total costs and expenses ​ 16,436,462 ​ (19,522) ​ 16,416,940 ​ 22,524,426 ​ (20,555) ​ 22,503,871 ​ 23,149,881 ​ (26,712) ​ 23,123,169 Operating income ​ 281,688 ​ (65,997) ​ 215,691 ​ 7,911,062 ​ (141,769) ​ 7,769,293 ​ 3,977,898 ​ (1,288,511) ​ 2,689,387 Income (loss) before income taxes ​ (1,968,129) ​ (65,997) ​ (2,034,126) ​ 6,053,514 ​ (141,769) ​ 5,911,745 ​ 3,093,763 ​ (1,288,511) ​ 1,805,252 Income tax expense (benefit) ​ (510,646) ​ (16,499) ​ (527,145) ​ 1,575,325 ​ (35,442) ​ 1,539,883 ​ 717,379 ​ (322,128) ​ 395,251 Net income (loss) ​ (1,457,483) ​ (49,498) ​ (1,506,981) ​ 4,478,189 ​ (106,327) ​ 4,371,862 ​ 2,376,384 ​ (966,383) ​ 1,410,001 Net income (loss) attributable to Reservoir Media, Inc. ​ (1,403,500) ​ (49,498) ​ (1,452,998) ​ 4,555,697 ​ (106,327) ​ 4,449,370 ​ 2,149,454 ​ (966,383) ​ 1,183,071 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic ​ $ (0.05) ​ $ — ​ $ (0.05) ​ $ 0.08 ​ $ — ​ $ 0.08 ​ $ 0.03 ​ $ (0.01) ​ $ 0.02 Earnings (loss) per common share - diluted ​ $ (0.05) ​ $ — ​ $ (0.05) ​ $ 0.08 ​ $ — ​ $ 0.08 ​ $ 0.03 ​ $ (0.01) ​ $ 0.02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, 2021 ​ Nine Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Revenues ​ $ 47,153,638 ​ $ (247,843) ​ $ 46,905,795 ​ $ 74,281,417 ​ $ (1,563,066) ​ $ 72,718,351 Amortization and depreciation ​ 8,856,928 ​ (40,077) ​ 8,816,851 ​ 13,838,676 ​ (66,789) ​ 13,771,887 Total costs and expenses ​ 38,960,888 ​ (40,077) ​ 38,920,811 ​ 62,110,769 ​ (66,789) ​ 62,043,980 Operating income ​ 8,192,750 ​ (207,766) ​ 7,984,984 ​ 12,170,648 ​ (1,496,277) ​ 10,674,371 Income before income taxes ​ 4,085,385 ​ (207,766) ​ 3,877,619 ​ 7,179,148 ​ (1,496,277) ​ 5,682,871 Income tax expense ​ 1,064,679 ​ (51,941) ​ 1,012,738 ​ 1,782,058 ​ (374,069) ​ 1,407,989 Net income ​ 3,020,706 ​ (155,825) ​ 2,864,881 ​ 5,397,090 ​ (1,122,208) ​ 4,274,882 Net income attributable to Reservoir Media, Inc. ​ 3,152,197 ​ (155,825) ​ 2,996,372 ​ 5,301,651 ​ (1,122,208) ​ 4,179,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share - basic ​ $ 0.06 ​ $ — ​ $ 0.06 ​ $ 0.10 ​ $ (0.03) ​ $ 0.07 Earnings per common share - diluted ​ $ 0.06 ​ $ — ​ $ 0.06 ​ $ 0.09 ​ $ (0.02) ​ $ 0.07 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated statements of comprehensive income (loss) for the three-month periods ended June 30, 2021, September 30, 2021, and December 31, 2021, the six-month period ended September 30, 2021, and the nine-month period ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Three Months Ended September 30, 2021 ​ Three Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ (1,457,483) ​ $ (49,498) ​ $ (1,506,981) ​ $ 4,478,189 ​ $ (106,327) ​ $ 4,371,862 ​ $ 2,376,384 ​ $ (966,383) ​ $ 1,410,001 Total comprehensive income (loss) ​ (1,242,341) ​ (49,498) ​ (1,291,839) ​ 2,698,752 ​ (106,327) ​ 2,592,425 ​ 2,531,476 ​ (966,383) ​ 1,565,093 Total comprehensive income (loss) attributable to Reservoir Holdings, Inc. ​ (1,188,358) ​ (49,498) ​ (1,237,856) ​ 2,776,260 ​ (106,327) ​ 2,669,933 ​ 2,304,546 ​ (966,383) ​ 1,338,163 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, 2021 ​ Nine Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ 3,020,706 ​ $ (155,825) ​ $ 2,864,881 ​ $ 5,397,090 ​ $ (1,122,208) ​ $ 4,274,882 Total comprehensive income (loss) ​ 1,456,411 ​ (155,825) ​ 1,300,586 ​ 3,987,887 ​ (1,122,208) ​ 2,865,679 Total comprehensive income (loss) attributable to Reservoir Holdings, Inc. ​ 1,587,902 ​ (155,825) ​ 1,432,077 ​ 3,892,448 ​ (1,122,208) ​ 2,770,240 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated balance sheet and consolidated statements of changes in shareholders’ equity as of June 30, 2021, September 30, 2021, and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ September 30, 2021 ​ December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Intangible assets, net ​ $ 500,591,041 ​ $ (2,154,844) ​ $ 498,436,197 ​ $ 511,091,322 ​ $ (2,296,613) ​ $ 508,794,709 ​ $ 538,787,661 ​ $ (3,585,124) ​ $ 535,202,537 Total assets ​ 580,983,613 ​ (2,154,844) ​ 578,828,769 ​ 601,704,401 ​ (2,296,613) ​ 599,407,788 ​ 633,057,023 ​ (3,585,124) ​ 629,471,899 Income taxes payable ​ ​ 533,937 ​ ​ (6,323) ​ ​ 527,614 ​ ​ 490,713 ​ ​ (6,323) ​ ​ 484,390 ​ ​ 524,442 ​ ​ (6,323) ​ ​ 518,119 Deferred income taxes ​ 19,772,056 ​ (484,419) ​ 19,287,637 ​ 20,569,924 ​ (519,861) ​ 20,050,063 ​ 20,599,049 ​ (841,989) ​ 19,757,060 Total liabilities ​ 386,215,074 ​ (490,742) ​ 385,724,332 ​ 262,898,821 ​ (526,184) ​ 262,372,637 ​ 290,511,282 ​ (848,312) ​ 289,662,970 Retained earnings (accumulated deficit) ​ (652,004) ​ (1,664,102) ​ (2,316,106) ​ 3,903,693 ​ (1,770,429) ​ 2,133,264 ​ 6,053,147 ​ (2,736,812) ​ 3,316,335 Total Reservoir Media, Inc, shareholders' equity ​ 193,816,825 ​ (1,664,102) ​ 192,152,723 ​ 337,931,374 ​ (1,770,429) ​ 336,160,945 ​ 341,444,605 ​ (2,736,812) ​ 338,707,793 Total shareholders' equity ​ 194,768,539 ​ (1,664,102) ​ 193,104,437 ​ 338,805,580 ​ (1,770,429) ​ 337,035,151 ​ 342,545,741 ​ (2,736,812) ​ 339,808,929 Total liabilities and shareholders' equity ​ 580,983,613 ​ (2,154,844) ​ 578,828,769 ​ 601,704,401 ​ (2,296,613) ​ 599,407,788 ​ 633,057,023 ​ (3,585,124) ​ 629,471,899 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated statements of cash flows for the three-month period ended June 30, 2021, the six-month period ended September 30, 2021, and the nine-month period ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Six Months Ended September 30, 2021 ​ Nine Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Net income (loss) ​ $ (1,457,483) ​ $ (49,498) ​ $ (1,506,981) ​ $ 3,020,706 ​ $ (155,825) ​ $ 2,864,881 ​ $ 5,397,090 ​ $ (1,122,208) ​ $ 4,274,882 Amortization of intangible assets ​ 4,047,966 ​ (19,522) ​ 4,028,444 ​ 8,780,146 ​ (40,077) ​ 8,740,069 ​ 13,713,202 ​ (66,789) ​ 13,646,413 Deferred income taxes ​ 36,519 ​ (16,499) ​ 20,020 ​ 834,387 ​ (51,941) ​ 782,446 ​ 863,512 ​ (374,069) ​ 489,443 Net cash provided by operating activities ​ 3,827,380 ​ (85,519) ​ 3,741,861 ​ 1,712,965 ​ (247,843) ​ 1,465,122 ​ 14,414,357 ​ (1,563,066) ​ 12,851,291 Purchases of music catalogs ​ (112,308,497) ​ 85,519 ​ (112,222,978) ​ (125,902,112) ​ 247,843 ​ (125,654,269) ​ (157,555,894) ​ 1,563,066 ​ (155,992,828) Net cash used for investing activities ​ (112,785,355) ​ 85,519 ​ (112,699,836) ​ (128,395,338) ​ 247,843 ​ (128,147,495) ​ (160,143,142) ​ 1,563,066 ​ (158,580,076) ​ Unaudited Fiscal Year 2021 Interim Periods: ​ For the nine-month period ended December 31, 2020, the impact of correcting the accounting errors on the Company’s previously reported revenue, operating income, and net income was a reduction of $376,662, $206,120, and $160,000, respectively

SUBSEQUENT EVENT

SUBSEQUENT EVENT12 Months Ended
Mar. 31, 2022
SUBSEQUENT EVENT. 
SUBSEQUENT EVENTNOTE 20. SUBSEQUENT EVENT In April 2022, the Company entered into an agreement for its new headquarter office facility consisting of 12,470 square feet of leased office space at 200 Varick Street, Suite 801A, New York, NY (the “ New HQ Lease

