10-Q Filing

EMERSON RADIO CORP CIK: 32621 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-006062`
Period End Date	20201231
Filing Date	20210216
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	msn-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 54 Cash Flow Statement 49 Stockholders Equity 16

Balance Sheet 85 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`	$30.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.28M	USD	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Short term investments	`ShortTermInvestments`	$28.10M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$25.00M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	-	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$484.00K	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.47M	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$1.92M	USD	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$1.88M	USD	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$250.00K	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`	$509.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$327.00K	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`	$384.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$37.36M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$34.75M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$272.00K	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`	$372.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$545.00K	USD	Point-in-time
Total Assets	`Assets`	$35.12M	USD	Point-in-time
Total Assets	`Assets`	$37.90M	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$592.00K	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$928.00K	USD	Point-in-time
Paycheck Protection Program loan	`PaycheckProtectionProgramLoan`	$204.00K	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrent`	$1.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$241.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$191.00K	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`	$260.00K	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`	$1.78M	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$105.00K	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$234.00K	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`	$1.84M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$2.27M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$1.94M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.72M	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 December 31, 2020 and March 31, 2020, respectively; 21,042,652 shares outstanding at December 31, 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 December 31, 2020 and March 31, 2020, respectively; 21,042,652 shares outstanding at December 31, 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`	$-19.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.01M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at December 31, 2020 and March 31, 2020, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at December 31, 2020 and March 31, 2020, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$34.42M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$31.39M	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`	$35.12M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$37.90M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.14M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.33M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.09M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.90M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.65M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$4.52M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$4.18M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.75M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.60M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.43M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.56M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$9.12M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$8.61M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.31M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.26M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.16M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.47M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-981.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.22M	USD	3 Qtrs
Interest income, net	`InterestIncomeExpenseNet`	$18.00K	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`	$128.00K	USD	3 Qtrs
Income from governmental assistance programs	`IncomeFromGovernmentalAssistancePrograms`	$28.00K	USD	1 Quarter
Income from governmental assistance programs	`IncomeFromGovernmentalAssistancePrograms`	$83.00K	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.01M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.83M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-935.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-984.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$10.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$15.00K	USD	3 Qtrs
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$19.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.85M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.03M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-945.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-988.00K	USD	1 Quarter
Basic loss per share	`EarningsPerShareBasic`	$-0.14	USD	3 Qtrs
Basic loss per share	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic loss per share	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Basic loss per share	`EarningsPerShareBasic`	$-0.14	USD	3 Qtrs
Diluted loss per share	`EarningsPerShareDiluted`	$-0.14	USD	3 Qtrs
Diluted loss per share	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Diluted loss per share	`EarningsPerShareDiluted`	$-0.14	USD	3 Qtrs
Diluted loss per share	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	3 Qtrs

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`ProfitLoss`	$-3.03M	USD	3 Qtrs
Net (loss)	`ProfitLoss`	$-2.85M	USD	3 Qtrs
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$171.00K	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`	$2.00K	USD	3 Qtrs
Deferred tax assets	`IncreaseDecreaseInDeferredTaxAsset`	$11.00K	USD	3 Qtrs
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$-18.00K	USD	3 Qtrs
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$-13.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$276.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$994.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-933.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-42.00K	USD	3 Qtrs
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$-328.00K	USD	3 Qtrs
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$259.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-8.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$57.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-60.00K	USD	3 Qtrs
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$266.00K	USD	3 Qtrs
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$336.00K	USD	3 Qtrs
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$-50.00K	USD	3 Qtrs
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-130.00K	USD	3 Qtrs
Due to affiliate	`IncreaseDecreaseInDueToAffiliates`	$1.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-195.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-197.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$80.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-165.00K	USD	3 Qtrs
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.07M	USD	3 Qtrs
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.83M	USD	3 Qtrs
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$28.10M	USD	3 Qtrs
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$1.85M	USD	3 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$1.44M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$28.10M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$407.00K	USD	3 Qtrs
Proceeds from Paycheck Protection Program loan	`ProceedsFromPaycheckProtectionProgramLoan`	$204.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$204.00K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.42M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$24.24M	USD	3 Qtrs
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.51M	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 beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.92M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$30.51M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.28M	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`	$6.50M	USD	Point-in-time
Interest	`InterestPaidNet`	$6.00K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaidNet`	$199.00K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaidNet`	$197.00K	USD	3 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.39M	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
Net loss	`NetIncomeLoss`	$-2.85M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.03M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-945.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-988.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.39M	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.