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Related Party Transactions
6 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 — RELATED PARTY TRANSACTIONS

From time to time, Emerson engages in business transactions with its controlling shareholder, Nimble Holdings Company Limited (“Nimble”), formerly known as The Grande Holdings Limited (“Grande”), and one or more of Nimble’s direct and indirect subsidiaries, or with entities related to the Company’s Chairman of the Board. Set forth below is a summary of such transactions.

Controlling Shareholder

S&T International Distribution Limited (“S&T”), which is a wholly owned subsidiary of Grande N.A.K.S. Ltd., which is a wholly owned subsidiary of Nimble, collectively have, based on a Schedule 13D/A filed with the SEC on February 15, 2019, the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 72.4%, of the Company’s outstanding common stock as of September 30, 2020. Accordingly, the Company is a “controlled company” as defined in Section 801(a) of the NYSE American Company Guide.

 

 


Related Party Transactions

  

      Charges of rental and utility fees on office space in Hong Kong

During the three and six months ended September 30, 2020, the Company was billed approximately $43,000 and $86,000, respectively, for rental and utility fees from Vigers Appraisal and Consulting Ltd (“VACL”), which is a company related to the Company’s Chairman of the Board.  As of September 30, 2020 the Company owed nil to VACL related to these charges.

During the three and six months ended September 30, 2020, the Company was billed approximately $2,000 and $2,600, respectively, for purchases of personal protection equipment from Lafe Strategic Services Ltd (“LSSL”), which is a company related to the Company’s Chairman of the Board. As of September 30, 2020 the Company owed nil to LSSL related to these charges.