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)12 Months Ended
Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
Basis of PresentationBasis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP The following include significant accounting policies that have been adopted by the Company:
Principles of ConsolidationPrinciples of Consolidation These consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries. The Company records a noncontrolling interest in its consolidated balance sheets and statements of operations with respect to the remaining economic interests in majority-owned subsidiaries it does not own. All intercompany transactions and balances have been eliminated upon consolidation. The equity method of accounting is used to account for investments in entities in which the Company has the ability to exert significant influence over the investee’s operating and financial policies. As of March 31, 2022 and 2021, the Company was not involved with any entities identified as variable interest entities.
Use of Significant Accounting EstimatesUse of Significant Accounting Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities. Significant estimates are used for, but not limited to, determining useful lives of intangible assets, intangible asset recoverability and impairment and accrued revenue. Actual results could differ from these estimates.
Foreign CurrenciesForeign Currencies The Company has determined the U.S. dollar to be the functional currency of the Company and certain subsidiaries as it is the currency of the primary economic environment in which the companies operate while other subsidiaries have been determined to have the British Pound as their functional currencies. Monetary assets and liabilities denominated in foreign currencies other than the functional currency are translated into the respective functional currencies at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations. Financial statements of subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using the current rate method. Under this method, assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. Revenue and expenses are translated at the average rate of exchange for the fiscal year. Exchange gains and losses are deferred and reflected on the balance sheet in accumulated other comprehensive income and subsequently recognized in income upon substantial disposal of the net investment in the foreign operation.
Cash and Cash EquivalentsCash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Accounts ReceivableAccounts Receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. The time between the Company’s issuance of an invoice and payment due date is not significant. Customer payments that are not collected in advance of the transfer of promised services or goods are generally due 30-60 days from the invoice date. Customer payments related to synchronization licenses often take longer to collect, but that does not typically impact the ultimate collectability. The Company monitors customer credit risk related to accounts receivable and, when deemed necessary, maintains a provision for estimated uncollectible accounts, which is estimated based on historical experience, aging trends and in certain cases, management judgments about specific customers. Based on this analysis, the Company did not record a provision for estimated uncollectible accounts as of March 31, 2022 or March 31, 2021.
Concentrations of Credit RiskConcentrations of Credit Risk Customer credit risk represents the potential for financial loss if a customer is unwilling or unable to meet its agreed upon contractual payment obligations. Two customers accounted for approximately 37% of total accounts receivable as of March 31, 2022 and two customers accounted for approximately 43% of total accounts receivable as of March 31, 2021. No other single customer accounted for more than 10% of accounts receivable in either period. In the Music Publishing segment, the Company collects a significant portion of its royalties from global copyright collecting societies. Collecting societies and associations are generally not-for-profit organizations that represent composers, songwriters and music publishers. These organizations seek to protect the rights of their members by licensing, collecting license fees and distributing royalties for the use of the members’ works. The Company does not believe there is any significant collection risk from such societies and associations. In the Recorded Music segment, the majority of the revenue is collected from the Company’s distribution partners, rather than directly from the customers. These distribution partners primarily pay through the revenue to the Company on a monthly basis. The Company routinely assesses the financial strength of its distribution partners and the Company does not believe there is any significant collection risk.
Acquisitions and Business CombinationsAcquisitions and Business Combinations In conjunction with each acquisition transaction, the Company assesses whether the transaction should follow accounting guidance applicable to an asset acquisition or a business combination. This assessment requires an evaluation of whether the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. If treated as an asset acquisition, the assets are recorded on a relative fair value basis in accordance with the Company’s accounting policies and related acquisition costs are capitalized as part of the asset. In a business combination, the Company recognizes identifiable assets acquired, liabilities assumed, and non-controlling interests at their fair values at the acquisition date. Any consideration paid in excess of the net fair value of the identifiable assets and liabilities acquired in a business combination is recorded to goodwill and acquisition-related costs are expensed as incurred.
Intangible AssetsIntangible Assets Intangible assets consist primarily of publishing and recorded music catalogs. Intangible assets are recorded at fair value in a business combination and relative fair value in an asset acquisition. Intangible assets are amortized over their expected useful lives using the straight-line method. The Company periodically reviews the carrying value of its amortizable intangible assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable or that the lives assigned may no longer be appropriate. To the extent the estimated future cash inflows attributable to the asset, less estimated future cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. If the Company determines that events and circumstances warrant a revision to the remaining period of amortization, an asset’s remaining useful life would be changed, and the remaining carrying amount of the asset would be amortized prospectively over that revised remaining useful life.
GoodwillGoodwill The Company had $402,067 of goodwill as of March 31, 2022 and 2021, which is classified with “Other assets” in the Company’s consolidated balance sheets. All of the goodwill arose in connection with an acquisition in 2019 and has been assigned to a reporting unit within the Music Publishing segment. There were no impairments, disposals or other acquisitions of goodwill in the fiscal years ended March 31, 2022 and 2021. Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company evaluates goodwill for potential impairment on an annual basis on the first day of the fiscal fourth quarter (January 1), or at other times during the year if events or circumstances indicate that it is more-likely-than-not (greater than 50%) that the fair value of a reporting unit is below the carrying amount. In reviewing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount, the Company performs a quantitative goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. If the fair value of the reporting unit is less than its carrying amount, the Company will measure any goodwill impairment loss as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment testing of goodwill as of January 1, 2022 and no impairment was required. The Company’s impairment testing consisted of a qualitative assessment. Changes in market conditions, laws and regulations, and key assumptions could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Investments in Equity AffiliatesInvestments in Equity Affiliates The Company accounts for investments in affiliates using the equity method of accounting when it has significant influence over an affiliate’s operations. The Company’s share of investee’s net income or loss and basis difference amortization is classified as “Interest and other income” in the consolidated statements of income.
Deferred RevenueDeferred Revenue Deferred revenue principally relates to fixed fees and minimum guarantees received in advance of the Company’s performance or usage by the licensee. Reductions in deferred revenue are a result of the Company’s performance under the contract or usage by the licensee.
Deferred Finance CostsDeferred Finance Costs Deferred finance costs are amortized on an effective interest basis over the term of the related obligation. Deferred finance charges are netted against the loans. See Note 8, “ Loans
RevenuesRevenues The Company recognizes revenue when, or as, control of the promised services or goods is transferred to its customers and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. Music Publishing Music Publishing revenues are earned in the form of royalties relating to the licensing of rights in musical compositions and the sale of published sheet music and songbooks. Royalties principally relate to amounts earned from the public performance of musical compositions, the mechanical reproduction of musical compositions on recorded media including digital formats and the use of musical compositions in synchronization with visual images. Music publishing royalties, except for synchronization royalties, are recognized when the sale or usage occurs. The most common form of consideration for publishing contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports when these reports are available for the reporting period or estimates of royalties based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends when usage reports are not available for the reporting period. Synchronization revenue is recognized as revenue when control of the license is transferred to the customer. Recorded Music Revenues from the sale or license of Recorded Music products through digital distribution channels are recognized when the sale or usage occurs based on usage reports received from the customer. Digital licensing contracts are generally long-term with consideration in the form of sales- and usage-based royalties that are primarily received monthly. For certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Revenues from the sale of physical Recorded Music products are recognized upon delivery, which occurs once the product has been shipped and control has been transferred.
Principal versus Agent Revenue RecognitionPrincipal versus Agent Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in a transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. The Company is typically required to pay a specified portion of the fees, earnings, payments and revenues received from the exploitation of the underlying music compositions and recorded music to the original songwriter or recorded artist (the “ Royalty Costs
Royalty Costs and Royalty AdvancesRoyalty Costs and Royalty Advances The Company incurs Royalty Costs that are payable to its songwriters and recording artists generated from the sale or license of its music publishing copyrights and recorded music catalog. Royalties are calculated using negotiated rates in accordance with the songwriter and recording artist contracts. Calculations are based on revenue earned or user/usage measures or a combination of these. There are instances where such data is not available to be processed and royalty cost calculations may be complex or involve judgments about significant volumes of data to be processed and analyzed. In some instances, the Company commits to pay its songwriters and recording artists royalties in advance of future sales. The Company accounts for these advances under the related guidance in the Financial Accounting Standards Board (the “ FASB ASC Entertainment—Music ASC 928
Share-Based CompensationShare-Based Compensation Compensation expense related to the issuance of share-based awards to the Company’s employees and board of directors is measured at fair value on the grant date. The Company uses the Black-Scholes option pricing model to value stock options. The compensation expense for awards that vest over a future service period is recognized over the requisite service period on a straight-line basis. The Company recognizes share-based award forfeitures as they occur rather than estimating by applying a forfeiture rate.
Earnings Per ShareEarnings Per Share The consolidated statements of income present basic and diluted earnings per share (“ EPS participating securities Diluted EPS is computed similar to basic EPS, except that the denominator is increased to include the number of additional shares for potential dilutive effects of the RHI Preferred Stock (as defined below), stock options, restricted stock units (“ RSU’s As a result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Closing Date to give effect to the Exchange Ratio (as defined in the Merger Agreement) to determine the number of shares of Common Stock into which they were converted.
Employee Benefit PlansEmployee Benefit Plans The Company has a 401(k) retirement savings plan open to U.S. based employees who have completed three months of eligible service. The Company contributes $0.60 for every $1.00 of employee contributions up to a maximum of 6% of the employee’s salary based upon each individual participant’s election. Expenses totaled $143,937 and $109,265 for employer contributions to the 401(k) retirement savings plan in the fiscal years ended March 31, 2022 and 2021, respectively.
Income TaxesIncome Taxes Income taxes are determined using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the differences between the accounting bases of assets and liabilities and their corresponding tax basis. Deferred taxes are measured using enacted tax rates expected to apply when the asset is realized, or the liability is settled. A deferred tax asset is recognized when it is considered more likely than not to be realized. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing jurisdictions. Accordingly, the Company accrues liabilities when it believes that it is not more likely than not that it will realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense (benefit). Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s consolidated financial position but could possibly be material to the Company’s consolidated results of operations or cash flow in any given quarter or annual period. Companies subject to the Global Intangible Low-Taxed Income provision (“ GILTI
Comprehensive IncomeComprehensive Income The Company reports in accordance with ASC Topic 220, “ Comprehensive Income ASC 220
Derivative Financial InstrumentsDerivative Financial Instruments The Company’s interest rate swaps have not been designated as a hedging instrument and, therefore, are recognized at fair value at the end of each reporting period with changes in fair value recorded in the consolidated statements of income.
Fair Value Measurement and HierarchyFair Value Measurement and Hierarchy The Company reports in accordance with ASC Topic 820, “ Fair Value Measurements and Disclosures ASC 820 i.e. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability and are based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: ● Level 1 ––Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. ● Level 2 ––Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ● Level 3 ––Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. See Note 16, “ Financial Instruments
Emerging Growth CompanyEmerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1993, as amended (the “ Securities Act JOBS Act Sarbanes-Oxley Act Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a registration statement declared effective under the Securities Act or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “ Exchange Act
Recent Accounting PronouncementsRecent Accounting Pronouncements Accounting Standards Not Yet Adopted In February 2016, the FASB issued Accounting Standards Update (“ ASU Leases (Topic 842) ASU 2016-02 ROU Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) ASU 2016-02 requires a modified retrospective transition approach with application in all comparative periods presented (the “ comparative method effective date method Leases The Company performed an analysis of the impact of the new lease guidance and is in the process of completing the final phase of a comprehensive plan for its implementation of the new guidance. The project plan includes analyzing the impact of the new guidance on its current lease contracts, reviewing the completeness of its existing lease portfolio, comparing its accounting policies under current accounting guidance to the new accounting guidance and identifying potential differences from applying the requirements of the new guidance to its lease contracts. Upon its transition to the new guidance, the Company currently expects to recognize approximately $2,268,681 of operating lease liabilities. Additionally, the Company expects to record right-of-use assets in a corresponding amount, net of amounts reclassified from other assets and liabilities, as specified by the new lease guidance. The Company does not expect the adoption of this new guidance will have a material impact on the amount or timing of the Company’s cash flows or liquidity. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 In December 2019, the FASB issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes ASU 2019-12 In April 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848) ASU 2020-04 In October 2021, the FASB issued ASU 2021-08, “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ASU 2021-08

