10-K Filing

EMERSON RADIO CORP CIK: 32621 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001564590-22-024063`
Period End Date	20220331
Filing Date	20220623
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	msn-10k_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 27 Cash Flow Statement 53 Stockholders Equity 12

Balance Sheet 81 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`	$5.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.58M	USD	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	3,677.00	shares	Point-in-time
Short term investments	`ShortTermInvestments`	$25.05M	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
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.29M	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$691.00K	USD	Point-in-time
Inventory	`InventoryFinishedGoodsNetOfReserves`	$2.11M	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	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 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 purchases	`PrepaidPurchasesCurrent`	$141.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$289.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$390.00K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	21.04M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.59M	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`	$29.51M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$403.00K	USD	Point-in-time
Right-of-use asset-operating leases	`OperatingLeaseRightOfUseAsset`	$213.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$2.00K	USD	Point-in-time
Right-of-use asset-finance leases	`FinanceLeaseRightOfUseAsset`	$3.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$90.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$94.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$497.00K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$310.00K	USD	Point-in-time
Total Assets	`Assets`	$30.01M	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`	$758.00K	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`	$211.00K	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`	$210.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$195.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.38M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.54M	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$201.00K	USD	Point-in-time
Long-term operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$82.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$3.00K	USD	Point-in-time
Long-term finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$2.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$1.61M	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`	$1.82M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.19M	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 March 31, 2022 and March 31, 2021, respectively; 21,042,652 shares outstanding at March 31, 2022 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 March 31, 2022 and March 31, 2021, respectively; 21,042,652 shares outstanding at March 31, 2022 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`	$-23.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.98M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at March 31, 2022 and March 31, 2021, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Treasury stock, at cost (31,923,145 shares at March 31, 2022 and March 31, 2021, respectively)	`TreasuryStockValue`	$33.20M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$34.42M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$26.82M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$30.45M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$30.01M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$33.90M	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.45M	USD	Annual
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.21M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$5.75M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$6.24M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.41M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.91M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$11.65M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$11.65M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-3.44M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-4.21M	USD	Annual
Loss on settlement of litigation	`GainLossRelatedToLitigationSettlement`	$-450.00K	USD	Annual
Interest income, net	`InterestIncomeExpenseNet`	$57.00K	USD	Annual
Interest income, net	`InterestIncomeExpenseNet`	$151.00K	USD	Annual
Income from governmental assistance programs	`IncomeFromGovernmentalAssistancePrograms`	$83.00K	USD	Annual
Income from governmental assistance programs	`IncomeFromGovernmentalAssistancePrograms`	$207.00K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.63M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.98M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.63M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.98M	USD	Annual
Basic loss per share	`EarningsPerShareBasic`	$-0.19	USD	Annual
Basic loss per share	`EarningsPerShareBasic`	$-0.17	USD	Annual
Diluted loss per share	`EarningsPerShareDiluted`	$-0.17	USD	Annual
Diluted loss per share	`EarningsPerShareDiluted`	$-0.19	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	21.04M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.04M	shares	Annual

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`ProfitLoss`	$-3.63M	USD	Annual
Net (loss)	`ProfitLoss`	$-3.98M	USD	Annual
Loan forgiveness from Paycheck Protection Program	`LoanForgivenessFromPaycheckProtectionProgram`	$204.00K	USD	Annual
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$214.00K	USD	Annual
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$231.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.00K	USD	Annual
Asset valuation allowances	`IncreaseDecreaseInAssetValuationAllowances`	$22.00K	USD	Annual
Asset valuation allowances	`IncreaseDecreaseInAssetValuationAllowances`	$-6.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$185.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$609.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$43.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$151.00K	USD	Annual
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$-220.00K	USD	Annual
Prepaid purchases	`IncreaseDecreasePrepaidPurchases`	$111.00K	USD	Annual
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$101.00K	USD	Annual
Prepaid expenses and other current assets	`AccruedConsultingFeesAndReimbursableExpenses`	$-38.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-4.00K	USD	Annual
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-30.00K	USD	Annual
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$196.00K	USD	Annual
Right of use assets-operating	`IncreaseDecreaseInRightOfUseAssetsOperating`	$-403.00K	USD	Annual
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$59.00K	USD	Annual
Short term lease liabilities	`IncreaseDecreaseInShortTermLeaseLiabilities`	$-89.00K	USD	Annual
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$118.00K	USD	Annual
Long term lease liabilities	`IncreaseDecreaseInLongTermLeaseLiabilities`	$-153.00K	USD	Annual
Due to affiliate	`IncreaseDecreaseInDueToAffiliates`	$1.00K	USD	Annual
Due to affiliate	`IncreaseDecreaseInDueToAffiliates`	$-1.00K	USD	Annual
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-223.00K	USD	Annual
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-197.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$15.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$15.00K	USD	Annual
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.71M	USD	Annual
Net cash (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.29M	USD	Annual
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$28.10M	USD	Annual
Proceeds from sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$25.05M	USD	Annual
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$25.05M	USD	Annual
Disposals to property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.00K	USD	Annual
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.00K	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.06M	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$25.04M	USD	Annual
Proceeds from Paycheck Protection Program loan	`ProceedsFromPaycheckProtectionProgramLoan`	$204.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$204.00K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.03M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$20.33M	USD	Annual
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`	$5.25M	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`	$25.58M	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`	$6.28M	USD	Point-in-time
Interest	`InterestPaidNet`	$11.00K	USD	Annual
Interest	`InterestPaidNet`	$7.00K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$222.00K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$197.00K	USD	Annual

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.45M	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`	$-3.63M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.98M	USD	Annual
Balance	`StockholdersEquity`	$34.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.45M	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.