10-Q Filing

EMERSON RADIO CORP CIK: 32621 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-023646`
Period End Date	20230630
Filing Date	20230814
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	msn20230630_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 28 Cash Flow Statement 54 Stockholders Equity 10

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Preferred shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred shares, shares issued (in shares)	`PreferredStockSharesIssued`	3,677.00	shares	Point-in-time
Preferred shares, shares issued (in shares)	`PreferredStockSharesIssued`	3,677.00	shares	Point-in-time
Preferred shares, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Preferred shares, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68B	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68B	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.67M	USD	Point-in-time
Common shares, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.17M	USD	Point-in-time
Common shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.19M	USD	Point-in-time
Common shares, shares issued (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Licensing receivable	`LicensingReceivableCurrent`	$8.00K	USD	Point-in-time
Licensing receivable	`LicensingReceivableCurrent`	$245.00K	USD	Point-in-time
Common shares, shares issued (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$3.71M	USD	Point-in-time
Common shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$3.81M	USD	Point-in-time
Common shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$247.00K	USD	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$364.00K	USD	Point-in-time
Treasury shares (in shares)	`TreasuryStockCommonShares`	31.92M	shares	Point-in-time
Treasury shares (in shares)	`TreasuryStockCommonShares`	31.92M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$296.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$357.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$31.09M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$30.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$47.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$200.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$166.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$1.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$1.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$84.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$74.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$276.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$298.00K	USD	Point-in-time
Total Assets	`Assets`	$31.37M	USD	Point-in-time
Total Assets	`Assets`	$30.53M	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$705.00K	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$641.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$142.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$139.00K	USD	Point-in-time
Short-term finance lease liability	`FinanceLeaseLiabilityCurrent`	$1.00K	USD	Point-in-time
Short-term finance lease liability	`FinanceLeaseLiabilityCurrent`	$1.00K	USD	Point-in-time
Income tax payable, current portion	`AccruedIncomeTaxesCurrent`	$401.00K	USD	Point-in-time
Income tax payable, current portion	`AccruedIncomeTaxesCurrent`	$401.00K	USD	Point-in-time
Advanced deposits	`AdvancedDepositsCurrent`	$3.16M	USD	Point-in-time
Advanced deposits	`AdvancedDepositsCurrent`	$3.32M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$149.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.41M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.65M	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$25.00K	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$62.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$1.20M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$1.20M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$1.23M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$1.26M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.64M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.91M	USD	Point-in-time
Series A Preferred shares 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000	`PreferredStockValue`	$3.31M	USD	Point-in-time
Series A Preferred shares 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000	`PreferredStockValue`	$3.31M	USD	Point-in-time
Common shares $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued at June 30, 2023 and March 31, 2023, respectively; 21,042,652 shares outstanding at June 30, 2023 and March 31, 2023, respectively	`CommonStockValue`	$529.00K	USD	Point-in-time
Common shares $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued at June 30, 2023 and March 31, 2023, respectively; 21,042,652 shares outstanding at June 30, 2023 and March 31, 2023, respectively	`CommonStockValue`	$529.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$79.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$79.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.97M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at June 30, 2023 and March 31, 2023, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at June 30, 2023 and March 31, 2023, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$25.46M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$25.74M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$24.89M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$26.82M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$30.53M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$31.37M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.81M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.07M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.47M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$879.00K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.34M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.20M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.22M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.67M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-859.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.15M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$50.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$294.00K	USD	1 Quarter
Income from governmental assistance programs	`GovernmentAssistanceAmount`	$22.00K	USD	1 Quarter
Income from governmental assistance programs	`GovernmentAssistanceAmount`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-565.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.08M	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.08M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-565.00K	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`NetIncomeLoss`	$-1.08M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-565.00K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$34.00K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$53.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.00K	USD	1 Quarter
Asset valuation allowance	`IncreaseDecreaseInAssetValuationAllowances`	$35.00K	USD	1 Quarter
Asset valuation allowance	`IncreaseDecreaseInAssetValuationAllowances`	$-22.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$46.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-768.00K	USD	1 Quarter
Licensing receivable	`IncreaseDecreaseInLicensingReceivable`	$-237.00K	USD	1 Quarter
Licensing receivable	`IncreaseDecreaseInLicensingReceivable`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-106.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$321.00K	USD	1 Quarter
Prepaid purchases	`IncreaseDecreaseInPrepaidPurchases`	$117.00K	USD	1 Quarter
Prepaid purchases	`IncreaseDecreaseInPrepaidPurchases`	$140.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-61.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-122.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$10.00K	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$89.00K	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$64.00K	USD	1 Quarter
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$3.00K	USD	1 Quarter
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$-22.00K	USD	1 Quarter
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-37.00K	USD	1 Quarter
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-35.00K	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInAdvancedDeposits`	$-154.00K	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInAdvancedDeposits`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-149.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-70.00K	USD	1 Quarter
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-547.00K	USD	1 Quarter
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-668.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$50.00K	USD	1 Quarter
Disposals of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Disposals of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-668.00K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-597.00K	USD	1 Quarter
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.58M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.91M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.67M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.27M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.58M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.91M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.67M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.27M	USD	Point-in-time
Interest	`InterestPaidNet`	$3.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$2.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$25.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.82M	USD	Point-in-time
Net (loss)	`NetIncomeLoss`	$-1.08M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-565.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$25.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.82M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.