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)12 Months Ended
Mar. 31, 2022
REVENUE RECOGNITION 
Schedule of revenue​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Revenue by Type ​ ​ Performance ​ $ 15,556,648 ​ $ 16,318,823 Digital ​ 37,418,935 ​ 34,842,482 Mechanical ​ 3,189,026 ​ 2,998,465 Synchronization ​ 13,185,079 ​ 9,322,048 Other ​ 7,720,948 ​ 2,592,316 Total Music Publishing ​ 77,070,636 ​ 66,074,134 ​ ​ ​ ​ ​ ​ ​ Digital ​ 18,381,439 ​ 7,271,432 Physical ​ 6,365,613 ​ 3,854,852 Synchronization ​ 2,633,306 ​ 451,765 Neighboring rights ​ 2,130,624 ​ 1,501,298 Total Recorded Music ​ 29,510,982 ​ 13,079,347 ​ ​ ​ ​ ​ ​ ​ Other revenue ​ 1,258,627 ​ 1,092,183 Total revenue ​ $ 107,840,245 ​ $ 80,245,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Revenue by Geographical Location ​ ​ United States Music Publishing ​ $ 39,764,683 ​ $ 34,007,515 United States Recorded Music ​ 16,014,204 ​ 4,599,570 United States other revenue ​ ​ 1,258,627 ​ 1,092,183 Total United States ​ 57,037,514 ​ 39,699,268 International Music Publishing ​ 37,305,953 ​ 32,066,619 International Recorded Music ​ 13,496,778 ​ 8,479,777 Total International ​ 50,802,731 ​ 40,546,396 Total revenue ​ $ 107,840,245 ​ $ 80,245,664
Schedule of change in deferred revenue​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance at beginning of period ​ $ 1,337,987 ​ $ 473,022 Cash received during period ​ 5,029,810 ​ 6,716,569 Revenue recognized during period ​ (5,264,133) ​ (5,851,604) Balance at end of period ​ $ 1,103,664 ​ $ 1,337,987

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)12 Months Ended
Mar. 31, 2022
INTANGIBLE ASSETS 
Schedule of intangible assets​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Intangible assets subject to amortization: ​ ​ Publishing and recorded music catalogs ​ $ 654,284,671 ​ $ 455,637,385 Artist management contracts ​ 947,723 ​ 995,464 Gross intangible assets ​ 655,232,394 ​ 456,632,849 Accumulated amortization ​ (83,848,539) ​ (65,483,686) Intangible assets, net ​ $ 571,383,855 ​ $ 391,149,163
Schedule of expected amortization expense of intangible assets​ ​ ​ ​ ​ Fiscal year ended March 31: ​ 2023 ​ $ 21,180,868 2024 ​ 21,180,868 2025 ​ 21,180,275 2026 ​ 21,146,020 2027 ​ 21,146,020 Thereafter ​ 465,527,837 Total ​ $ 571,361,888

ROYALTY ADVANCES (Tables)

ROYALTY ADVANCES (Tables)12 Months Ended
Mar. 31, 2022
ROYALTY ADVANCES 
Schedule of royalty advances​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance at beginning of period ​ $ 41,582,080 ​ $ 40,263,439 Additions ​ 27,952,527 ​ 14,474,288 Recoupments ​ (12,521,853) ​ (13,155,647) Balance at end of period ​ $ 57,012,754 ​ $ 41,582,080

LOANS (Tables)

LOANS (Tables)12 Months Ended
Mar. 31, 2022
LOANS 
Schedule of long-term debt​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Secured loan bearing interest at LIBOR plus a spread ​ $ — ​ $ 18,500,000 Secured line of credit bearing interest at LIBOR plus a spread ​ 275,645,715 ​ 197,090,848 Debt issuance costs, net ​ ​ (5,789,546) ​ ​ (3,058,973) ​ ​ 269,856,169 ​ 212,531,875 Less: short term portion of secured loan ​ ​ — ​ ​ 1,000,000 ​ ​ $ 269,856,169 ​ $ 211,531,875
Schedule of interest rate swaps​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ Amount at ​ ​ ​ ​ ​ ​ March 31, ​ Pay Fixed ​ ​ Effective Date ​ 2022 ​ Rate ​ Maturity March 10, 2022 ​ $ 8,750,000 ​ 1.602 % September 2024 March 10, 2022 ​ $ 88,039,137 ​ 1.492 % September 2024 December 31, 2021 ​ $ 53,210,863 1.042 % September 2024

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)12 Months Ended
Mar. 31, 2022
OTHER NON-CURRENT LIABILITIES 
Schedule of other non-current liabilities​ ​ ​ ​ ​ Fiscal year ended March 31: ​ 2024 ​ $ 213,122 2025 ​ 213,122 2026 ​ 213,122 2027 ​ 213,122 2028 and later ​ 160,163 Total ​ $ 1,012,651

INCOME TAXES (Tables)

INCOME TAXES (Tables)12 Months Ended
Mar. 31, 2022
INCOME TAXES 
Schedule of income before income taxes of domestic and foreign​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Domestic ​ $ 18,369,088 ​ $ 9,782,622 Foreign ​ (987,499) ​ 1,663,697 Income before income taxes ​ $ 17,381,589 ​ $ 11,446,319
Schedule of components of provision for income taxes​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Current income taxes: ​ ​ U.S. federal ​ $ — ​ $ (62,685) State and local ​ 6,860 ​ 8,827 Foreign ​ 201,671 ​ 581,232 Total current ​ 208,531 ​ 527,374 Deferred income taxes: ​ ​ ​ ​ U.S. federal ​ 3,950,871 ​ 1,759,503 State and local ​ 509,130 ​ 226,568 Foreign ​ (415,340) ​ (366,754) Total deferred ​ 4,044,661 ​ 1,619,317 Income tax expense ​ $ 4,253,192 ​ $ 2,146,691
Schedule of reconciliation of the statutory tax rate to the effective rate​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Federal income tax statutory rate 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 2.3 % 1.7 % Foreign subsidiary earnings 0.8 % 2.4 % Return to provision adjustments (1.4) % (5.5) % Executive compensation 1.8 % 0.3 % Other, net 0.0 % (1.1) % Effective income tax rate 24.5 % 18.8 %
Schedule of components of the Company's deferred income tax liability​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 1,964,261 ​ $ 1,239,173 Fair value of swaps ​ — ​ 1,046,459 Compensation ​ 187,541 ​ 44,375 Charitable contributions ​ 13,249 ​ 8,951 Unrealized foreign exchange losses ​ ​ 61,044 ​ ​ 51,924 Legal fees ​ 24,873 ​ — Total deferred tax assets ​ 2,250,968 ​ 2,390,882 Deferred tax liabilities: ​ ​ ​ ​ Fixed assets and leasehold improvements ​ (63,871) ​ (44,393) Intangible assets ​ (26,156,253) ​ (21,614,106) Fair value of swaps ​ (915,014) ​ — Total deferred tax liabilities ​ (27,135,138) ​ (21,658,499) Net deferred tax liabilities ​ $ (24,884,170) ​ $ (19,267,617)
Schedule of expiry of net operating loss carry forwards​ ​ ​ ​ ​ ​ ​ Federal $ 7,118,325 No expiration date New York ​ 47,116,842 2035 – 2040 California ​ 674,133 2040 – 2042 Tennessee ​ 433,961 2035 – 2037

SUPPLEMENTARY CASH FLOW INFOR_2

SUPPLEMENTARY CASH FLOW INFORMATION (Tables)12 Months Ended
Mar. 31, 2022
SUPPLEMENTARY CASH FLOW INFORMATION 
Summary of interest paid and income taxes paid​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Interest paid ​ $ 9,223,410 ​ $ 8,176,888 Income taxes paid ​ $ 693,170 ​ $ 131,414
Schedule of non-cash investing and financing activities​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Acquired intangible assets included in other liabilities ​ $ 5,463,665 ​ $ 2,416,635 Conversion of RHI Preferred Stock to Common Stock ​ $ 81,632,500 ​ $ —

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)12 Months Ended
Mar. 31, 2022
SHARE-BASED COMPENSATION 
Summary of Stock Option Activity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ ​ ​ ​ Remaining ​ ​ Total ​ Average ​ ​ Aggregate ​ Contractual ​ ​ Number of ​ Exercise ​ ​ Intrinsic ​ Term ​ ​ Options ​ Price ​ ​ Value ​ (Years) Outstanding as of April 1, 2021 ​ 1,494,848 ​ $ 5.11 ​ ​ ​ Granted — ​ ​ Exercised — ​ $ — ​ Forfeited — ​ $ — ​ Outstanding as of March 31, 2022 1,494,848 ​ $ 5.11 ​ $ 7,055,683 7.1 Exercisable as of March 31, 2022 1,494,848 ​ $ 5.11 ​ $ 7,055,683 Vested or expected to vest as of March 31, 2022 1,494,848 ​ $ 5.11 ​ $ 7,055,683 7.1
Schedule of Summary of RSU activity​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Total ​ Average ​ ​ Number of ​ Grant Date ​ ​ Shares ​ Fair Value Outstanding as of April 1, 2021 ​ — ​ $ — Granted ​ 247,045 ​ $ 8.97 Vested and settled (80,933) ​ $ 8.97 Forfeited — ​ $ — Outstanding as of March 31, 2022 166,112 ​ $ 8.97

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)12 Months Ended
Mar. 31, 2022
EARNINGS PER SHARE 
Summary of basic and diluted earnings per common share calculation​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Basic earnings per common share ​ ​ Net income attributable to Reservoir Media, Inc. ​ $ 13,076,627 ​ $ 9,252,955 Less: income allocated to participating securities ​ (1,182,247) ​ (3,359,927) Net income attributable to common shareholders ​ $ 11,894,380 ​ $ 5,893,028 Weighted average common shares outstanding - basic ​ 52,611,175 ​ 28,370,281 Earnings per common share - basic ​ $ 0.23 ​ $ 0.21 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ Net income attributable to common shareholders ​ $ 11,894,380 ​ $ 5,893,028 Add: income allocated to participating securities ​ 1,182,247 ​ 3,359,927 Net income attributable to Reservoir Media, Inc. ​ $ 13,076,627 ​ $ 9,252,955 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 52,611,175 ​ 28,370,281 Weighted average effect of potentially dilutive securities: ​ ​ Assumed conversion of RHI Preferred Stock ​ 5,229,309 ​ 16,175,406 Effect of dilutive stock options and RSUs ​ 609,535 ​ — Weighted average common shares outstanding - diluted ​ 58,450,019 ​ 44,545,687 Earnings per common share - diluted ​ $ 0.22 ​ $ 0.21

