0001493152-16-012322.txt : 20160815 0001493152-16-012322.hdr.sgml : 20160815 20160815070203 ACCESSION NUMBER: 0001493152-16-012322 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SINGING MACHINE CO INC CENTRAL INDEX KEY: 0000923601 STANDARD INDUSTRIAL CLASSIFICATION: PHONOGRAPH RECORDS & PRERECORDED AUDIO TAPES & DISKS [3652] IRS NUMBER: 953795478 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24968 FILM NUMBER: 161829937 BUSINESS ADDRESS: STREET 1: 6301 NW 5TH WAY, STE 2900 CITY: FORT LAUDERDALE STATE: FL ZIP: 33309 BUSINESS PHONE: (954) 596-1000 MAIL ADDRESS: STREET 1: 6301 NW 5TH WAY, STE 2900 CITY: FORT LAUDERDALE STATE: FL ZIP: 33309 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

 

  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For quarter ended June 30, 2016
     
  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from _____ to ______.

 

Commission File Number 0 - 24968

 

THE SINGING MACHINE COMPANY, INC.

 (Exact Name of Registrant as Specified in its Charter)

  

 DELAWARE   95-3795478
(State of Incorporation)   (IRS Employer I.D. No.)

 

6301 NW 5th Way, Suite 2900, Fort Lauderdale FL 33309

(Address of principal executive offices)

 

(954) 596-1000

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One)

 

Large accelerated filer [  ]  Accelerated filer [  ] Non-accelerated filer [  ]  Smaller Reporting Company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

APPLICABLE ONLY TO ISSUES INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicated by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities and Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [  ] No [  ]

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

  

CLASS   NUMBER OF SHARES OUTSTANDING
Common Stock, $0.01 par value   38,181,635 as of August 15, 2016

 

 

 

   
   

 

THE SINGING MACHINE COMPANY, INC. AND SUBSIDIARIES

  

INDEX

  

   Page No. 
     
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements 3
     
  Condensed Consolidated Balance Sheets – June 30, 2016  (Unaudited) and March 31, 2016 3
     
  Condensed Consolidated Statements of Operations – Three  months ended June 30, 2016 and 2015 (Unaudited) 4
     
  Condensed Consolidated Statements of Cash Flows - Three months ended June 30, 2016 and 2015 (Unaudited) 5
 
  Notes to Condensed Consolidated Financial Statements -  June 30, 2016 (Unaudited) 6
     
Item 2.

Management’s Discussion and Analysis of Financial and Results of Operations Condition

 13
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 16
     
Item 4. Controls and Procedures 16
     
PART II. OTHER INFORMATION 17
     
Item 1. Legal Proceedings 17
     
Item 1A. Risk Factors 17
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17
     
Item 3. Defaults Upon Senior Securities 17
     
Item 4. Mine Safety Disclosures 17
     
Item 5. Other Information 17
     
Item 6. Exhibits 17
     
SIGNATURES 18

 

  2 
   

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   June 30, 2016  March 31, 2016
   (Unaudited)   
Assets          
Current Assets          
Cash  $444,515   $2,116,490 
Accounts receivable, net of allowances of $74,498 and  $51,179, respectively      3,451,300     1,381,789  
Due from PNC Bank   861    184,392 
Accounts receivable related party - Cosmo Communications Canada, Ltd   154,247    19,077 
Accounts receivable related party - Winglight Pacific, Ltd   192,976    -  
Accounts receivable related parties - other   4,262    7,075 
Inventories, net   8,367,957    3,690,975 
Prepaid expenses and other current assets   148,806    115,601 
Deferred financing costs   74,077    74,077 
 Total Current Assets   12,839,001    7,589,476 
           
Property and equipment, net   452,338    430,602 
Other non-current assets   11,523    11,394
Deferred financing costs   3,087    21,606 
Deferred tax asset   2,607,119    2,408,531 
 Total Assets  $15,913,068   $10,461,609 
           
Liabilities and Shareholders' Equity          
Current Liabilities          
Accounts payable  $6,326,737   $722,213 
Note payable related party - Ram Light Management, Ltd.   558,075    696,612 
Due to related party - Ram Light Management, Ltd   201,000    400,000 
Due to related party - Starlight Electronics Co., Ltd   707,819    - 
Due to related party - Merrygain Holding Co.,Ltd   12,829    - 
Accrued expenses   734,276    650,115 
Current portion of capital lease   -    1,078
Obligations to customers for returns and allowances   22,414    121,092 
Warranty provisions   193,263    292,500 
 Total Current Liabilities   8,756,413    2,883,610 
           
Subordinated related party debt - Starlight Marketing Development, Ltd.   1,924,431    1,924,431 
 Total Liabilities   10,680,844    4,808,041 
           
Commitments and Contingencies   -    - 
           
Shareholders' Equity          
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding   -    - 
Common stock, Class A, $0.01 par value; 100,000 shares authorized; no shares issued and outstanding   -    - 
Common stock, Class B, $0.01 par value; 100,000,000 shares authorized; 38,181,635 and 38,161,635 shares issued and outstanding, respectively   381,816     381,816 
Additional paid-in capital   19,347,268    19,337,939 
Subscriptions receivable   -    (6,400)
Accumulated deficit   (14,496,860)   (14,059,787)
 Total Shareholders' Equity   5,232,224    5,653,568 
 Total Liabilities and Shareholders' Equity  $15,913,068   $10,461,609 

  

See notes to the condensed consolidated financial statements.

 

  3 
   


 

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

  

   For Three Months Ended
   June 30, 2016  June 30, 2015
       
Net Sales  $4,859,392   $3,466,874 
           
Cost of Goods Sold   3,715,709    2,608,453 
           
Gross Profit   1,143,683    858,421 
           
Operating Expenses          
Selling expenses   424,878    457,727 
General and administrative expenses   1,246,851    1,101,981 
Depreciation   43,795    37,333 
Total Operating Expenses   1,715,524    1,597,041 
           
Loss from Operations   (571,841)   (738,620)
           
Other Expenses          
Interest expense   (16,027)   (50,112)
Financing costs   (18,519)   (18,519)
Total Other Expenses   (34,546)   (68,631)
           
Loss Before Income Tax Benefit   (606,387)   (807,251)
           
Income Tax Benefit   169,314    312,325 
           
Net Loss  $(437,073)  $(494,926)
           
Loss per Common Share          
Basic and Diluted  $(0.01)  $(0.01)
          
Weighted Average Common and Common Equivalent Shares:          
Basic and Diluted   38,181,635    38,117,517 

  

See notes to the condensed consolidated financial statements.

 

  4 
   

 

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For Three Months Ended
   June 30, 2016  June 30, 2015
       
Cash flows from operating activities:          
Net Loss  $(437,073)  $(494,926)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   43,795    37,333 
Amortization of deferred financing costs   18,519    18,519 
Change in inventory reserve   66,000    (37,560)
Change in allowance for bad debts   23,319    (127,433)
Stock based compensation   9,329    2,001 
Change in net deferred tax asset   (198,588)   (312,325)
Changes in operating assets and liabilities:          
(Increase) decrease in:          
Accounts receivable   (2,092,830)   (80,027)
Due from PNC Bank   183,531    137,415 
Accounts receivable related parties   (325,333)   (94,252)
Inventories   (4,742,982)   (624,621)
Prepaid expenses and other current assets   (33,205)   1,914 
Other non-current assets   (129)   - 
 Increase (decrease) in:          
Accounts payable   5,604,524    258,092 
Due to related parties   521,648    35,456 
Accrued expenses   84,161    182,533 
Customer deposits   -    287,110 
Obligations to clients for returns and allowances   (98,678)   (389,058)
Warranty provisions   (99,237)   (44,799)
Net cash used in operating activities   (1,473,229)   1,199,829
Cash flows from investing activities:          
Purchase of property and equipment   (65,531)   (42,157)
Net cash used in investing activities   (65,531)   (42,157)
Cash flows from financing activities:          
Net proceeds from revolving line of credit   -    1,537,014 
Net proceeds from subscription receivable   6,400    - 
Payment on note payable related party - Ram Light Management, Ltd.    (138,537)    - 
Payments on capital lease   (1,078)   (3,105)
Net cash (used in) provided by financing activities   (133,215)   1,533,909 
Net change in cash   (1,671,975)   291,923 
           
Cash at beginning of period   2,116,490    116,286 
Cash at end of period  $444,515   $408,209 
           
Supplemental disclosures of cash flow information:          
Cash paid for interest  $15,027   $9,665 

 

See notes to the condensed consolidated financial statements.

