10-Q Filing

EMERSON RADIO CORP CIK: 32621 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-044614`
Period End Date	20210630
Filing Date	20210816
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	msn-10q_20210630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 26 Cash Flow Statement 43 Stockholders Equity 14

Balance Sheet 84 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`	$4.42M	USD	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.25M	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$24.06M	USD	Point-in-time
Preferred shares, liquidation preference	`PreferredStockLiquidationPreferenceValue`	$3.68M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$25.05M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$691.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.09M	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
Inventory	`InventoryFinishedGoodsNetOfReserves`	$1.96M	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`	$1.98M	USD	Point-in-time
Prepaid purchases	`PrepaidPurchasesCurrent`	$741.00K	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`	$361.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$289.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$281.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$32.57M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31.92M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.59M	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$213.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$153.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$3.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$3.00K	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`	$250.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$310.00K	USD	Point-in-time
Total Assets	`Assets`	$32.82M	USD	Point-in-time
Total Assets	`Assets`	$33.90M	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$788.00K	USD	Point-in-time
Accounts payable and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$747.00K	USD	Point-in-time
Paycheck Protection Program loan	`PaycheckProtectionProgramLoan`	$204.00K	USD	Point-in-time
Paycheck Protection Program loan	`PaycheckProtectionProgramLoan`	$204.00K	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrent`	$2.00K	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrent`	$1.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$113.00K	USD	Point-in-time
Short-term operating lease liability	`OperatingLeaseLiabilityCurrent`	$152.00K	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`	$130.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$195.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.39M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.54M	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$82.00K	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$57.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$2.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$3.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$1.84M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$1.84M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$1.92M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$1.90M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.46M	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, 2021 and March 31, 2021, respectively; 21,042,652 shares outstanding at June 30, 2021 and March 31, 2021, 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, 2021 and March 31, 2021, respectively; 21,042,652 shares outstanding at June 30, 2021 and March 31, 2021, 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`	$-19.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.90M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at June 30, 2021 and March 31, 2021, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at June 30, 2021 and March 31, 2021, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$30.45M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$34.42M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$33.30M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$29.53M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$33.90M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$32.82M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.05M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.02M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.61M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.36M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.97M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.50M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-921.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$17.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$82.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-904.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.12M	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$11.00K	USD	1 Quarter
Provision for income tax expense	`IncomeTaxExpenseBenefit`	$6.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-915.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Basic loss per share	`EarningsPerShareBasic`	$-0.04	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`	$-0.04	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 43 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`ProfitLoss`	$-915.00K	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-1.12M	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$60.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$56.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.00K	USD	1 Quarter
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$-12.00K	USD	1 Quarter
Asset allowances and reserves	`IncreaseDecreaseInAssetAllowancesAndReserves`	$23.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$410.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$16.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$209.00K	USD	1 Quarter
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$90.00K	USD	1 Quarter
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$380.00K	USD	1 Quarter
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-8.00K	USD	1 Quarter
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-36.00K	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$184.00K	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-41.00K	USD	1 Quarter
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$-39.00K	USD	1 Quarter
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$5.00K	USD	1 Quarter
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-64.00K	USD	1 Quarter
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-26.00K	USD	1 Quarter
Due to affiliate	`IncreaseDecreaseInDueToAffiliates`	$1.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-65.00K	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`	$-1.81M	USD	1 Quarter
Net proceeds (purchases) of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$984.00K	USD	1 Quarter
Net proceeds (purchases) of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$903.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$984.00K	USD	1 Quarter
Net cash provided 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`	$-183.00K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-827.00K	USD	1 Quarter
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.25M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.42M	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`	$6.09M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.25M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.42M	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`	$6.09M	USD	Point-in-time
Interest	`InterestPaidNet`	$1.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$30.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$33.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$29.53M	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`	$-915.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Balance	`StockholdersEquity`	$30.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$33.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$29.53M	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.