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Tables)12 Months Ended
Mar. 31, 2022
CONTINGENCIES AND COMMITMENTS 
Schedule of Future Minimum Lease Payments​ ​ ​ ​ ​ Fiscal year ended March 31: ​ 2023 ​ $ 758,688 2024 ​ 582,659 2025 ​ 501,160 2026 ​ 416,106 2027 ​ 229,547 Total ​ $ 2,488,160

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)12 Months Ended
Mar. 31, 2022
SEGMENT REPORTING 
Summary of total revenue and reconciliation of OIBDA to operating income by segment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2022 ​ ​ Music ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ Publishing Music Other Consolidated Total revenue ​ $ 77,070,636 ​ $ 29,510,982 ​ $ 1,258,627 ​ $ 107,840,245 Reconciliation of OIBDA to operating income: ​ ​ ​ ​ ​ Operating income (a) ​ 10,730,584 ​ 8,386,143 ​ 236,294 ​ 19,353,021 Amortization and depreciation ​ 13,769,188 ​ 5,154,612 ​ 98,331 ​ 19,022,131 OIBDA ​ $ 24,499,772 ​ $ 13,540,755 ​ $ 334,625 ​ $ 38,375,152 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ ​ Music ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ Publishing Music Other Consolidated Total revenue ​ $ 66,074,134 ​ $ 13,079,347 ​ $ 1,092,183 ​ $ 80,245,664 Reconciliation of OIBDA to operating income: ​ ​ ​ ​ Operating income (a) ​ 15,278,593 ​ 2,786,566 ​ 262,494 ​ 18,327,653 Amortization and depreciation ​ 11,749,031 ​ 2,222,272 ​ 106,170 ​ 14,077,473 OIBDA ​ $ 27,027,624 ​ $ 5,008,838 ​ $ 368,664 ​ $ 32,405,126 ​ (a) During the fourth quarter the fiscal year ended March 31, 2022, the Company revised the methodology it uses to allocate corporate general and administrative expenses to its operating segments to better align usage of corporate resources allocated to the Company segments. The updated allocation methodology had no impact on the Company’s consolidated statements of operations. This change was applied retrospectively, and segment OIBDA for all comparative periods has been updated to reflect this change.
Schedule of long lived assets by country wise​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 United States ​ $ 247,653 ​ $ 187,861 United Kingdom ​ 94,427 ​ 133,905

CORRECTION OF PRIOR PERIOD ER_2

CORRECTION OF PRIOR PERIOD ERRORS (Tables)12 Months Ended
Mar. 31, 2022
CORRECTION OF PRIOR PERIOD ERRORS 
Schedule of correction of prior period errorsAnnual Periods: The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated statements of income for the fiscal years ended March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ Fiscal Year Ended March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Revenues ​ $ 81,777,789 ​ $ (1,532,125) ​ $ 80,245,664 ​ $ 63,238,672 ​ $ (767,851) ​ $ 62,470,821 Cost of revenue ​ 32,991,979 ​ (137,526) ​ 32,854,453 ​ 27,305,489 ​ (9,675) ​ 27,295,814 Amortization and depreciation ​ 14,128,604 ​ (51,131) ​ 14,077,473 ​ 8,423,197 ​ (12,798) ​ 8,410,399 Total costs and expenses ​ 62,106,668 ​ (188,657) ​ 61,918,011 ​ 47,761,359 ​ (22,473) ​ 47,738,886 Operating income ​ 19,671,121 ​ (1,343,468) ​ 18,327,653 ​ 15,477,313 ​ (745,378) ​ 14,731,935 Income before income taxes ​ 12,789,787 ​ (1,343,468) ​ 11,446,319 ​ 14,209,908 ​ (745,378) ​ 13,464,530 Income tax expense ​ 2,454,153 ​ (307,462) ​ 2,146,691 ​ 4,199,141 ​ (166,781) ​ 4,032,360 Net income ​ 10,335,634 ​ (1,036,006) ​ 9,299,628 ​ 10,010,767 ​ (578,597) ​ 9,432,170 Net income attributable to Reservoir Media, Inc. ​ 10,288,961 ​ (1,036,006) ​ 9,252,955 ​ 10,057,794 ​ (578,597) ​ 9,479,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share - basic ​ $ 0.23 ​ $ (0.02) ​ $ 0.21 ​ $ 0.26 ​ $ (0.01) ​ $ 0.25 Earnings per common share - diluted ​ $ 0.23 ​ $ (0.02) ​ $ 0.21 ​ $ 0.26 ​ $ (0.01) ​ $ 0.25 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated statements of comprehensive income for the fiscal years ended March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ Fiscal Year Ended March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ 10,335,634 ​ $ (1,036,006) ​ $ 9,299,628 ​ $ 10,010,767 ​ $ (578,597) ​ $ 9,432,170 Total comprehensive income ​ 16,817,607 ​ (1,036,006) ​ 15,781,601 ​ 8,029,014 ​ (578,597) ​ 7,450,417 Total comprehensive income attributable to Reservoir Holdings, Inc. ​ 16,770,934 ​ (1,036,006) ​ 15,734,928 ​ 8,076,041 ​ (578,597) ​ 7,497,444 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated balance sheet and consolidated statements of changes in shareholders’ equity as of March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Intangible assets, net ​ $ 393,238,010 ​ $ (2,088,847) ​ $ 391,149,163 ​ $ 285,109,108 ​ $ (745,378) ​ $ 284,363,730 Total assets ​ 463,944,453 ​ (2,088,847) ​ 461,855,606 ​ 396,591,203 ​ (745,378) ​ 395,845,825 Income taxes payable ​ 533,495 ​ (6,323) ​ 527,172 ​ 297,112 ​ (160,166) ​ 136,946 Deferred income taxes ​ 19,735,537 ​ (467,920) ​ 19,267,617 ​ 16,415,239 ​ (6,615) ​ 16,408,624 Total liabilities ​ 267,959,248 ​ (474,243) ​ 267,485,005 ​ 225,499,314 ​ (166,781) ​ 225,332,533 Retained earnings (accumulated deficit) ​ 751,496 ​ (1,614,604) ​ (863,108) ​ (9,537,465) ​ (578,597) ​ (10,116,062) Total Reservoir Media, Inc. shareholders’ equity ​ 194,979,508 ​ (1,614,604) ​ 193,364,904 ​ 170,132,865 ​ (578,597) ​ 169,554,268 Total shareholders’ equity ​ 195,985,205 ​ (1,614,604) ​ 194,370,601 ​ 171,091,888 ​ (578,597) ​ 170,513,291 Total liabilities and shareholders’ equity ​ 463,944,453 ​ (2,088,847) ​ 461,855,606 ​ 396,591,202 ​ (745,378) ​ 395,845,824 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported consolidated statements of cash flows for the fiscal years ended March 31, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended March 31, 2021 ​ Fiscal Year Ended March 31, 2020 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ 10,335,634 ​ $ (1,036,006) ​ $ 9,299,628 ​ $ 10,010,767 ​ $ (578,597) ​ $ 9,432,170 Amortization of intangible assets ​ 13,906,199 ​ (51,131) ​ 13,855,068 ​ 8,250,305 ​ (12,798) ​ 8,237,507 Accounts payable and accrued expenses ​ (213,335) ​ (137,526) ​ (350,861) ​ 1,684,961 ​ (9,675) ​ 1,675,286 Income taxes payable ​ 236,383 ​ 153,843 ​ 390,226 ​ 182,911 ​ (160,166) ​ 22,745 Deferred income taxes ​ 2,080,622 ​ (461,305) ​ 1,619,317 ​ 3,651,234 ​ (6,615) ​ 3,644,619 Net cash provided by operating activities ​ 16,246,946 ​ (1,532,125) ​ 14,714,821 ​ 11,881,542 ​ (767,851) ​ 11,113,691 Purchases of music catalogs ​ (120,053,289) ​ 1,532,125 ​ (118,521,164) ​ (106,841,628) ​ 767,851 ​ (106,073,777) Net cash used for investing activities ​ (120,146,556) ​ 1,532,125 ​ (118,614,431) ​ (107,806,381) ​ 767,851 ​ (107,038,530) ​ Unaudited Fiscal Year 2022 Interim Periods: ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated statements of income for the three-month periods ended June 30, 2021, September 30, 2021, and December 31, 2021, the six-month period ended September 30, 2021, and the nine-month period ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Three Months Ended September 30, 2021 ​ Three Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Revenues ​ $ 16,718,150 ​ $ (85,519) ​ $ 16,632,631 ​ $ 30,435,488 ​ $ (162,324) ​ $ 30,273,164 ​ $ 27,127,779 ​ $ (1,315,223) ​ $ 25,812,556 Amortization and depreciation ​ 4,079,245 ​ (19,522) ​ 4,059,723 ​ 4,777,683 ​ (20,555) ​ 4,757,128 ​ 4,981,748 ​ (26,712) ​ 4,955,036 Total costs and expenses ​ 16,436,462 ​ (19,522) ​ 16,416,940 ​ 22,524,426 ​ (20,555) ​ 22,503,871 ​ 23,149,881 ​ (26,712) ​ 23,123,169 Operating income ​ 281,688 ​ (65,997) ​ 215,691 ​ 7,911,062 ​ (141,769) ​ 7,769,293 ​ 3,977,898 ​ (1,288,511) ​ 2,689,387 Income (loss) before income taxes ​ (1,968,129) ​ (65,997) ​ (2,034,126) ​ 6,053,514 ​ (141,769) ​ 5,911,745 ​ 3,093,763 ​ (1,288,511) ​ 1,805,252 Income tax expense (benefit) ​ (510,646) ​ (16,499) ​ (527,145) ​ 1,575,325 ​ (35,442) ​ 1,539,883 ​ 717,379 ​ (322,128) ​ 395,251 Net income (loss) ​ (1,457,483) ​ (49,498) ​ (1,506,981) ​ 4,478,189 ​ (106,327) ​ 4,371,862 ​ 2,376,384 ​ (966,383) ​ 1,410,001 Net income (loss) attributable to Reservoir Media, Inc. ​ (1,403,500) ​ (49,498) ​ (1,452,998) ​ 4,555,697 ​ (106,327) ​ 4,449,370 ​ 2,149,454 ​ (966,383) ​ 1,183,071 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic ​ $ (0.05) ​ $ — ​ $ (0.05) ​ $ 0.08 ​ $ — ​ $ 0.08 ​ $ 0.03 ​ $ (0.01) ​ $ 0.02 Earnings (loss) per common share - diluted ​ $ (0.05) ​ $ — ​ $ (0.05) ​ $ 0.08 ​ $ — ​ $ 0.08 ​ $ 0.03 ​ $ (0.01) ​ $ 0.02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, 2021 ​ Nine Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Revenues ​ $ 47,153,638 ​ $ (247,843) ​ $ 46,905,795 ​ $ 74,281,417 ​ $ (1,563,066) ​ $ 72,718,351 Amortization and depreciation ​ 8,856,928 ​ (40,077) ​ 8,816,851 ​ 13,838,676 ​ (66,789) ​ 13,771,887 Total costs and expenses ​ 38,960,888 ​ (40,077) ​ 38,920,811 ​ 62,110,769 ​ (66,789) ​ 62,043,980 Operating income ​ 8,192,750 ​ (207,766) ​ 7,984,984 ​ 12,170,648 ​ (1,496,277) ​ 10,674,371 Income before income taxes ​ 4,085,385 ​ (207,766) ​ 3,877,619 ​ 7,179,148 ​ (1,496,277) ​ 5,682,871 Income tax expense ​ 1,064,679 ​ (51,941) ​ 1,012,738 ​ 1,782,058 ​ (374,069) ​ 1,407,989 Net income ​ 3,020,706 ​ (155,825) ​ 2,864,881 ​ 5,397,090 ​ (1,122,208) ​ 4,274,882 Net income attributable to Reservoir Media, Inc. ​ 3,152,197 ​ (155,825) ​ 2,996,372 ​ 5,301,651 ​ (1,122,208) ​ 4,179,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share - basic ​ $ 0.06 ​ $ — ​ $ 0.06 ​ $ 0.10 ​ $ (0.03) ​ $ 0.07 Earnings per common share - diluted ​ $ 0.06 ​ $ — ​ $ 0.06 ​ $ 0.09 ​ $ (0.02) ​ $ 0.07 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated statements of comprehensive income (loss) for the three-month periods ended June 30, 2021, September 30, 2021, and December 31, 2021, the six-month period ended September 30, 2021, and the nine-month period ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Three Months Ended September 30, 2021 ​ Three Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ (1,457,483) ​ $ (49,498) ​ $ (1,506,981) ​ $ 4,478,189 ​ $ (106,327) ​ $ 4,371,862 ​ $ 2,376,384 ​ $ (966,383) ​ $ 1,410,001 Total comprehensive income (loss) ​ (1,242,341) ​ (49,498) ​ (1,291,839) ​ 2,698,752 ​ (106,327) ​ 2,592,425 ​ 2,531,476 ​ (966,383) ​ 1,565,093 Total comprehensive income (loss) attributable to Reservoir Holdings, Inc. ​ (1,188,358) ​ (49,498) ​ (1,237,856) ​ 2,776,260 ​ (106,327) ​ 2,669,933 ​ 2,304,546 ​ (966,383) ​ 1,338,163 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended September 30, 2021 ​ Nine Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Net income ​ $ 3,020,706 ​ $ (155,825) ​ $ 2,864,881 ​ $ 5,397,090 ​ $ (1,122,208) ​ $ 4,274,882 Total comprehensive income (loss) ​ 1,456,411 ​ (155,825) ​ 1,300,586 ​ 3,987,887 ​ (1,122,208) ​ 2,865,679 Total comprehensive income (loss) attributable to Reservoir Holdings, Inc. ​ 1,587,902 ​ (155,825) ​ 1,432,077 ​ 3,892,448 ​ (1,122,208) ​ 2,770,240 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated balance sheet and consolidated statements of changes in shareholders’ equity as of June 30, 2021, September 30, 2021, and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ September 30, 2021 ​ December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Intangible assets, net ​ $ 500,591,041 ​ $ (2,154,844) ​ $ 498,436,197 ​ $ 511,091,322 ​ $ (2,296,613) ​ $ 508,794,709 ​ $ 538,787,661 ​ $ (3,585,124) ​ $ 535,202,537 Total assets ​ 580,983,613 ​ (2,154,844) ​ 578,828,769 ​ 601,704,401 ​ (2,296,613) ​ 599,407,788 ​ 633,057,023 ​ (3,585,124) ​ 629,471,899 Income taxes payable ​ ​ 533,937 ​ ​ (6,323) ​ ​ 527,614 ​ ​ 490,713 ​ ​ (6,323) ​ ​ 484,390 ​ ​ 524,442 ​ ​ (6,323) ​ ​ 518,119 Deferred income taxes ​ 19,772,056 ​ (484,419) ​ 19,287,637 ​ 20,569,924 ​ (519,861) ​ 20,050,063 ​ 20,599,049 ​ (841,989) ​ 19,757,060 Total liabilities ​ 386,215,074 ​ (490,742) ​ 385,724,332 ​ 262,898,821 ​ (526,184) ​ 262,372,637 ​ 290,511,282 ​ (848,312) ​ 289,662,970 Retained earnings (accumulated deficit) ​ (652,004) ​ (1,664,102) ​ (2,316,106) ​ 3,903,693 ​ (1,770,429) ​ 2,133,264 ​ 6,053,147 ​ (2,736,812) ​ 3,316,335 Total Reservoir Media, Inc, shareholders' equity ​ 193,816,825 ​ (1,664,102) ​ 192,152,723 ​ 337,931,374 ​ (1,770,429) ​ 336,160,945 ​ 341,444,605 ​ (2,736,812) ​ 338,707,793 Total shareholders' equity ​ 194,768,539 ​ (1,664,102) ​ 193,104,437 ​ 338,805,580 ​ (1,770,429) ​ 337,035,151 ​ 342,545,741 ​ (2,736,812) ​ 339,808,929 Total liabilities and shareholders' equity ​ 580,983,613 ​ (2,154,844) ​ 578,828,769 ​ 601,704,401 ​ (2,296,613) ​ 599,407,788 ​ 633,057,023 ​ (3,585,124) ​ 629,471,899 ​ The following table presents the impact of correcting the accounting errors on the Company’s previously reported unaudited condensed consolidated statements of cash flows for the three-month period ended June 30, 2021, the six-month period ended September 30, 2021, and the nine-month period ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Six Months Ended September 30, 2021 ​ Nine Months Ended December 31, 2021 ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Net income (loss) ​ $ (1,457,483) ​ $ (49,498) ​ $ (1,506,981) ​ $ 3,020,706 ​ $ (155,825) ​ $ 2,864,881 ​ $ 5,397,090 ​ $ (1,122,208) ​ $ 4,274,882 Amortization of intangible assets ​ 4,047,966 ​ (19,522) ​ 4,028,444 ​ 8,780,146 ​ (40,077) ​ 8,740,069 ​ 13,713,202 ​ (66,789) ​ 13,646,413 Deferred income taxes ​ 36,519 ​ (16,499) ​ 20,020 ​ 834,387 ​ (51,941) ​ 782,446 ​ 863,512 ​ (374,069) ​ 489,443 Net cash provided by operating activities ​ 3,827,380 ​ (85,519) ​ 3,741,861 ​ 1,712,965 ​ (247,843) ​ 1,465,122 ​ 14,414,357 ​ (1,563,066) ​ 12,851,291 Purchases of music catalogs ​ (112,308,497) ​ 85,519 ​ (112,222,978) ​ (125,902,112) ​ 247,843 ​ (125,654,269) ​ (157,555,894) ​ 1,563,066 ​ (155,992,828) Net cash used for investing activities ​ (112,785,355) ​ 85,519 ​ (112,699,836) ​ (128,395,338) ​ 247,843 ​ (128,147,495) ​ (160,143,142) ​ 1,563,066 ​ (158,580,076) ​