 

  5 
   

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

June 30, 2016

 

NOTE 1 – BASIS OF PRESENTATION

 

OVERVIEW

 

The Singing Machine Company, Inc., a Delaware corporation (the “Company”, “SMC”, “The Singing Machine”) and its three wholly-owned subsidiaries SMC (Comercial Offshore De Macau) Limitada (“Macau Subsidiary”), SMC Logistics, Inc. (“SMC-L”) and SMC-Music, Inc.(“SMC-M”) are primarily engaged in the development, marketing, and sale of consumer karaoke audio systems, accessories, musical instruments and musical recordings. The products are sold by SMC to retailers and distributors for resale to consumers.

 

NOTE 2 – SUMMARY OF ACCOUNTING POLICIES

 

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

 

The condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in the condensed consolidated financial statements. The accompanying unaudited financial statements for the three months ended June 30, 2016 and 2015 have been prepared in accordance with generally accepted accounting principles applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete consolidated financial statements. In the opinion of management, such condensed consolidated financial statements include all adjustments (consisting of normal recurring accruals) necessary for the fair presentation of the condensed consolidated financial position and the condensed consolidated results of operations. The condensed consolidated results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet information as of March 31, 2016 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. The interim condensed consolidated financial statements should be read in conjunction with that report.

 

USE OF ESTIMATES

 

The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company’s financial condition. However, circumstances could change which may alter future expectations.

 

FOREIGN CURRENCY TRANSLATION

 

The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented.

 

Concentration of Credit Risk

 

At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at June 30, 2016 and March 31, 2016 are $133,748 and $21,256, respectively.

 

ACCOUNTS RECEIVABLE

 

The Singing Machine’s accounts receivable consist of amounts due from customers in the ordinary course of business. Accounts receivable are carried at cost, net of allowances for uncollectible amounts. Provisions for losses are charged to operations in amounts sufficient to maintain an allowance for losses at a level considered adequate to cover probable losses inherent in the Company’s accounts receivable.

 

COLLECTIBILITY OF ACCOUNTS RECEIVABLE

 

The Singing Machine’s allowance for doubtful accounts is based on management’s estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100% reserves for customers in bankruptcy and other reserves based upon historical collection experience. Should business conditions deteriorate or any major customer default on its obligations to the Company, this allowance may need to be significantly increased, which would have a negative impact on operations.

 

INVENTORY

 

Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company’s investment in inventories for such declines in value.

 

  6 
   

 

LONG-LIVED ASSETS

 

The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-05, “Accounting for the Impairment or Disposal of Long-Lived Assets.”

 

PROPERTY AND EQUIPMENT

 

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

We follow FASB ASC 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.

 

The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses, obligations to clients for returns and allowances, subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the note payable to Ram Light Management, Ltd. (related party) approximates fair value due the relatively short period to maturity and related interest accrued at a rate similar to market rates.

 

RECLASSIFICATIONS

 

Certain balances presented relating to accounts receivable related parties - other have been reclassified to conform to the financial statement presentation adopted for this period.

 

REVENUE RECOGNITION

 

Revenue from the sale of equipment, accessories, musical recordings and subscriptions and third –party logistics services are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations and services have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates.

 

SHIPPING AND HANDLING COSTS

 

Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of operations.

 

STOCK BASED COMPENSATION

 

The Company follows the provisions of the FASB ASC 718-20, “Compensation – Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2016 and 2015 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2016 and 2015, the stock option expense was $9,329 and $2,001, respectively.

 

ADVERTISING

 

Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2% to 10% of the purchase. The customers have to advertise the Company’s products in the customer’s catalog, local newspaper and other advertising media. The customer must submit the proof of the performance (such as a copy of the advertising showing the Company’s products) to the Company to request for the allowance. The customer does not have the ability to spend the allowance at their discretion. The Company believes that the identifiable benefit from the cooperative advertising program and the fair value of the advertising benefit is equal or greater than the cooperative advertising expense. Advertising expense for the three months ended June 30, 2016 and 2015 was $205,050 and $279,356, respectively. As of June 30, 2016 and March 31, 2016 there was an accrual for cooperative advertising allowances of $202,985 and $93,222, respectively. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.

  

RESEARCH AND DEVELOPMENT COSTS

 

Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of operations. For the three months ended June 30, 2016 and 2015, these amounts totaled $45,636 and $32,120 respectively.

 

  7 
   

 

INCOME TAXES

 

The Company follows the provisions of FASB ASC 740 “Accounting for Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

 

The Company analyzes its deferred tax assets and liabilities at the end of each interim period and, based on management’s best estimate of its full year effective tax rate, recognizes cumulative adjustments to its deferred tax assets and liabilities. The Company’s effective tax rate for the fiscal year ending March 31, 2017 is estimated to be approximately 33%. The effective tax rate for the full year ended March 31, 2016 was approximately 35%.

 

As of June 30, 2016 and March 31, 2016, The Singing Machine had gross deferred tax assets of approximately $2.6 million and $2.4 million respectively. The Company recorded an income tax benefit of approximately $169,000 for the three months ended June 30, 2016. The income tax benefit consisted of $198,000 income tax benefit due to the loss from operations during the three months ended June 30, 2016 offset by an income tax expense of approximately $29,000 for an estimated alternative minimum tax.

 

The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 30, 2016, there were no uncertain tax positions that resulted in any adjustment to the Company’s provision for income taxes. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax provisions.

 

As of June 30, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2014 through March 31, 2016.

 

COMPUTATION OF LOSS PER COMMON SHARE

 

Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2016 and 2015 total potential dilutive shares amounted to approximately 1,605,000 and 880,000 shares, respectively, however these shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2016 and June 30, 2015 because their effect was anti-dilutive.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the FASB ASC 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to achieve this core principle a company must apply the following steps in determining revenue recognition:

 

● Identify the contract(s) with a customer
● Identify the performance obligations in the contract.
● Determine the transaction price.
● Allocate the transaction price to the performance obligations in the contract.
● Recognize revenue when (or as) the entity satisfies a performance obligation.

 

The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company’s consolidated financial statements.

  

In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. The ASU requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance in ASU 2015-11 is effective for fiscal years and interim periods within those fiscal years beginning after April 1, 2017. The new guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. Management is currently assessing whether the implementation of ASU 2015-11 will have any material effect on the company’s consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases. The ASU requires lessees to recognize a right- of use asset and a lease liability on its Balance Sheet regardless of whether a lease is identified as financial lease or an operating lease. If the lease is identified as a financial lease then the lessee must recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of income and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. If the lease is identified as and operating lease then the lessee must recognize a single lease cost in the statement of income, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and classify all cash payments within operating activities in the statement of cash flows. Both quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning April 1, 2019; including interim periods within those fiscal years, with early adoption permitted. Management is currently assessing whether the implementation of ASU 2016-02 will have any material effect on the company’s consolidated financial statement disclosures.

 

  8 
   

 

NOTE 3 – DUE FROM PNC BANK

 

In connection with the Company’s revolving credit facility with PNC Bank, cash collected by PNC Bank on trade accounts receivable may exceed amounts borrowed on the revolving credit facility from time to time (See Note 7 – LINE OF CREDIT). As of June 30, 2016 and March 31, 2016, PNC Bank owed the Company $861 and $184,392, respectively, which represented cash received by PNC Bank on accounts receivable in excess of amounts borrowed against the revolving credit facility.

 

NOTE 4 – INVENTORIES, NET

 

Inventories are comprised of the following components:

 

   June 30,
2016		  March 31,
2016
       
Finished Goods  $7,491,583   $4,450,975 
Inventory in Transit   1,702,374    - 
Inventory Reserve   (826,000)   (760,000)
           
Inventories, net  $8,367,957   $3,690,975 

 

NOTE 5 – PROPERTY AND EQUIPMENT

 

A summary of property and equipment is as follows:

 

   USEFUL LIFE  June 30,
2016		  March 31,
2016
          
Computer and office equipment  5 years  $285,650   $285,650 
Furniture and fixtures  7 years   4,312    4,312 
Warehouse equipment  7 years   238,470    224,106 
Molds and tooling  3-5 years   2,544,116    2,492,950 
       3,072,548    3,007,018 
Accumulated depreciation      2,620,210    2,576,416 
      $452,338   $430,602 

 

Depreciation expense for the three months ended June 30, 2016 and June 30, 2015 was $43,795 and $37,333, respectively.

