10-Q Filing

EMERSON RADIO CORP CIK: 32621 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-004799`
Period End Date	20191231
Filing Date	20200214
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	msn-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 52 Cash Flow Statement 51 Stockholders Equity 17

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Preferred shares, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred shares, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred shares, shares issued	`PreferredStockSharesIssued`	3,677.00	shares	Point-in-time
Preferred shares, shares issued	`PreferredStockSharesIssued`	3,677.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.50M	USD	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.92M	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68M	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$28.37M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$27.96M	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$604.00K	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$862.00K	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$3.52M	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$2.59M	USD	Point-in-time
Common shares, shares issued	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Common shares, shares issued	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$89.00K	USD	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$417.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$416.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$424.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$41.25M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$38.42M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$6.00K	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.00K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$437.00K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$448.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$496.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$5.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$154.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$94.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$1.04M	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$608.00K	USD	Point-in-time
Total Assets	`Assets`	$41.86M	USD	Point-in-time
Total Assets	`Assets`	$39.45M	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$811.00K	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$545.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$236.00K	USD	Point-in-time
Short-term finance lease liability	`FinanceLeaseLiabilityCurrent`	$1.00K	USD	Point-in-time
Income tax payable, current portion	`AccruedIncomeTaxesCurrent`	$250.00K	USD	Point-in-time
Income tax payable, current portion	`AccruedIncomeTaxesCurrent`	$195.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$165.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.24M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$960.00K	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$296.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$4.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$2.17M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$2.03M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$2.17M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.13M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.58M	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 December 31, 2019 and March 31, 2019, respectively; 21,042,652 shares outstanding at December 31, 2019 and March 31, 2019, 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 December 31, 2019 and March 31, 2019, respectively; 21,042,652 shares outstanding at December 31, 2019 and March 31, 2019, 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`	$-11.70M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.55M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at December 31, 2019 and March 31, 2019, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at December 31, 2019 and March 31, 2019, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$39.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$43.78M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$38.73M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$35.88M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$41.86M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$39.45M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.54M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.14M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.39M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.40M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$7.03M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$2.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.36M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.88M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.15M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$948.00K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.21M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.31M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$9.91M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$8.61M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.26M	USD	1 Quarter
Operating (loss)	`OperatingIncomeLoss`	$-3.47M	USD	3 Qtrs
Operating (loss)	`OperatingIncomeLoss`	$-1.16M	USD	1 Quarter
Operating (loss)	`OperatingIncomeLoss`	$-2.52M	USD	3 Qtrs
Operating (loss)	`OperatingIncomeLoss`	$-767.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$240.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$179.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$638.00K	USD	3 Qtrs
Interest income, net	`InterestIncomeExpenseNet`	$617.00K	USD	3 Qtrs
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.83M	USD	3 Qtrs
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-984.00K	USD	1 Quarter
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.90M	USD	3 Qtrs
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-527.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$73.00K	USD	3 Qtrs
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$19.00K	USD	3 Qtrs
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-1.97M	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-529.00K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-2.85M	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-988.00K	USD	1 Quarter
Basic (loss) per share	`EarningsPerShareBasic`	$-0.14	USD	3 Qtrs
Basic (loss) per share	`EarningsPerShareBasic`	$-0.09	USD	3 Qtrs
Basic (loss) per share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic (loss) per share	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Diluted (loss) per share	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted (loss) per share	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Diluted (loss) per share	`EarningsPerShareDiluted`	$-0.14	USD	3 Qtrs
Diluted (loss) per share	`EarningsPerShareDiluted`	$-0.09	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	22.22M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.64M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.22M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.64M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`ProfitLoss`	$-1.97M	USD	3 Qtrs
Net (loss)	`ProfitLoss`	$-2.85M	USD	3 Qtrs
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$36.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00K	USD	3 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredTaxAsset`	$11.00K	USD	3 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredTaxAsset`	$80.00K	USD	3 Qtrs
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$177.00K	USD	3 Qtrs
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$-18.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$276.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.31M	USD	3 Qtrs
Royalty receivable	`IncreaseDecreaseInRoyaltiesReceivables`	$100.00K	USD	3 Qtrs
Royalty receivable	`IncreaseDecreaseInRoyaltiesReceivables`	$-3.00K	USD	3 Qtrs
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$5.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-933.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$1.45M	USD	3 Qtrs
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$-328.00K	USD	3 Qtrs
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$-324.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-5.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$75.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-60.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.00K	USD	3 Qtrs
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$266.00K	USD	3 Qtrs
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-167.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-195.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-250.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-165.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-50.00K	USD	3 Qtrs
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.83M	USD	3 Qtrs
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.53M	USD	3 Qtrs
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$30.08M	USD	3 Qtrs
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$1.85M	USD	3 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$28.11M	USD	3 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$1.44M	USD	3 Qtrs
Disposals of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00K	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.97M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$407.00K	USD	3 Qtrs
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$2.61M	USD	3 Qtrs
Net cash (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.61M	USD	3 Qtrs
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.42M	USD	3 Qtrs
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.17M	USD	3 Qtrs
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.92M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.10M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.93M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.92M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.10M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.93M	USD	Point-in-time
Income taxes	`IncomeTaxesPaidNet`	$199.00K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaidNet`	$277.00K	USD	3 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$39.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$43.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.88M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Purchase of treasury stock	`TreasuryStockValueAcquiredCostMethod`	$2.61M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.97M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-529.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.85M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-988.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$39.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$43.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.88M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time

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