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)12 Months Ended
Mar. 31, 2022 USD ($) item segment $ / sharesJul. 28, 2021 $ / sharesMar. 31, 2021 USD ($) $ / shares
Subsidiary, Sale of Stock [Line Items]   
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.0001 $ 0.0001 $ 0.0001
Number of Operating Segments | segment2   
Paycheck Protection Program Loan   
Subsidiary, Sale of Stock [Line Items]   
PPE Loan interest | $ $ 0   
Music Publishing   
Subsidiary, Sale of Stock [Line Items]   
Minimum ownership or control rights | item140,000   
Recorded Music   
Subsidiary, Sale of Stock [Line Items]   
Minimum ownership or control rights | item36,000   
Reservoir Holdings Inc And Subsidiaries | Paycheck Protection Program Loan   
Subsidiary, Sale of Stock [Line Items]   
Amount of loan | $   $ 616,847

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)12 Months Ended
Mar. 31, 2022 USD ($) customerMar. 31, 2021 USD ($) customer
Goodwill $ 402,067 $ 402,067
Impairment of goodwill0 0
Disposals of goodwill0 0
Acquisitions of goodwill $ 0 0
Eligible month of service3 months 
Employer contribution, amount $ 0.60  
Employer contribution, percent6%  
Expenses for employer contribution $ 143,937 $ 109,265
Operating Lease Liabilities $ 2,268,681  
Accounts receivable | Customer Concentration risk  
Number of customers | customer2 2
Accounts receivable | Customer Concentration risk | Two customers  
Concentration risk percentage37% 43%

BUSINESS COMBINATION AND PIPE_2

BUSINESS COMBINATION AND PIPE INVESTMENT (Details)12 Months Ended
Mar. 31, 2022 USD ($) $ / shares sharesJul. 28, 2021 $ / sharesMar. 31, 2021 $ / shares shares
Business Acquisition [Line Items]   
Preferred stock, shares, par value $ 0.0001   $ 0.0001
Common shares, par value, (per share) $ 0.0001 $ 0.0001 $ 0.0001
Fees in connection with the closing of the Business combination and PIPE Investment | $ $ 20,900,000   
Repayment of Related Party Notes | $81,300,000   
Repayment of secured loan | $ $ 18,250,000   
Common stock, shares authorized | shares750,000,000  196,065,534
Preferred stock, shares, authorized | shares75,000,000  98,032,767
RHI Preferred Stock   
Business Acquisition [Line Items]   
Preferred stock, shares, par value $ 0.00001   
RHI Common Stock   
Business Acquisition [Line Items]   
Common shares, par value, (per share)0.00001   
Common Stock   
Business Acquisition [Line Items]   
Common shares, par value, (per share) $ 0.0001   
Exchange ratio196.06562028646   
PIPE investors   
Business Acquisition [Line Items]   
Number of shares issued | shares15,000,000   
Purchase price $ 10   
Aggregate purchase price | $ $ 150,000,000   
Repayment of secured lines of credit | $ $ 36,750,000   