  

NOTE 6 – OBLIGATIONS TO CUSTOMERS FOR RETURNS AND ALLOWANCES

 

Due to the seasonality of the business and length of time customers are given to return defective product, it is not uncommon for customers to accumulate credits from the Company’s sales and allowance programs that are in excess of unpaid invoices in accounts receivable. All credit balances in customers’ accounts receivable are reclassified to “obligations to customers for returns and allowances” in current liabilities on the condensed consolidated balance sheets. Client requests for payment of a credit balance are reclassified from obligations to customers for returns and allowances to accounts payable on the condensed consolidated balance sheets. When new invoices are processed prior to settlement of the credit balance and the client accepts settlement of open credits with new invoices, then the excess of new invoices over credits are netted in accounts receivable. As of June 30, 2016 and March 31, 2016 obligations to customers for returns and allowances reclassified from accounts receivable were $22,414 and $121,092, respectively.

 

NOTE 7 – LINE OF CREDIT

 

On July 14, 2014, the Company executed a three-year revolving credit facility (the “Revolving Credit Facility”) with PNC Bank, National Association (“PNC”) that replaced an existing line of credit agreement. The Revolving Credit Facility has a three year term expiring on July 14, 2017. The outstanding loan balance cannot exceed $15,000,000 during peak selling season between August 1 and December 31 and is reduced to a maximum of $7,500,000 between January 1 and July 31. Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”):

 

  9 
   

 

  ●  Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus.
     
  ● Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus.
     
  ● An all-time $500,000 block; minus.
     
  ● Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.

  

The Revolving Credit Facility includes the following sub-limits:

 

  ●  Letters of Credit to be issued limited to $3,000,000.
     
  ● Inventory availability limited to $4,000,000.
     
  ● Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.

 

The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default:

 

  ●

Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness.

     
  ● Capital expenditures limited to $150,000 per year.

 

Interest on the Revolving Line of Credit is accrued at 2% per annum over PNC’s announced prime rate with an option for the Company to elect the 1, 2 or 3 month fully absorbed PNC LIBOR Rate plus 3.5% per annum with a default rate of 2% over the applicable rate. There is an unused facility fee equal to .375% per annum on the unused portion of the Revolving Credit Facility which will be calculated on the basis of a 360 day year for the actual number of days elapsed and will be payable quarterly in arrears. During the three months ended June 30, 2016 and 2015 the Company incurred interest expense of $0 and $9,665, respectively, on amounts borrowed against the line of credit. During the three months ended June 30, 2016 and 2015 the Company incurred an unused facility fee of $7,031 and $6,142, respectively, on the unused portion of the Revolving Credit Facility.

 

The Revolving Line of Credit is secured by first priority security interests in all of the named borrowers’ tangible and intangible assets as well as first priority security interests of 100% of member or ownership interests of any of its domestic existing or newly formed subsidiaries and first priority lien on up to 65% of the borrowers’ domestic subsidiary’s existing or subsequently formed or acquired foreign subsidiaries. The Revolving Credit Facility is also secured by a related-party debt subordination agreement with Starlight Marketing Development, Ltd. in the amount of $2,500,000. Costs associated with securing the Revolving Credit Facility of approximately $222,000 were deferred and are amortized over the term of the agreement. During the three months ended March 31, 2016 and 2015 the Company incurred amortization expense of $18,519 associated with the amortization of deferred financing costs.

 

As a condition of the Revolving Credit Facility, a portion of the Company’s related-party debt with Ram Light Management, Ltd. in the amount of $1,100,000 was converted to a note payable with Ram Light Management, Ltd. (“Ram Light Note”). The Ram Light Note bears interest at 6% per annum with quarterly payments of $150,000 (including principal and interest) payable which commenced on December 31, 2014. The scheduled principal and interest payments of $150,000 are only permitted upon receipt of the Company’s quarterly compliance certificate; the Company having met the mandatory pay-down of the Revolving Credit Facility to $1,000,000 and average excess availability for the prior 30 days (after subtraction of third party trade payables 30 days or more past due) of no less than $1,000,000 after giving effect to the payment. While the Company did meet the mandatory pay-down requirement, the Company did not meet the prior 30 day average excess availability requirement permitting the Company to make all scheduled payments on the note, and as a result, the first three scheduled payments due December 31, 2014, March 31, 2015 and June 30, 2015 were not made. As part of the Conditions to Installment Payment in the note, payments not made under this note that cannot be made as a result of the foregoing prohibition shall not be deemed an Event of Default and will not cumulate with the next payment that can be made, but rather will be payable on the maturity date together with any additional interest that has accrued thereon. The Company has made all payments as scheduled since June 30, 2015. During the three months ended June 30, 2016 and 2015 the Company recognized interest expense on the Ram Light Note in the amount of $11,463 and $17,283, respectively. As of June 30, 2016 and March 31, 2016 the company accrued interest expense on the Ram Light Note in the amount of $63,778. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.

 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

LEGAL MATTERS

 

Management is currently not aware of any legal proceedings.

 

OPERATING LEASES

 

The Company has entered into various operating lease agreements for office and warehouse facilities in Fort Lauderdale, Florida, Ontario, California and Macau, PRC expiring at varying dates. Rent expense for the three months ended June 30, 2016 and 2015 was $164,531 and $155,521 respectively. In addition, the Company maintains various warehouse equipment and computer equipment operating leases. Future minimum lease payments under property and equipment leases with terms exceeding one year as of June 30, 2016 are as follows:

 

  10 
   

 


     Operating Leases
For period ending      
June 30,     
2016  $535,412 
2017   504,183 
2018   524,272 
2019   524,272 
2020   87,379 
   $2,175,518 

  

NOTE 9 – GEOGRAPHICAL INFORMATION

 

All sales to customers outside of the United States for the three months ended June 30, 2016 and 2015 were made by the Macau Subsidiary. Sales by geographic region for the periods presented are as follows:

 

North America  $4,541,145   $3,073,577 
Europe   318,247    237,507 
South Africa   -    155,790 
   $4,859,392   $3,466,874 

 

The geographic area of sales was based primarily on the location where the product is delivered.

 

NOTE 10 – RELATED PARTY TRANSACTIONS

 

DUE TO/FROM RELATED PARTIES

 

On June 30, 2016 and March 31, 2016, in the aggregate the Company had $351,485 and $26,152, respectively, due from related parties for goods and services sold to these companies.

 

On June 30, 2016 and March 31, 2016 the Company had $201,000 and $400,000 due to Ram Light Management, Ltd. for prior years purchases of karaoke hardware. Effective October 1, 2015 the amount due to Ram Light began bearing interest at 6% per annum. The Company paid $3,500 and $0 in interest expense to Ram Light for the three months ended June 30, 2016 and 2015, respectively. On June 30, 2016 and March 31, 2016 the Company had amounts due to other related party companies in the amounts of $720,648 and $0 for goods, repair services, engineering fees, storage and administrative services provided to the Company by these related parties.

 

NOTE PAYABLE

 

In connection with the Revolving Line of Credit agreement there was a conversion of past due trade payables to a note payable of $1,100,000 to Ram Light Management, Ltd. on July 15, 2014. As of June 30, 2016 and March 31, 2016 the principal amount due on the note was $558,075 and $696,612, respectively. The note bears interest at 6% per annum and the Company recognized interest expense in the amount of $11,463 and $15,842 for the three months ended June 30, 2016 and 2015, respectively.

 

SUBORDINATED DEBT

 

In connection with the Revolving Credit Facility the Company was required to subordinate related party debt to Starlight Marketing Development, Ltd. in the amount of $1,924,431. The debt cannot be repaid until after the expiration of the Revolving Credit Facility, therefore the subordinated related party debt is classified as a long-term liability on the accompanying condensed consolidated balance sheets as of June 30, 2016 and March 31, 2016.

