10-Q Filing

EMERSON RADIO CORP CIK: 32621 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-040283`
Period End Date	20200630
Filing Date	20200814
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	msn-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 26 Cash Flow Statement 41 Stockholders Equity 14

Balance Sheet 83 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
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.09M	USD	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.28M	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$27.20M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$28.10M	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$484.00K	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$508.00K	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$1.92M	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$2.13M	USD	Point-in-time
Common shares, shares issued	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$250.00K	USD	Point-in-time
Common shares, shares issued	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$340.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$291.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$327.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$37.36M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$36.56M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$387.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$442.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$5.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$4.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$94.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$94.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$545.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$488.00K	USD	Point-in-time
Total Assets	`Assets`	$37.90M	USD	Point-in-time
Total Assets	`Assets`	$37.05M	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$776.00K	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$592.00K	USD	Point-in-time
Paycheck Protection Program loan	`PaycheckProtectionProgramLoan`	$204.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$241.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$246.00K	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`	$195.00K	USD	Point-in-time
Income tax payable, current portion	`AccruedIncomeTaxesCurrent`	$195.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$120.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$180.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.21M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.54M	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$234.00K	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$171.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$4.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$3.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$2.03M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$2.03M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$2.27M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$2.21M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.75M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.48M	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, 2020 and March 31, 2020, respectively; 21,042,652 shares outstanding at June 30, 2020 and March 31, 2020, 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, 2020 and March 31, 2020, respectively; 21,042,652 shares outstanding at June 30, 2020 and March 31, 2020, 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`	$-16.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-17.13M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at June 30, 2020 and March 31, 2020, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at June 30, 2020 and March 31, 2020, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$33.30M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$37.74M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$38.73M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$34.42M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$37.05M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$37.90M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.61M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.35M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.02M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.50M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.83M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.22M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$82.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$237.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-982.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.12M	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$5.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-987.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Basic loss per share	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Basic loss per share	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Diluted loss per share	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Diluted loss per share	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`ProfitLoss`	$-1.12M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-987.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$56.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$51.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.00K	USD	1 Quarter
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$23.00K	USD	1 Quarter
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$51.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$212.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$209.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-165.00K	USD	1 Quarter
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$90.00K	USD	1 Quarter
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$-402.00K	USD	1 Quarter
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-68.00K	USD	1 Quarter
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-36.00K	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$175.00K	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$184.00K	USD	1 Quarter
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$5.00K	USD	1 Quarter
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-64.00K	USD	1 Quarter
Due to affiliate	`IncreaseDecreaseInDueToAffiliates`	$1.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-1.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-55.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-60.00K	USD	1 Quarter
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.29M	USD	1 Quarter
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-444.00K	USD	1 Quarter
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$903.00K	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$213.00K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-213.00K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$903.00K	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromPaycheckProtectionProgramLoan`	$204.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$204.00K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-657.00K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-183.00K	USD	1 Quarter
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.09M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.26M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.92M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.28M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.09M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.26M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.92M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.28M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$33.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$37.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	52.97M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-987.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Balance	`StockholdersEquity`	$33.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$37.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.42M	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.