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Revenue recognized from performance obligations satisfied in previous period      $ 1,210,132 $ 2,263,778  
Revenues $ 25,812,556 $ 30,273,164 $ 16,632,631 $ 46,905,795 $ 72,718,351 107,840,245 80,245,664 $ 62,470,821
Adjustment        
Revenues $ (1,315,223) $ (162,324) $ (85,519) $ (247,843) $ (1,563,066) (1,532,125) $ (767,851)
United States        
Revenues     57,037,514 39,699,268  
International        
Revenues     50,802,731 40,546,396  
Music Publishing        
Revenues     77,070,636 66,074,134  
Music Publishing | United States        
Revenues     39,764,683 34,007,515  
Music Publishing | International        
Revenues     37,305,953 32,066,619  
Recorded Music        
Revenues     29,510,982 13,079,347  
Recorded Music | United States        
Revenues     16,014,204 4,599,570  
Recorded Music | International        
Revenues     13,496,778 8,479,777  
Other        
Revenues     1,258,627 1,092,183  
Other | United States        
Revenues     1,258,627 1,092,183  
Performance | Music Publishing        
Revenues     15,556,648 16,318,823  
Digital | Music Publishing        
Revenues     37,418,935 34,842,482  
Digital | Recorded Music        
Revenues     18,381,439 7,271,432  
Mechanical | Music Publishing        
Revenues     3,189,026 2,998,465  
Physical | Recorded Music        
Revenues     6,365,613 3,854,852  
Synchronization | Music Publishing        
Revenues     13,185,079 9,322,048  
Synchronization | Recorded Music        
Revenues     2,633,306 451,765  
Other. | Music Publishing        
Revenues     7,720,948 2,592,316  
Neighboring rights | Recorded Music        
Revenues      $ 2,130,624 $ 1,501,298  

REVENUE RECOGNITION - Change in

REVENUE RECOGNITION - Change in Deferred Revenue (Details) - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
REVENUE RECOGNITION  
Balance at beginning of period $ 1,337,987 $ 473,022
Cash received during period5,029,810 6,716,569
Revenue recognized during period(5,264,133)(5,851,604)
Balance at end of period $ 1,103,664 $ 1,337,987

ACQUISITIONS (Details)

ACQUISITIONS (Details)12 Months Ended
Jun. 02, 2021 USD ($) itemApr. 13, 2020Mar. 31, 2022 USD ($)Mar. 31, 2021 USD ($)
Asset Acquisition [Line Items]    
Number of Members of Board, Holding Membership in Acquired Company's Board | item2    
Publishing and recorded music catalogs    
Asset Acquisition [Line Items]    
Total consideration transferred   $ 202,067,308 $ 115,227,517
Tommy Boy    
Asset Acquisition [Line Items]    
Total consideration transferred $ 100,000,000    
Tommy Boy | Recorded music catalog    
Asset Acquisition [Line Items]    
Weighted average useful life30 years   
Shapiro, Bernstein & Co., Inc. | Publishing catalog intangible asset    
Asset Acquisition [Line Items]    
Weighted average useful life 30 years  

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross intangible assets    $ 655,232,394 $ 456,632,849  
Accumulated amortization   (83,848,539)(65,483,686) 
Intangible assets, net $ 498,436,197 $ 508,794,709 $ 535,202,537 571,383,855 391,149,163 $ 284,363,730
Amortization expense $ 4,028,444 $ 8,740,069 $ 13,646,413 18,839,671 13,855,068 $ 8,237,507
Publishing and recorded music catalogs      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross intangible assets   654,284,671 455,637,385  
Artist management contracts      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross intangible assets    $ 947,723 $ 995,464  

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expense of intangible assets (Details)Mar. 31, 2022 USD ($)
INTANGIBLE ASSETS 
2023 $ 21,180,868
202421,180,868
202521,180,275
202621,146,020
202721,146,020
Thereafter465,527,837
Total $ 571,361,888

ROYALTY ADVANCES (Details)

ROYALTY ADVANCES (Details) - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
ROYALTY ADVANCES  
Balance at beginning of period $ 41,582,080 $ 40,263,439
Additions27,952,527 14,474,288
Recoupments(12,521,853)(13,155,647)
Balance at end of period $ 57,012,754 $ 41,582,080

LOANS - Schedule of long-term d

LOANS - Schedule of long-term debt (Details) - USD ($)Mar. 31, 2022Mar. 31, 2021
Long-term Debt, by Current and Noncurrent [Abstract]  
Debt issuance costs, net $ (5,789,546) $ (3,058,973)
Loans and secured notes payable269,856,169 212,531,875
Less: short term portion of secured loan 1,000,000
Long-term portion269,856,169 211,531,875
Secured loan  
Long-term Debt, by Current and Noncurrent [Abstract]  
Debt, bearing interest at LIBOR plus a spread 18,500,000
Secured line of credit  
Long-term Debt, by Current and Noncurrent [Abstract]  
Debt, bearing interest at LIBOR plus a spread $ 275,645,715 $ 197,090,848

LOANS - Credit Facilities (Deta

LOANS - Credit Facilities (Details)12 Months Ended
Mar. 31, 2022 USD ($)Dec. 07, 2021 USD ($)
Debt Instrument [Line Items]  
Unused fee (in percent)0.25%  
Total Leverage of cash balance $ 20,000,000  
New Senior Credit Facility  
Debt Instrument [Line Items]  
Aggregate amount  $ 350,000,000
Consolidated senior debt to library value ratio0.475  
Additional commitments $ 50,000,000  
Borrowing capacity350,000,000  
Remaining borrowing availability $ 74,354,285  
RMM credit agreement  
Debt Instrument [Line Items]  
Aggregate amount  $ 248,750,000
Base rate  
Debt Instrument [Line Items]  
Margin (in percent)1.25%  
LIBOR  
Debt Instrument [Line Items]  
Margin (in percent)2.25%  
Maximum | New Senior Credit Facility  
Debt Instrument [Line Items]  
Total leverage ratio7.50 
Minimum | New Senior Credit Facility  
Debt Instrument [Line Items]  
Fixed charge coverage ratio1.25 

LOANS - Interest Rate Swaps (De

LOANS - Interest Rate Swaps (Details) - USD ($)Mar. 31, 2022Mar. 10, 2022
Interest rate swaps  
Debt Instrument [Line Items]  
Notional amount $ 8,750,000  
Fixed rate (in percent)1.602%  
Interest rate swap one  
Debt Instrument [Line Items]  
Notional amount $ 88,039,137 $ 40,228,152
Fixed rate (in percent)1.492% 2.812%
Interest rate swap two  
Debt Instrument [Line Items]  
Notional amount $ 53,210,863 $ 59,325,388
Fixed rate (in percent)1.042% 2.972%

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) - Other noncurrent liabilitiesMar. 31, 2022 USD ($)
2024 $ 213,122
2025213,122
2026213,122
2027213,122
2028 and later160,163
Total $ 1,012,651

INCOME TAXES - Domestic and for

INCOME TAXES - Domestic and foreign income before income taxes (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Income before income taxes $ 1,805,252 $ 5,911,745 $ (2,034,126) $ 3,877,619 $ 5,682,871 $ 17,381,589 $ 11,446,319 $ 13,464,530
Domestic        
Income before income taxes     18,369,088 9,782,622  
Foreign        
Income before income taxes      $ (987,499) $ 1,663,697  

INCOME TAXES - Provision for in

INCOME TAXES - Provision for income taxes (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Current income taxes:        
U.S. federal       $ (62,685) 
State and local      $ 6,860 8,827  
Foreign     201,671 581,232  
Total current     208,531 527,374  
Deferred income taxes:        
U.S. federal     3,950,871 1,759,503  
State and local     509,130 226,568  
Foreign     (415,340)(366,754) 
Total deferred   $ 20,020 $ 782,446 $ 489,443 4,044,661 1,619,317 $ 3,644,619
Income tax expense $ 395,251 $ 1,539,883 $ (527,145) $ 1,012,738 $ 1,407,989 $ 4,253,192 $ 2,146,691 $ 4,032,360

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the statutory tax rate to the effective rate (Details)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
INCOME TAXES  
Federal income tax statutory rate21% 21%
State and local income taxes, net of federal income tax benefit2.30% 1.70%
Foreign subsidiary earnings0.80% 2.40%
Return to provision adjustments(1.40%)(5.50%)
Executive compensation1.80% 0.30%
Other, net0% (1.10%)
Effective income tax rate24.50% 18.80%

INCOME TAXES - Company's deferr

INCOME TAXES - Company's deferred income tax liability (Details) - USD ($)Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Mar. 31, 2020
Deferred tax assets:      
Net operating loss carryforward $ 1,964,261     $ 1,239,173  
Fair value of swaps    1,046,459  
Compensation187,541    44,375  
Charitable contributions13,249    8,951  
Unrealized foreign exchange losses61,044    51,924  
Legal fees24,873      
Total deferred tax assets2,250,968    2,390,882  
Deferred tax liabilities:      
Fixed assets and leasehold improvements(63,871)   (44,393) 
Intangible assets(26,156,253)   (21,614,106) 
Fair value of swaps(915,014)     
Total deferred tax liabilities(27,135,138)   (21,658,499) 
Net deferred tax liabilities $ (24,884,170) $ (19,757,060) $ (20,050,063) $ (19,287,637) $ (19,267,617) $ (16,408,624)

INCOME TAXES - Net operating lo

INCOME TAXES - Net operating loss carry forwards (Details) - USD ($)Mar. 31, 2022Mar. 31, 2021
Net operating loss carry forwards $ 55,343,261  
Deferred tax assets, net operating loss carryforward1,964,261 $ 1,239,173
Unrecognized tax benefits0  
New York  
Operating loss carryforward subject to expiration47,116,842  
California  
Operating loss carryforward subject to expiration674,133  
Tennessee  
Operating loss carryforward subject to expiration433,961  
Domestic  
Operating loss carryforward not subject to expiration $ 7,118,325  

SUPPLEMENTARY CASH FLOW INFOR_3

SUPPLEMENTARY CASH FLOW INFORMATION (Details) - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
SUPPLEMENTARY CASH FLOW INFORMATION  
Interest paid $ 9,223,410 $ 8,176,888
Income taxes paid693,170 131,414
Acquired intangible assets included in other liabilities5,463,665 $ 2,416,635
Conversion of RHI Preferred Stock to Common Stock $ 81,632,500  

AMOUNTS DUE TO RELATED PARTIES

AMOUNTS DUE TO RELATED PARTIES (Details) - USD ($)Dec. 21, 2021Mar. 31, 2022Mar. 31, 2021
Related Party Transaction [Line Items]   
Amounts due to this shareholder and other affiliated entities  $ 0 $ 290,172
Tommy Boy   
Related Party Transaction [Line Items]   
Percentage of interest rate per year4.66%   

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Class of Stock [Line Items]  
Preferred stock, shares, outstanding0 16,175,406
RHI Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, shares, outstanding0 16,175,406
RHI Common Stock  
Class of Stock [Line Items]  
Number of shares issued1,045,617  
Consideration for shares issued $ 8,000,009  
Stock issuance costs $ 27,000  