 

TRADE

 

During the three months ended June 30, 2016 and June 30, 2015 the Company sold $0 and $64,903, respectively to Starlight Electronics Company, Ltd (“SLE”), a related party, at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to SLE for the three months ended June 30, 2016 and June 30, 2015 was NA and 14.7%, respectively. The product was drop shipped to Cosmo Communications of Canada (“Cosmo”), the Company’s primary distributor of its products to Canada. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

During the three months ended June 30, 2016 and June 30, 2015 the Company sold $192,976 and $0, respectively to Winglight Pacific, Ltd. (“Winglight”), a related party, at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to Winglight for the three months ended June 30, 2016 and June 30, 2015 was 15.4% and NA, respectively. The product was drop shipped to Cosmo Communications of Canada (“Cosmo”), the Company’s primary distributor of its products to Canada. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

During the three months ended June 30, 2016 and June 30, 2015 the Company sold an additional $123,499 and $113,962, respectively of product to Cosmo from its California warehouse facility. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

  11 
   

 

The Company purchased services from Starlight R&D, Ltd, (“SLRD”) a related party. The purchases from SLRD for the three months ended June 30, 2016 and 2015 were $13,846 and $32,857, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

The Company purchased products from SLE. The purchases from SLE for the three month periods ended June 30, 2016 and 2015 were $710,543 and $0, respectively. These amounts were included as a component of cost of goods sold in the accompanying condensed consolidated statements of operations.

 

The Company purchased services from Starlight Consumer Electronics USA, Inc., (“SCE”) a related party. The purchases from SCE for the three month periods ended June 30, 2016 and 2015 were $51,900 and $165,893, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

Effective April 1, 2016, SMC-L renewed the service and logistics agreement with Starlight R&D, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Starlight R&D, Cosmo and SLE’s domestic sales from April 1, 2016 and expiring on March 31, 2017. For these services, Starlight R&D, Cosmo and SLE have agreed to reimburse the Company for actual warehouse space occupied by these companies at $0.096 per cubic foot and for logistics services performed based on an agreed to fee schedule specified in the agreement. For the three months ended June 30, 2016, the Company received $18,671. This amount was included as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.

 

Effective April 1 2015, SMC-L entered into a service and logistics agreement with SCE, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Shihua affiliated companies SCE, Cosmo and SLE’s domestic sales. For these services, Starlight USA, Cosmo and SLE agreed to reimburse the Company for actual warehouse space occupied by these companies at $0.096 per cubic foot and for logistics services performed based on an agreed to fee schedule specified in the agreement. For the three months ended June 30, 2015, the Company received approximately $19,885. This agreement expired on March 31, 2016. This amount was included as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.

 

NOTE 11 – WARRANTY PROVISIONS

 

A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. The Company records liabilities for its return goods programs and defective goods allowance program at the time of sale for the estimated costs that may be incurred. The liability for defective goods is included in warranty provisions on the condensed consolidated balance sheets.

 

Changes in the Company’s warranty provision are presented in the following table:

 

   Three Months Ended
     June 30,
2016		 June 30,
2015
Estimated warranty provision at beginning of period  $292,500   $197,873 
Costs accrued for future estimated returns   109,245    87,235 
Returns received   (208,482)   (132,034)
Estimated warranty provision at end of period  $193,263   $153,074 

 

NOTE 12 – EMPLOYEE BENEFIT PLANS

 

The Company has a 401(k) plan for its employees to which the Company makes contributions at rates dependent on the level of each employee’s contributions. Contributions made by the Company are limited to the maximum allowable for federal income tax purposes. The amounts charged to operations for contributions to this plan and administrative costs during the three month periods ended June 30, 2016 and 2015 totaled $9,867 and $9,258, respectively. The amounts are included as a component of general and administrative expense in the accompanying Consolidated Statements of Income. The Company does not provide any post-employment benefits to retirees.

 

  12 
   

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes included elsewhere in this quarterly report. This document contains certain forward-looking statements including, among others, anticipated trends in our financial condition and results of operations and our business strategy. (See Part II, Item 1A, “Risk Factors “). These forward-looking statements are based largely on our current expectations and are subject to a number of risks and uncertainties. Actual results could differ materially from these forward-looking statements.

 

Statements included in this quarterly report that do not relate to present or historical conditions are called “forward-looking statements.” Such forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. Forward-looking statements may include, without limitation, statements relating to our plans, strategies, objectives, expectations and intentions. Words such as “believes,” “forecasts,” “intends,” “possible,” “estimates,” “anticipates,” “expects,” “plans,” “should,” “could,” “will,” and similar expressions are intended to identify forward-looking statements. Our ability to predict or project future results or the effect of events on our operating results is inherently uncertain. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved.

 

Important factors to consider in evaluating such forward-looking statements include, but are not limited to: (i) changes in external factors or in our internal budgeting process which might impact trends in our results of operations; (ii) unanticipated working capital or other cash requirements; (iii) changes in our business strategy or an inability to execute our strategy due to unanticipated changes in the industries in which we operate; and (iv) the effects of adverse general economic conditions, both within the United States and globally, (v) vendor price increases and decreased margins due to competitive pricing during the economic downturn (vi) various competitive market factors that may prevent us from competing successfully in the marketplace and (vii) other factors described in the risk factors section of our Annual Report on Form 10-K, this Quarterly Report on 10-Q, or in our other filings made with the SEC.

 

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.

 

OVERVIEW

 

The Singing Machine Company, Inc., a Delaware corporation (the “Company”, “SMC”, “The Singing Machine”) and its three wholly-owned subsidiaries SMC (Comercial Offshore De Macau) Limitada (“Macau Subsidiary”), SMC Logistics, Inc. (“SMC-L”) and SMC-Music, Inc.(“SMC-M”) are primarily engaged in the development, marketing, and sale of consumer karaoke audio systems, accessories, musical instruments and musical recordings. The products are sold by SMC to retailers and distributors for resale to consumers.

 

Our products are sold throughout North America, Europe, Australia and South Africa primarily through major mass merchandisers and warehouse clubs, on-line retailers and to a lesser extent department stores, lifestyle merchants, direct mail catalogs and showrooms, music and record stores, and specialty stores.

 

Representative customers include Amazon, BJ’s Wholesale, Costco, Sam’s Club, Target, Toys R Us, and Wal-Mart. Our business has historically been subject to seasonal fluctuations causing our revenues to vary from quarter to quarter and between the same periods in different fiscal years. Our products are manufactured for the most part based on the purchase indications of our customers. We are uncertain of how significantly our business would be harmed by a prolonged economic recession, but we anticipate that continued contraction of consumer spending would negatively affect our revenues and profit margins.

 

On August 2, 2016, the Company was upgraded to trade on the OTCQX Best Market. The Company continues to trade under the ticker symbol “SMDM”. 

 

RESULTS OF OPERATIONS

 

The following table sets forth, for the periods indicated, certain items related to our consolidated statements of operations as a percentage of net sales for the three months ended June 30, 2016 and 2015.

 

  13 
   

 

The Singing Machine Company, Inc. and Subsidiaries

CONDENDSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

   For Three Months Ended
   June 30, 2016   June 30, 2015 
         
         
Net Sales   100.0%   100.0%
           
Cost of Goods Sold   76.5%   75.2%
           
Gross Profit   23.5%   24.8%
           
Operating Expenses          
Selling expenses   8.7%   13.2%
General and administrative expenses   25.7%   31.9%
Depreciation and amortization   0.9%   1.1%
           
Total Operating Expenses   35.3%   46.1%
           
Loss from Operations   -11.8%   -21.3%
           
Other Expenses          
Interest expense   -0.3%   -1.4%
Financing costs   -0.4%   -0.5%
           
Total Other Expenses   -0.7%   -2.0%
           
Loss before income tax benefit   -12.5%   -23.3%
           
Income tax benefit   3.5%   9.0%
           
Net Loss   -9.0%   -14.3%

 

QUARTER ENDED JUNE 30, 2016 COMPARED TO THE QUARTER ENDED JUNE 30, 2015

 

NET SALES

 

Net sales for the quarter ended June 30, 2016 increased to $4,859,392 from $3,466,874, an increase of $1,392,518 as compared to the same period ended June 30, 2015. This increase was primarily due to a shipment made to a major customer of approximately $1,400,000 for a Black Friday promotion not included in the prior period.

 

GROSS PROFIT

 

Gross profit for the quarter ended June 30, 2016 increased to $1,143,683 from $858,421 an increase of $285,262 as compared to the same period in the prior year. The increase in gross profit was primarily due to increased sales of Black Friday promotional goods to one major customer.

 

As a percentage of revenues, gross profit margin for the three months ended June 30, 2016 was 23.5% compared to 24.8% for the three months ended June 30, 2015. The 1.3% decrease in gross profit margin percentage was due to delivery to one major customer of Black Friday promotional goods (normally sold at lower margin) which yielded 15.9% gross profit margin and accounted for approximately 4.8% of the gross margin decrease. This 4.8% decrease was offset by an increase of approximately 3.5% increase in gross margin to almost all other customers due to cost reductions in some established products and mix of new products which were sold at higher margins.

 

  14 
   

 

OPERATING EXPENSES

 

For the quarter ended June 30, 2016, total operating expenses increased to $1,715,524 compared to $1,597,041 from the same period in the prior year. This represents an increase in total operating expenses of $118,483 from the quarter ended June 30, 2015. Selling expenses decreased by approximately $33,000 primarily due to a decrease in discretionary marketing spending during the three months ended June 30, 2016 compared to the three month period ended June 30, 2015.

 

General and administrative expenses increased by approximately $144,870 to $1,246,851 for the three months ended June 30, 2016 compared to $1,101,981 for the same period ended June 30, 2015. Expenses for increased services provided by related parties in China including quality control, inspection and storage services due to growth in sales increased by approximately $70,000. Payroll related expenses increased by approximately $52,000 due to an officer’s salary increase and new hires in both California and Florida locations to accommodate sales growth. The remaining increase in general and administrative expenses was primarily due to various other variable expenses and was commensurate with the increase in net sales.

 

LOSS FROM OPERATIONS

 

Loss from operations decreased $166,779 this quarter to $571,841 for the three months ended June 30, 2016 compared to a loss from operations of $738,620 for the same period ended June 30, 2015. An increase in gross profit margin contributed approximately $285,000 to the decreased loss due to increased sales as explained in Net Sales and Gross Profit above and was offset by an increase in selling, general and administrative expenses of approximately $118,000 as discussed in Operating Expenses above.

 

INCOME TAXES

 

The Company recorded an income tax benefit of approximately $169,000 for the three months ended June 30, 2016. The income tax benefit consisted of $198,000 income tax benefit due to the loss from operations during the three months ended June 30, 2016 offset by an income tax expense of approximately $29,000 for an estimated alternative minimum tax pertaining to a prior period. The income tax benefit generated an additional current deferred tax asset of approximately $199,000 as of June 30, 2016. The income tax benefit was based on management’s best estimate of the Company’s full year effective tax rate of approximately 33%. . For the three months ended June 30, 2015, the Company recorded an income tax benefit of approximately $312,000 due to the loss from operations which generated an additional current deferred tax asset of approximately $312,000 as of June 30, 2015.

 

NET LOSS

 

For the three months ended June 30, 2016 net loss decreased to $437,073 compared to a net loss of $494,926 for the same period a year ago. The decrease in net loss was primarily due to the same reasons discussed in loss from operations and income taxes.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of June 30, 2016, Singing Machine had cash on hand of $444,515 as compared to cash on hand of $363,410 on June 30, 2015. We had working capital of $4,082,588 as of June 30, 2016.

 

Net cash used in operating activities was $1,473,229 for the three months ended June 30, 2016, as compared to $1,244,628 used in operating activities the same period a year ago. During the three month period ending June 30, 2016 there was an increase in accounts receivable of approximately $2,093,000 primarily due to early delivery of promotional items to one major customerr. There was an increase in inventory of approximately $4,743,000 due to inventory received and in-transit in preparation for this year’s seasonal sales. There was an increase of approximately $325,000 in accounts receivable from related parties primarily due to seasonal shipments to Cosmo. These increases in cash used by operations were offset by an increase in trade accounts payable of approximately $5,605,000. There was also an increase in accrued expenses of approximately $84,000 associated with the ramp up of upcoming seasonal expenses.

 

Net cash used in operating activities was $1,244,628 for the three months ended June 30, 2015. During the three month period ending June 30, 2015 there was a loss before income tax benefit of approximately $807,000 due primarily to increased gross profit margin offset by increased selling and administrative expenses. Inventory increased approximately $625,000 due to seasonal returns and purchases for sales in the upcoming quarter. This inventory increase was offset by an increase in accrued expenses of approximately $183,000 during the three month period ended June 30, 2015 primarily due to an increase in accrued advertising allowance associated with incremental sales.

 

Net cash used by investing activities for the three months ended June 30, 2016 was $65,631 as compared to $42,157 used by investing activities for the same period ended a year ago. This increase in investment activity was due to the purchase of warehouse equipment of approximately $14,000 during the three month period ended June 30, 2016 as compared to the three months ended June 30, 2015.

 

Net cash used in financing activities for the three month period ended June 30, 2016 was $133,215 compared to cash provided by financing activities of $1,533,909 for the same period ended of the prior year. Due to strong cash position during the three months ended June 30, 2016 it was not necessary to borrow any funds against the Revolving Line of Credit compared to the three month period ended June 30, 2015 when our cash position was not as favorable and required borrowings of approximately $1,537,000 against the Revolving Line of Credit.

  

As of June 30, 2016, we continued to borrow from our Revolving. Line of Credit, which provides for a maximum loan amount of $15,000,000 during peak selling season and reduces to $7,500,000 during the off-peak season. We believe this credit facility will be adequate to maintain and grow our business during the three-year term of the agreement. If we are unable to comply with the financial covenants defined in the financing agreement and default on the credit facility, it may have a material adverse effect on our ability to meet our financial obligations.

 

  15 
   

 

INVENTORY SELL THROUGH

 

We monitor the inventory levels and sell through activity of our major customers to properly anticipate defective returns and maintain the appropriate level of inventory. We determine our warranty provision based on historical return ratios and information available from the customers. We believe that our warranty provision reflects the proper amount of reserves to cover potential defective sales returns.

 

SEASONAL AND QUARTERLY RESULTS

 

Historically, our operations have been seasonal, with the highest net sales occurring in our second and third fiscal quarters (reflecting increased orders for systems and music merchandise during the Christmas holiday season) and to a lesser extent the first and fourth quarters of the fiscal year. Sales in our second and third fiscal quarters, combined, accounted for approximately 85% and 87% of net sales in fiscal 2016 and 2015, respectively.

 

Our results of operations may also fluctuate from quarter to quarter as a result of the amount and timing of orders placed and shipped to customers, as well as other factors. The fulfillment of orders can therefore significantly affect results of operations on a quarter-to-quarter basis.

 

INFLATION

 

Inflation has not had a significant impact on our operations. We generally have adjusted our prices to track changes in the Consumer Price Index since prices we charge are generally not fixed by long-term contracts.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

We do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, results of operations, liquidity or capital expenditures.

 

CRITICAL ACCOUNTING POLICIES

 

The Company’s interim financial statements were prepared in accordance with United States generally accepted accounting principles, which require management to make subjective decisions, assessments and estimates about the effect of matters that are inherently uncertain. As the number of variables and assumptions affecting the judgement increases such judgements become even more subjective. While management believes its assumptions are reasonable and appropriate, actual results may be materially different than estimated. The critical accounting estimates and assumptions have not materially changed from those identified in the Company’s 2016 Annual Report.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for small reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

(b) Changes in Internal Controls. There was no change in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.

 

  16 
   

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

Management is currently not aware of any legal proceedings.

 

ITEM 1A. RISK FACTORS

 

Not applicable for smaller reporting companies

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

We are not currently in default upon any of our senior securities.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

31.1 Certification of Gary Atkinson, Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*

 

31.2 Certification of Lionel Marquis, Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*

 

32.1 Certifying Statement of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.*

 

32.2 Certifying Statement of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.*

 

* Filed herewith

 

  17 
   

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

  

THE SINGING MACHINE COMPANY, INC.
   