SHAREHOLDERS' EQUITY - Warrants

SHAREHOLDERS' EQUITY - Warrants (Details) - Common Stock Warrants12 Months Ended
Mar. 31, 2022 $ / shares sharesMar. 31, 2022 D $ / shares shares
Class of Warrant or Right [Line Items]  
Number of warrants outstanding | shares5,750,000 5,750,000
Number of warrants sold | shares137,500  
Number of shares issuable per warrant | shares1 1
Exercise price of warrants | $ / shares $ 11.50 $ 11.50
Warrants expiration term (in years)5 years5 years
Redemption price per public warrant (in dollars per share) | $ / shares  $ 0.01
Minimum threshold written notice period for redemption of public warrants 30 days
Stock price trigger for redemption of public warrants (in dollars per share) | $ / shares  $ 18
Threshold trading days for redemption of public warrants 20 days
Threshold consecutive trading days for redemption of public warrants 30 days
Threshold number of business days before sending notice of redemption to warrant holders | D 3

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)12 Months Ended
Jul. 08, 2021Mar. 31, 2022Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]   
Share-based compensation expense  $ 2,890,931 $ 102,700
Share-based compensation expense net of taxes 2,228,263 $ 79,165
Liability for awards to be granted to non employee directors  $ 240,000  
2021 Incentive Plan   
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]   
Number of authorized shares of Common Stock were reserved for issuance9,726,247   
Number of shares to purchase the Common Stock1,494,848   
Number of shares of Common Stock available to grant 7,984,354  
Threshold percentage on total number of shares issued and outstanding 3%  
Percentage of exercise price of stock 100%  
Expiration term (in years) 10 years 

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options - Narrative (Details) - Stock options12 Months Ended
Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] 
Risk free Interest rate, Minimum1.74%
Risk free Interest rate, Maximum2.41%
Expected Term8 years
Expected Volatility, Minimum39.10%
Expected Volatility, Maximum57.70%
Expected Dividend Yield0%

SHARE-BASED COMPENSATION - St_2

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - Stock options12 Months Ended
Mar. 31, 2022 USD ($) $ / shares shares
Total Number of Options 
Outstanding as of April 1, 2021 | shares1,494,848
Outstanding as of March 31, 2022 | shares1,494,848
Exercisable as of March 31, 2022 | shares1,494,848
Vested or expected to vest as of March 31, 2022 | shares1,494,848
Weighted Average Exercise Price 
Outstanding as of April 1, 2021 | $ / shares $ 5.11
Outstanding as of March 31, 2022 | $ / shares5.11
Exercisable as of March 31, 2022 | $ / shares5.11
Vested or expected to vest as of March 31, 2022 | $ / shares $ 5.11
Outstanding as of March 31, 2022 | $ $ 7,055,683
Exercisable as of March 31, 2022 | $7,055,683
Vested or expected to vest as of March 31, 2022 | $ $ 7,055,683
Outstanding as of March 31, 20227 years 1 month 6 days
Vested or expected to vest as of March 31, 20227 years 1 month 6 days

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Unit (Details) - Restricted stock units (RSUs)12 Months Ended
Mar. 31, 2022 $ / shares shares
Total Number of Shares 
Granted | shares247,045
Vested and settled | shares(80,933)
Outstanding as of March 31, 2022 | shares166,112
Weighted Average Grant Date Fair Value 
Granted | $ / shares $ 8.97
Vested and settled | $ / shares8.97
Outstanding as of March 31, 2022 | $ / shares $ 8.97

SHARE-BASED COMPENSATION - Re_2

SHARE-BASED COMPENSATION - Restricted Stock Unit - Narrative (Details) - Restricted stock units (RSUs) - USD ($)1 Months Ended12 Months Ended
Apr. 30, 2022Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
RSU's vested 80,933
Fair value of RSU's vested $ 1,007,978 $ 741,492
2021 Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
RSU's vested 102,541
Employees And Executive Officers | 2021 Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
RSU's vested 183,474
RSU's vested, remaining term 2 years

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Basic earnings per common share        
Net income attributable to Reservoir Media, Inc. $ 1,183,071 $ 4,449,370 $ (1,452,998) $ 2,996,372 $ 4,179,443 $ 13,076,627 $ 9,252,955 $ 9,479,197
Less: income allocated to participating securities     (1,182,247)(3,359,927) 
Net income attributable to common shareholders      $ 11,894,380 $ 5,893,028  
Weighted average common shares outstanding - basic     52,611,175 28,370,281  
Earnings per common share - basic $ 0.02 $ 0.08 $ (0.05) $ 0.06 $ 0.07 $ 0.23 $ 0.21 $ 0.25
Diluted earnings per common share        
Net income attributable to common shareholders      $ 11,894,380 $ 5,893,028  
Add: income allocated to participating securities     1,182,247 3,359,927  
Net income attributable to Reservoir Media, Inc. $ 1,183,071 $ 4,449,370 $ (1,452,998) $ 2,996,372 $ 4,179,443 $ 13,076,627 $ 9,252,955 $ 9,479,197
Weighted average common shares outstanding - basic     52,611,175 28,370,281  
Weighted average effect of potentially dilutive securities:        
Assumed conversion of RHI Preferred Stock     5,229,309 16,175,406  
Effect of dilutive stock options and RSUs     609,535   
Weighted average common shares outstanding - diluted     58,450,019 44,545,687  
Earnings per common share - diluted $ 0.02 $ 0.08 $ (0.05) $ 0.06 $ 0.07 $ 0.22 $ 0.21 $ 0.25

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Warrants  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Anti-dilutive effect of common shares5,887,500  
Stock options  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Anti-dilutive effect of common shares 1,494,848

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) - Level 2 - Interest rate swaps - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]  
Fair value of swap asset $ 3,991,802  
Fair value of swap liability  $ 4,566,537
Gain on changes in fair value of derivative instruments $ 8,558,339 $ 2,988,322

CONTINGENCIES AND COMMITMENTS -

CONTINGENCIES AND COMMITMENTS - Lease Commitments (Details)Mar. 31, 2022 USD ($)
Fiscal year ended March 31: 
2023 $ 758,688
2024582,659
2025501,160
2026416,106
2027229,547
Total $ 2,488,160

CONTINGENCIES AND COMMITMENTS_2

CONTINGENCIES AND COMMITMENTS - Additional Information (Details) - USD ($)12 Months Ended
Sep. 08, 2020Mar. 31, 2022Mar. 31, 2021Mar. 31, 2024Mar. 31, 2023
CONTINGENCIES AND COMMITMENTS     
Operating Lease, rent expense  $ 1,075,723 $ 962,224   
Advance Royalty payment    $ 1,250,000 $ 2,913,415
Amount sought $ 2,651,125     
Provision made  $ 0    

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)12 Months Ended
Mar. 31, 2022 customer segmentMar. 31, 2021
Segment Reporting Information [Line Items]  
Number of reportable segments | segment2  
Number of customers accounted for more than 10% of Revenue | customer0  
Revenue | Customer Concentration risk | Single Customer  
Segment Reporting Information [Line Items]  
Concentration risk, Percentage11% 12%

SEGMENT REPORTING - Total reven

SEGMENT REPORTING - Total revenue (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue      $ 107,840,245 $ 80,245,664  
Reconciliation of OIBDA to operating income:        
Operating income $ 2,689,387 $ 7,769,293 $ 215,691 $ 7,984,984 $ 10,674,371 19,353,021 18,327,653 $ 14,731,935
Amortization and depreciation $ 4,955,036 $ 4,757,128 $ 4,059,723 $ 8,816,851 $ 13,771,887 19,022,131 14,077,473 $ 8,410,399
OIBDA     38,375,152 32,405,126  
Music Publishing        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue     77,070,636 66,074,134  
Reconciliation of OIBDA to operating income:        
Operating income     10,730,584 15,278,593  
Amortization and depreciation     13,769,188 11,749,031  
OIBDA     24,499,772 27,027,624  
Recorded Music        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue     29,510,982 13,079,347  
Reconciliation of OIBDA to operating income:        
Operating income     8,386,143 2,786,566  
Amortization and depreciation     5,154,612 2,222,272  
OIBDA     13,540,755 5,008,838  
Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue     1,258,627 1,092,183  
Reconciliation of OIBDA to operating income:        
Operating income     236,294 262,494  
Amortization and depreciation     98,331 106,170  
OIBDA      $ 334,625 $ 368,664  

SEGMENT REPORTING - Long-lived

SEGMENT REPORTING - Long-lived assets (Details) - USD ($)Mar. 31, 2022Mar. 31, 2021
United States  
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]  
Long-lived assets $ 247,653 $ 187,861
United Kingdom  
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]  
Long-lived assets $ 94,427 $ 133,905

CORRECTION OF PRIOR PERIOD ER_3

CORRECTION OF PRIOR PERIOD ERRORS (Details) - USD ($)3 Months Ended6 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Sep. 30, 2021Dec. 31, 2021Dec. 31, 2020Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME         
Revenues $ 25,812,556 $ 30,273,164 $ 16,632,631 $ 46,905,795 $ 72,718,351   $ 107,840,245 $ 80,245,664 $ 62,470,821
Cost of revenue      44,185,837 32,854,453 27,295,814
Amortization and depreciation4,955,036 4,757,128 4,059,723 8,816,851 13,771,887  19,022,131 14,077,473 8,410,399
Total costs and expenses23,123,169 22,503,871 16,416,940 38,920,811 62,043,980  88,487,224 61,918,011 47,738,886
Operating income2,689,387 7,769,293 215,691 7,984,984 10,674,371  19,353,021 18,327,653 14,731,935
Income before income taxes1,805,252 5,911,745 (2,034,126)3,877,619 5,682,871  17,381,589 11,446,319 13,464,530
Income tax expense395,251 1,539,883 (527,145)1,012,738 1,407,989  4,253,192 2,146,691 4,032,360
Net income (loss)1,410,001 4,371,862 (1,506,981)2,864,881 4,274,882  13,128,397 9,299,628 9,432,170
Net income attributable to Reservoir Media, Inc. $ 1,183,071 $ 4,449,370 $ (1,452,998) $ 2,996,372 $ 4,179,443   $ 13,076,627 $ 9,252,955 $ 9,479,197
Earnings per common share - basic $ 0.02 $ 0.08 $ (0.05) $ 0.06 $ 0.07   $ 0.23 $ 0.21 $ 0.25
Earnings per common share - diluted $ 0.02 $ 0.08 $ (0.05) $ 0.06 $ 0.07   $ 0.22 $ 0.21 $ 0.25
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME         
Net income $ 1,410,001 $ 4,371,862 $ (1,506,981) $ 2,864,881 $ 4,274,882   $ 13,128,397 $ 9,299,628 $ 9,432,170
Total comprehensive income1,565,093 2,592,425 (1,291,839)1,300,586 2,865,679  9,833,981 15,781,601 7,450,417
Total comprehensive income attributable to Reservoir Media, Inc.1,338,163 2,669,933 (1,237,856)1,432,077 2,770,240  9,782,211 15,734,928 7,497,444
CONSOLIDATED BALANCE SHEETS         
Intangible assets, net535,202,537 508,794,709 498,436,197 508,794,709 535,202,537  571,383,855 391,149,163 284,363,730
Total assets629,471,899 599,407,788 578,828,769 599,407,788 629,471,899  684,270,090 461,855,606 395,845,825
Income taxes payable518,119 484,390 527,614 484,390 518,119  77,496 527,172 136,946
Deferred income taxes19,757,060 20,050,063 19,287,637 20,050,063 19,757,060  24,884,170 19,267,617 16,408,624
Total liabilities289,662,970 262,372,637 385,724,332 262,372,637 289,662,970  336,817,766 267,485,005 225,332,533
Retained earnings (accumulated deficit)3,316,335 2,133,264 (2,316,106)2,133,264 3,316,335  12,213,519 (863,108)(10,116,062)
Total Reservoir Media, Inc. shareholders' equity338,707,793 336,160,945 192,152,723 336,160,945 338,707,793  346,394,857 193,364,904 169,554,268
Total shareholders' equity339,808,929 337,035,151 193,104,437 337,035,151 339,808,929  347,452,324 194,370,601 170,513,291
Total liabilities and shareholders' equity629,471,899 599,407,788 578,828,769 599,407,788 629,471,899  684,270,090 461,855,606 395,845,824
CONSOLIDATED STATEMENTS OF CASH FLOWS         
Net income1,410,001 4,371,862 (1,506,981)2,864,881 4,274,882  13,128,397 9,299,628 9,432,170
Amortization of intangible assets  4,028,444 8,740,069 13,646,413  18,839,671 13,855,068 8,237,507
Accounts payable and accrued expenses      8,046,652 (350,861)1,675,286
Income tax payable      (449,676)390,226 22,745
Deferred income taxes  20,020 782,446 489,443  4,044,661 1,619,317 3,644,619
Net cash provided by operating activities  3,741,861 1,465,122 12,851,291  12,478,566 14,714,821 11,113,691
Purchases of music catalogs  (112,222,978)(125,654,269)(155,992,828) (194,155,476)(118,521,164)(106,073,777)
Net cash used for investing activities  (112,699,836)(128,147,495)(158,580,076)  $ (196,822,736)(118,614,431)(107,038,530)
Correction of prior periods errors         
CONSOLIDATED STATEMENTS OF INCOME         
Revenues      $ 376,662    
Operating income     206,120    
Net income (loss)     160,000    
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME         
Net income     160,000    
CONSOLIDATED STATEMENTS OF CASH FLOWS         
Net income      $ 160,000    
As reported         
CONSOLIDATED STATEMENTS OF INCOME         
Revenues27,127,779 30,435,488 16,718,150 47,153,638 74,281,417   81,777,789 63,238,672
Cost of revenue       32,991,979 27,305,489
Amortization and depreciation4,981,748 4,777,683 4,079,245 8,856,928 13,838,676   14,128,604 8,423,197
Total costs and expenses23,149,881 22,524,426 16,436,462 38,960,888 62,110,769   62,106,668 47,761,359
Operating income3,977,898 7,911,062 281,688 8,192,750 12,170,648   19,671,121 15,477,313
Income before income taxes3,093,763 6,053,514 (1,968,129)4,085,385 7,179,148   12,789,787 14,209,908
Income tax expense717,379 1,575,325 (510,646)1,064,679 1,782,058   2,454,153 4,199,141
Net income (loss)2,376,384 4,478,189 (1,457,483)3,020,706 5,397,090   10,335,634 10,010,767
Net income attributable to Reservoir Media, Inc. $ 2,149,454 $ 4,555,697 $ (1,403,500) $ 3,152,197 $ 5,301,651    $ 10,288,961 $ 10,057,794
Earnings per common share - basic $ 0.03 $ 0.08 $ (0.05) $ 0.06 $ 0.10    $ 0.23 $ 0.26
Earnings per common share - diluted $ 0.03 $ 0.08 $ (0.05) $ 0.06 $ 0.09    $ 0.23 $ 0.26
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME         
Net income $ 2,376,384 $ 4,478,189 $ (1,457,483) $ 3,020,706 $ 5,397,090    $ 10,335,634 $ 10,010,767
Total comprehensive income2,531,476 2,698,752 (1,242,341)1,456,411 3,987,887   16,817,607 8,029,014
Total comprehensive income attributable to Reservoir Media, Inc.2,304,546 2,776,260 (1,188,358)1,587,902 3,892,448   16,770,934 8,076,041
CONSOLIDATED BALANCE SHEETS         
Intangible assets, net538,787,661 511,091,322 500,591,041 511,091,322 538,787,661   393,238,010 285,109,108
Total assets633,057,023 601,704,401 580,983,613 601,704,401 633,057,023   463,944,453 396,591,203
Income taxes payable524,442 490,713 533,937 490,713 524,442   533,495 297,112
Deferred income taxes20,599,049 20,569,924 19,772,056 20,569,924 20,599,049   19,735,537 16,415,239
Total liabilities290,511,282 262,898,821 386,215,074 262,898,821 290,511,282   267,959,248 225,499,314
Retained earnings (accumulated deficit)6,053,147 3,903,693 (652,004)3,903,693 6,053,147   751,496 (9,537,465)
Total Reservoir Media, Inc. shareholders' equity341,444,605 337,931,374 193,816,825 337,931,374 341,444,605   194,979,508 170,132,865
Total shareholders' equity342,545,741 338,805,580 194,768,539 338,805,580 342,545,741   195,985,205 171,091,888
Total liabilities and shareholders' equity633,057,023 601,704,401 580,983,613 601,704,401 633,057,023   463,944,453 396,591,202
CONSOLIDATED STATEMENTS OF CASH FLOWS         
Net income2,376,384 4,478,189 (1,457,483)3,020,706 5,397,090   10,335,634 10,010,767
Amortization of intangible assets  4,047,966 8,780,146 13,713,202   13,906,199 8,250,305
Accounts payable and accrued expenses       (213,335)1,684,961
Income tax payable       236,383 182,911
Deferred income taxes  36,519 834,387 863,512   2,080,622 3,651,234
Net cash provided by operating activities  3,827,380 1,712,965 14,414,357   16,246,946 11,881,542
Purchases of music catalogs  (112,308,497)(125,902,112)(157,555,894)  (120,053,289)(106,841,628)
Net cash used for investing activities  (112,785,355)(128,395,338)(160,143,142)  (120,146,556)(107,806,381)
Adjustment         
CONSOLIDATED STATEMENTS OF INCOME         
Revenues(1,315,223)(162,324)(85,519)(247,843)(1,563,066)  (1,532,125)(767,851)
Cost of revenue       (137,526)(9,675)
Amortization and depreciation(26,712)(20,555)(19,522)(40,077)(66,789)  (51,131)(12,798)
Total costs and expenses(26,712)(20,555)(19,522)(40,077)(66,789)  (188,657)(22,473)
Operating income(1,288,511)(141,769)(65,997)(207,766)(1,496,277)  (1,343,468)(745,378)
Income before income taxes(1,288,511)(141,769)(65,997)(207,766)(1,496,277)  (1,343,468)(745,378)
Income tax expense(322,128)(35,442)(16,499)(51,941)(374,069)  (307,462)(166,781)
Net income (loss)(966,383)(106,327)(49,498)(155,825)(1,122,208)  (1,036,006)(578,597)
Net income attributable to Reservoir Media, Inc. $ (966,383)(106,327)(49,498)(155,825) $ (1,122,208)   $ (1,036,006) $ (578,597)
Earnings per common share - basic $ (0.01)    $ (0.03)   $ (0.02) $ (0.01)
Earnings per common share - diluted $ (0.01)    $ (0.02)   $ (0.02) $ (0.01)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME         
Net income $ (966,383)(106,327)(49,498)(155,825) $ (1,122,208)   $ (1,036,006) $ (578,597)
Total comprehensive income(966,383)(106,327)(49,498)(155,825)(1,122,208)  (1,036,006)(578,597)
Total comprehensive income attributable to Reservoir Media, Inc.(966,383)(106,327)(49,498)(155,825)(1,122,208)  (1,036,006)(578,597)
CONSOLIDATED BALANCE SHEETS         
Intangible assets, net(3,585,124)(2,296,613)(2,154,844)(2,296,613)(3,585,124)  (2,088,847)(745,378)
Total assets(3,585,124)(2,296,613)(2,154,844)(2,296,613)(3,585,124)  (2,088,847)(745,378)
Income taxes payable(6,323)(6,323)(6,323)(6,323)(6,323)  (6,323)(160,166)
Deferred income taxes(841,989)(519,861)(484,419)(519,861)(841,989)  (467,920)(6,615)
Total liabilities(848,312)(526,184)(490,742)(526,184)(848,312)  (474,243)(166,781)
Retained earnings (accumulated deficit)(2,736,812)(1,770,429)(1,664,102)(1,770,429)(2,736,812)  (1,614,604)(578,597)
Total Reservoir Media, Inc. shareholders' equity(2,736,812)(1,770,429)(1,664,102)(1,770,429)(2,736,812)  (1,614,604)(578,597)
Total shareholders' equity(2,736,812)(1,770,429)(1,664,102)(1,770,429)(2,736,812)  (1,614,604)(578,597)
Total liabilities and shareholders' equity(3,585,124)(2,296,613)(2,154,844)(2,296,613)(3,585,124)  (2,088,847)(745,378)
CONSOLIDATED STATEMENTS OF CASH FLOWS         
Net income $ (966,383) $ (106,327)(49,498)(155,825)(1,122,208)  (1,036,006)(578,597)
Amortization of intangible assets  (19,522)(40,077)(66,789)  (51,131)(12,798)
Accounts payable and accrued expenses       (137,526)(9,675)
Income tax payable       153,843 (160,166)
Deferred income taxes  (16,499)(51,941)(374,069)  (461,305)(6,615)
Net cash provided by operating activities  (85,519)(247,843)(1,563,066)  (1,532,125)(767,851)
Purchases of music catalogs  (85,519)(247,843)(1,563,066)  (1,532,125)(767,851)
Net cash used for investing activities   $ 85,519 $ 247,843 $ 1,563,066    $ 1,532,125 $ 767,851

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent event - New HQ Lease agreement - New York $ in MillionsApr. 30, 2022 USD ($) ft²
Subsequent Event [Line Items] 
Area of land leased | ft²12,470
Total commitment amount | $ $ 8.4
Lease Term130 months