 Date: August 15, 2016 By: /s/ Gary Atkinson
    Gary Atkinson
    Chief Executive Officer
     
By: /s/ Lionel Marquis
    Lionel Marquis
  Chief Financial Officer

 

  18 
   

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Gary Atkinson, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of The Singing Machine Company, Inc. for the period ended June 30, 2016;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Gary Atkinson
  Gary Atkinson
  Chief Executive Officer
  (Principal Executive Officer)
   
  Date: August 15, 2016

 

   
   

 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATIONS

 

I, Lionel Marquis, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of The Singing Machine Company, Inc. for the period ended June 30, 2016;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Lionel Marquis
  Lionel Marquis
  Chief Financial Officer
  (Principal Accounting and Financial Officer)
   
 

Date: August 15, 2016

 

   
   

 

 EX-32.1 4 ex32-1.htm

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of The Singing Machine Company, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gary Atkinson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to The Singing Machine Company, Inc. and will be retained by The Singing Machine Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

  /s/ Gary Atkinson
  Gary Atkinson
  Chief Executive Officer
  (Principal Executive Officer)
   
 

Date: August 15, 2016

 

   
   

 

 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of The Singing Machine Company, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lionel Marquis, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to The Singing Machine Company, Inc. and will be retained by The Singing Machine Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

  /s/ Lionel Marquis
  Lionel Marquis
  Chief Financial Officer
  (Principal Accounting and Financial Officer)
   
 

Date: August 15, 2016

 

   
   

 

 EX-101.INS 6 smdm-20160630.xml XBRL INSTANCE FILE 0000923601 2015-04-01 2016-03-31 0000923601 2016-06-30 0000923601 2016-03-31 0000923601 2015-03-31 0000923601 smdm:CosmoCommunicationsCanadaIncMember 2016-03-31 0000923601 smdm:CosmoCommunicationsCanadaIncMember 2016-06-30 0000923601 smdm:RamLightManagementLtdMember 2016-03-31 0000923601 smdm:RamLightManagementLtdMember 2016-06-30 0000923601 smdm:StarlightElectronicsCoLtdMember 2016-03-31 0000923601 smdm:StarlightElectronicsCoLtdMember 2016-06-30 0000923601 us-gaap:CommonClassBMember 2016-03-31 0000923601 us-gaap:CommonClassBMember 2016-06-30 0000923601 smdm:RamLightManagementLtdMember 2016-04-01 2016-06-30 0000923601 smdm:RamLightManagementLtdMember 2015-04-01 2015-06-30 0000923601 smdm:WarehouseEquipmentMember 2016-06-30 0000923601 smdm:MoldsAndToolingMember 2016-06-30 0000923601 smdm:ComputerAndOfficeEquipmentMember 2016-03-31 0000923601 us-gaap:FurnitureAndFixturesMember 2016-03-31 0000923601 smdm:WarehouseEquipmentMember 2016-03-31 0000923601 smdm:MoldsAndToolingMember 2016-03-31 0000923601 smdm:ComputerAndOfficeEquipmentMember 2016-04-01 2016-06-30 0000923601 smdm:ComputerAndOfficeEquipmentMember 2016-06-30 0000923601 smdm:WarehouseEquipmentMember 2016-04-01 2016-06-30 0000923601 us-gaap:FurnitureAndFixturesMember 2016-06-30 0000923601 smdm:PeakSellingSeasonBetweenAugust1AndDecember31Member us-gaap:RevolvingCreditFacilityMember 2016-04-01 2016-06-30 0000923601 smdm:PeakSellingSeasonBetweenJanuary1AndJuly31Member us-gaap:RevolvingCreditFacilityMember 2016-04-01 2016-06-30 0000923601 us-gaap:RevolvingCreditFacilityMember 2016-04-01 2016-06-30 0000923601 smdm:RamLightNoteMember 2015-04-01 2015-06-30 0000923601 us-gaap:FurnitureAndFixturesMember 2016-04-01 2016-06-30 0000923601 smdm:MoldsAndToolingMember us-gaap:MinimumMember 2016-04-01 2016-06-30 0000923601 smdm:MoldsAndToolingMember us-gaap:MaximumMember 2016-04-01 2016-06-30 0000923601 smdm:WinglightPacificLtdMember 2016-03-31 0000923601 smdm:WinglightPacificLtdMember 2016-06-30 0000923601 us-gaap:CommonClassAMember 2016-03-31 0000923601 us-gaap:CommonClassAMember 2016-06-30 0000923601 smdm:PncBankMember 2015-04-01 2015-06-30 0000923601 smdm:PncBankMember 2016-04-01 2016-06-30 0000923601 us-gaap:NorthAmericaMember 2016-04-01 2016-06-30 0000923601 us-gaap:EuropeMember 2016-04-01 2016-06-30 0000923601 smdm:SouthAfricaMember 2016-04-01 2016-06-30 0000923601 us-gaap:NorthAmericaMember 2015-04-01 2015-06-30 0000923601 us-gaap:EuropeMember 2015-04-01 2015-06-30 0000923601 2015-04-01 2015-06-30 0000923601 2016-04-01 2016-06-30 0000923601 smdm:StarlightMarketingDevelopmentLtdMember us-gaap:SubordinatedDebtMember 2016-03-31 0000923601 smdm:StarlightMarketingDevelopmentLtdMember us-gaap:SubordinatedDebtMember 2016-06-30 0000923601 smdm:StarlightMarketingDevelopmentLtdMember 2016-06-30 0000923601 smdm:WinglightPacificLtdMember 2016-04-01 2016-06-30 0000923601 smdm:WinglightPacificLtdMember 2015-04-01 2015-06-30 0000923601 smdm:CosmoCommunicationsUsaIncMember 2016-04-01 2016-06-30 0000923601 smdm:CosmoCommunicationsUsaIncMember 2015-04-01 2015-06-30 0000923601 smdm:StarlightConsumerElectronicsUsaIncMember 2016-04-01 2016-06-30 0000923601 smdm:StarlightConsumerElectronicsUsaIncMember 2015-04-01 2015-06-30 0000923601 smdm:StarlightRdLtdMember 2016-04-01 2016-06-30 0000923601 smdm:StarlightRdLtdMember 2015-04-01 2015-06-30 0000923601 smdm:StarlightRdCosmoAndSleMember 2016-04-01 2016-06-30 0000923601 smdm:StarlightElectronicsCoLtdMember 2015-04-01 2015-06-30 0000923601 smdm:StarlightElectronicsCoLtdMember 2016-04-01 2016-06-30 0000923601 smdm:SecCosmoUsaAndStarlightElectronicsUsaMember 2016-04-01 2016-06-30 0000923601 smdm:SouthAfricaMember 2015-04-01 2015-06-30 0000923601 us-gaap:MinimumMember 2016-04-01 2016-06-30 0000923601 us-gaap:MaximumMember 2016-04-01 2016-06-30 0000923601 2015-06-30 0000923601 us-gaap:RevolvingCreditFacilityMember 2016-06-30 0000923601 us-gaap:MaximumMember 2016-06-30 0000923601 smdm:RamLightNoteMember 2016-04-01 2016-06-30 0000923601 smdm:MerrygainHoldingCoLtdMember 2016-06-30 0000923601 smdm:MerrygainHoldingCoMember 2016-03-31 0000923601 2016-08-15 0000923601 smdm:MarchThirtyOneTwoThousandAndSeventeenMember 2016-04-01 2016-06-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 38181635 19077 154247 192976 8367957 3690975 452338 430602 696612 558075 22414 121092 193263 292500 197873 153074 381816 381816 4541145 318247 3073577 237507 3466874 4859392 155790 37333 43795 -37560 66000 624621 4742982 -1914 33205 129 258092 5604524 -127433 23319 2001 9329 312325 198588 80027 2092830 35456 521648 182533 84161 -389058 -98678 42157 65531 -42157 -65531 3105 1078 1533909 -133215 9665 15027 18519 18519 -138537 -138537 279356 205050 7491583 4450975 -826000 -760000 3072548 3007018 238470 2544116 285650 4312 224106 2492950 285650 4312 2620210 2576416 P5Y P7Y P7Y P3Y P5Y 1000000 15000000 7500000 0.06 0.02 9665 0 6142 7031 222000 11463 15842 17283 11463 150000 38161635 38181635 0.01 0.01 0.01 0.01 87235 109245 132034 208482 100000000 100000000 100000 100000 38161635 38181635 -137415 -183531 -137415 -183531 The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default: Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness. Capital expenditures limited to $150,000 per year. 1924431 1924431 3500 0 0 720648 1100000 1924431 192976 0 123499 113962 64903 0 51900 165893 13846 32857 0 710543 18671 19885 2017-03-31 2016-03-31 0.096 0.096 SINGING MACHINE CO INC 0000923601 10-Q 2016-06-30 false --03-31 Smaller Reporting Company 444515 2116490 116286 408209 0.02 0.10 P3Y 2017-07-14 3451300 1381789 861 184392 148806 115601 74077 74077 12839001 7589476 11523 11394 3087 21606 2607119 2408531 15913068 10461609 6326737 722213 734276 650115 1078 8756413 2883610 10680844 4808041 19347268 19337939 1.00 133748 21256 1101981 1246851 Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”): 1. Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus. 2. Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus. 3. An all-time $500,000 block; minus. 4. Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable. The Revolving Credit Facility includes the following sub-limits: Letters of Credit to be issued limited to $3,000,000. Inventory availability limited to $4,000,000. Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30. 0.02 0.035 0.00375 1.00 0.65 2500000 1100000 155521 164531 535412 504183 524272 524272 87379 2175518 -807251 -606387 9258 9867 351485 26152 Q1 6400 -14496860 -14059787 5232224 5653568 15913068 10461609 4262 7075 400000 201000 707819 12829 -494926 -437073 -68631 -34546 18519 18519 50112 16027 -738620 -571841 1597041 1715524 37333 43795 457727 424878 858421 1143683 2608453 3715709 -0.01 -0.01 38117517 38181635 291923 -1671975 1199829 -1473229 -44799 -99237 94252 325333 287110 1537014 6400 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 1 &#150; BASIS OF PRESENTATION </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>OVERVIEW</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine Company, Inc., a Delaware corporation (the &#147;Company&#148;, &#147;SMC&#148;, &#147;The Singing Machine&#148;) and its three wholly-owned subsidiaries SMC (Comercial Offshore De Macau) Limitada (&#147;Macau Subsidiary&#148;), SMC Logistics, Inc. (&#147;SMC-L&#148;) and SMC-Music, Inc.(&#147;SMC-M&#148;) are primarily engaged in the development, marketing, and sale of consumer karaoke audio systems, accessories, musical instruments and musical recordings. The products are sold by SMC to retailers and distributors for resale to consumers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 &#150; SUMMARY OF ACCOUNTING POLICIES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in the condensed consolidated financial statements. The accompanying unaudited financial statements for the three months ended June 30, 2016 and 2015 have been prepared in accordance with generally accepted accounting principles applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete consolidated financial statements.<b> </b>In the opinion of management, such condensed consolidated financial statements include all adjustments (consisting of normal recurring accruals) necessary for the fair presentation of the condensed consolidated financial position and the condensed consolidated results of operations. The condensed consolidated results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet information as of March&#160;31, 2016 was derived from the audited consolidated financial statements included in the Company&#146;s Annual Report on Form 10-K. The interim condensed consolidated financial statements should be read in conjunction with that report.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>USE OF ESTIMATES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company&#146;s financial condition. However, circumstances could change which may alter future expectations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>FOREIGN CURRENCY TRANSLATION </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Concentration of Credit Risk</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at June 30, 2016 and March 31, 2016 are $133,748 and $21,256, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ACCOUNTS RECEIVABLE</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine&#146;s accounts receivable consist of amounts due from customers in the ordinary course of business. Accounts receivable are carried at cost, net of allowances for uncollectible amounts. Provisions for losses are charged to operations in amounts sufficient to maintain an allowance for losses at a level considered adequate to cover probable losses inherent in the Company&#146;s accounts receivable.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>COLLECTIBILITY OF ACCOUNTS RECEIVABLE</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine&#146;s allowance for doubtful accounts is based on management&#146;s estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100% reserves for customers in bankruptcy and other reserves based upon historical collection experience. Should business conditions deteriorate or any major customer default on its obligations to the Company, this allowance may need to be significantly increased, which would have a negative impact on operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>INVENTORY</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company&#146;s investment in inventories for such declines in value.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>LONG-LIVED ASSETS </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) 360-10-05, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets.&#148;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PROPERTY AND EQUIPMENT </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>FAIR VALUE OF FINANCIAL INSTRUMENTS </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We follow FASB ASC 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company&#146;s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses, obligations to clients for returns and allowances, subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the note payable to Ram Light Management, Ltd. (related party) approximates fair value due the relatively short period to maturity and related interest accrued at a rate similar to market rates.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RECLASSIFICATIONS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain balances presented relating to accounts receivable related parties - other have been reclassified to conform to the financial statement presentation adopted for this period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>REVENUE RECOGNITION </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from the sale of equipment, accessories, musical recordings and subscriptions and third &#150;party logistics services are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations and services have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>SHIPPING AND HANDLING COSTS </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>STOCK BASED COMPENSATION </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the provisions of the FASB ASC 718-20, &#147;Compensation &#150; Stock Compensation Awards Classified as Equity&#148;. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2016 and 2015 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2016 and 2015, the stock option expense was $9,329 and $2,001, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ADVERTISING </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2% to 10% of the purchase. The customers have to advertise the Company&#146;s products in the customer&#146;s catalog, local newspaper and other advertising media. The customer must submit the proof of the performance (such as a copy of the advertising showing the Company&#146;s products) to the Company to request for the allowance. The customer does not have the ability to spend the allowance at their discretion. The Company believes that the identifiable benefit from the cooperative advertising program and the fair value of the advertising benefit is equal or greater than the cooperative advertising expense. Advertising expense for the three months ended June 30, 2016 and 2015 was $205,050 and $279,356, respectively. As of June 30, 2016 and March 31, 2016 there was an accrual for cooperative advertising allowances of $202,985 and $93,222, respectively. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RESEARCH AND DEVELOPMENT COSTS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of operations. For the three months ended June 30, 2016 and 2015, these amounts totaled $45,636 and $32,120 respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>INCOME TAXES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The Company follows the provisions of FASB ASC 740 &#147;Accounting for Income Taxes.&#148; Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white"><b>&#160;</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The Company analyzes its deferred tax assets and liabilities at the end of each interim period and, based on management&#146;s best estimate of its full year effective tax rate, recognizes cumulative adjustments to its deferred tax assets and liabilities. The Company&#146;s effective tax rate for the fiscal year ending March 31, 2017 is estimated to be approximately 33%. The effective tax rate for the full year ended March 31, 2016 was approximately 35%.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2016 and March 31, 2016, The Singing Machine had gross deferred tax assets of approximately $2.6 million and $2.4 million respectively. The Company recorded an income tax benefit of approximately $169,000 for the three months ended June 30, 2016. The income tax benefit consisted of $198,000 income tax benefit due to the loss from operations during the three months ended June 30, 2016 offset by an income tax expense of approximately $29,000 for an estimated alternative minimum tax.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company me<font style="background-color: white">asures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 30, 2016, there were no uncertain tax positions that resulted in any adjustment to the Company&#146;s provision for income taxes. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax provisions.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">As of June 30, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2014 through M</font>arch 31, 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>COMPUTATION OF LOSS PER COMMON SHARE</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2016 and 2015 total potential dilutive shares amounted to approximately 1,605,000 and 880,000 shares, respectively, however these shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2016 and June 30, 2015 because their effect was anti-dilutive.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RECENT ACCOUNTING PRONOUNCEMENTS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB ASC 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to achieve this core principle a company must apply the following steps in determining revenue recognition:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px">&#160;</td> <td style="width: 24px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Identify the contract(s) with a customer</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Identify the performance obligations in the contract.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Determine the transaction price.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Allocate the transaction price to the performance obligations in the contract.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Recognize revenue when (or as) the entity satisfies a performance obligation.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company&#146;s consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2015, the FASB issued ASU 2015-11, <i>Simplifying the Measurement of Inventory. </i>The ASU requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance in ASU 2015-11 is effective for fiscal years and interim periods within those fiscal years beginning after April 1, 2017. The new guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. Management is currently assessing whether the implementation of ASU 2015-11 will have any material effect on the company&#146;s consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases. </i>The ASU requires lessees to recognize a right- of use asset and a lease liability on its Balance Sheet regardless of whether a lease is identified as financial lease or an operating lease. If the lease is identified as a financial lease then the lessee must recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of income and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. If the lease is identified as and operating lease then the lessee must recognize a single lease cost in the statement of income, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and classify all cash payments within operating activities in the statement of cash flows. Both quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning April 1, 2019; including interim periods within those fiscal years, with early adoption permitted. Management is currently assessing whether the implementation of ASU 2016-02 will have any material effect on the company&#146;s consolidated financial statement disclosures.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 3 &#150; DUE FROM PNC BANK</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Company&#146;s revolving credit facility with PNC Bank, cash collected by PNC Bank on trade accounts receivable may exceed amounts borrowed on the revolving credit facility from time to time (See Note 7 &#150; LINE OF CREDIT). As of June 30, 2016 and March 31, 2016, PNC Bank owed the Company $861 and $184,392, respectively, which represented cash received by PNC Bank on accounts receivable in excess of amounts borrowed against the revolving credit facility.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 4 &#150; INVENTORIES, NET </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Inventories are comprised of the following components:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">March 31, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Finished Goods</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,491,583</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,450,975</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventory in Transit</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,702,374</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventory Reserve</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(826,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(760,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventories, net</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,367,957</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,690,975</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 5 &#150; PROPERTY AND EQUIPMENT </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">A summary of property and equipment is as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">USEFUL LIFE</font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">March 31, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 42%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Computer and office equipment</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 13%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">285,650</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">285,650</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7 years</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,312</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,312</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Warehouse equipment</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7 years</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">238,470</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">224,106</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Molds and tooling</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3-5 years</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,544,116</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,492,950</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,072,548</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,007,018</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,620,210</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,576,416</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">452,338</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">430,602</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the three months ended June 30, 2016 and June 30, 2015 was $43,795 and $37,333, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;&#160;</b></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 &#150; OBLIGATIONS TO CUSTOMERS FOR RETURNS AND ALLOWANCES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the seasonality of the business and length of time customers are given to return defective product, it is not uncommon for customers to accumulate credits from the Company&#146;s sales and allowance programs that are in excess of unpaid invoices in accounts receivable. All credit balances in customers&#146; accounts receivable are reclassified to &#147;obligations to customers for returns and allowances&#148; in current liabilities on the condensed consolidated balance sheets. Client requests for payment of a credit balance are reclassified from obligations to customers for returns and allowances to accounts payable on the condensed consolidated balance sheets. When new invoices are processed prior to settlement of the credit balance and the client accepts settlement of open credits with new invoices, then the excess of new invoices over credits are netted in accounts receivable. As of June 30, 2016 and March 31, 2016 obligations to customers for returns and allowances reclassified from accounts receivable were $22,414 and $121,092, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7 &#150; LINE OF CREDIT</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 14, 2014, the Company executed a three-year revolving credit facility (the &#147;Revolving Credit Facility&#148;) with PNC Bank, National Association (&#147;PNC&#148;) that replaced an existing line of credit agreement. The Revolving Credit Facility has a three year term expiring on July 14, 2017. The outstanding loan balance cannot exceed $15,000,000 during peak selling season between August 1 and December 31 and is reduced to a maximum of $7,500,000 between January 1 and July 31. Usage under the Revolving Credit Facility shall not exceed the sum of the following (the &#147;Borrowing Base&#148;):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%">&#160;</td> <td style="width: 24px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Up to 85% of the company&#146;s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">An all-time $500,000 block; minus.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Applicable reserves including a dilution reserve equal to 125% of the Company&#146;s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: -0.25in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Revolving Credit Facility includes the following sub-limits:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%">&#160;</td> <td style="width: 24px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Letters of Credit to be issued limited to $3,000,000.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventory availability limited to $4,000,000.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: justify; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%">&#160;</td> <td style="width: 24px; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness.</font></td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Capital expenditures limited to $150,000 per year.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest on the Revolving Line of Credit is accrued at 2% per annum over PNC&#146;s announced prime rate with an option for the Company to elect the 1, 2 or 3 month fully absorbed PNC LIBOR Rate plus 3.5% per annum with a default rate of 2% over the applicable rate. There is an unused facility fee equal to .375% per annum on the unused portion of the Revolving Credit Facility which will be calculated on the basis of a 360 day year for the actual number of days elapsed and will be payable quarterly in arrears. During the three months ended June 30, 2016 and 2015 the Company incurred interest expense of $0 and $9,665, respectively, on amounts borrowed against the line of credit. During the three months ended June 30, 2016 and 2015 the Company incurred an unused facility fee of $7,031 and $6,142, respectively, on the unused portion of the Revolving Credit Facility.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Revolving Line of Credit is secured by first priority security interests in all of the named borrowers&#146; tangible and intangible assets as well as first priority security interests of 100% of member or ownership interests of any of its domestic existing or newly formed subsidiaries and first priority lien on up to 65% of the borrowers&#146; domestic subsidiary&#146;s existing or subsequently formed or acquired foreign subsidiaries. The Revolving Credit Facility is also secured by a related-party debt subordination agreement with Starlight Marketing Development, Ltd. in the amount of $2,500,000. Costs associated with securing the Revolving Credit Facility of approximately $222,000 were deferred and are amortized over the term of the agreement. During the three months ended March 31, 2016 and 2015 the Company incurred amortization expense of $18,519 associated with the amortization of deferred financing costs.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As a condition of the Revolving Credit Facility, a portion of the Company&#146;s related-party debt with Ram Light Management, Ltd. in the amount of $1,100,000 was converted to a note payable with Ram Light Management, Ltd. (&#147;Ram Light Note&#148;). The Ram Light Note bears interest at 6% per annum with quarterly payments of $150,000 (including principal and interest) payable which commenced on December 31, 2014. The scheduled principal and interest payments of $150,000 are only permitted upon receipt of the Company&#146;s quarterly compliance certificate; the Company having met the mandatory pay-down of the Revolving Credit Facility to $1,000,000 and average excess availability for the prior 30 days (after subtraction of third party trade payables 30 days or more past due) of no less than $1,000,000 after giving effect to the payment. While the Company did meet the mandatory pay-down requirement, the Company did not meet the prior 30 day average excess availability requirement permitting the Company to make all scheduled payments on the note, and as a result, the first three scheduled payments due December 31, 2014, March 31, 2015 and June 30, 2015 were not made. As part of the Conditions to Installment Payment in the note, payments not made under this note that cannot be made as a result of the foregoing prohibition shall not be deemed an Event of Default and will not cumulate with the next payment that can be made, but rather will be payable on the maturity date together with any additional interest that has accrued thereon. The Company has made all payments as scheduled since June 30, 2015. During the three months ended June 30, 2016 and 2015 the Company recognized interest expense on the Ram Light Note in the amount of $11,463 and $17,283, respectively. As of June 30, 2016 and March 31, 2016 the company accrued interest expense on the Ram Light Note in the amount of $63,778. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.</p> <p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 8 &#150; COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>LEGAL MATTERS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Management is currently not aware of any legal proceedings.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>OPERATING LEASES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into various operating lease agreements for office and warehouse facilities in Fort Lauderdale, Florida, Ontario, California and Macau, PRC expiring at varying dates. Rent expense for the three months ended June 30, 2016 and 2015 was $164,531 and $155,521 respectively. In addition, the Company maintains various warehouse equipment and computer equipment operating leases. Future minimum lease payments under property and equipment leases with terms exceeding one year as of June 30, 2016 are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Operating Leases</font></td> <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">For period ending </font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30,</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 69%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 28%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">535,412</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">504,183</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">524,272</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">524,272</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">87,379</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,175,518</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;<b>&#160;</b></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 9 &#150; GEOGRAPHICAL INFORMATION</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All sales to customers outside of the United States for the three months ended June 30, 2016 and 2015 were made by the Macau Subsidiary. Sales by geographic region for the periods presented are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">North America</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,541,145</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,073,577</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Europe</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">318,247</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">237,507</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">155,790</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,859,392</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,466,874</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The geographic area of sales was based primarily on the location where the product is delivered.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 10 &#150; RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>DUE TO/FROM RELATED PARTIES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2016 and March 31, 2016, in the aggregate the Company had $351,485 and $26,152, respectively, due from related parties for goods and services sold to these companies.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2016 and March 31, 2016 the Company had $201,000 and $400,000 due to Ram Light Management, Ltd. for prior years purchases of karaoke hardware. Effective October 1, 2015 the amount due to Ram Light began bearing interest at 6% per annum. The Company paid $3,500 and $0 in interest expense to Ram Light for the three months ended June 30, 2016 and 2015, respectively. On June 30, 2016 and March 31, 2016 the Company had amounts due to other related party companies in the amounts of $720,648 and $0 for goods, repair services, engineering fees, storage and administrative services provided to the Company by these related parties.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE PAYABLE</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Revolving Line of Credit agreement there was a conversion of past due trade payables to a note payable of $1,100,000 to Ram Light Management, Ltd. on July 15, 2014. As of June 30, 2016 and March 31, 2016 the principal amount due on the note was $558,075 and $696,612, respectively. The note bears interest at 6% per annum and the Company recognized interest expense in the amount of $11,463 and $15,842 for the three months ended June 30, 2016 and 2015, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>SUBORDINATED DEBT</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Revolving Credit Facility the Company was required to subordinate related party debt to Starlight Marketing Development, Ltd. in the amount of $1,924,431. The debt cannot be repaid until after the expiration of the Revolving Credit Facility, therefore the subordinated related party debt is classified as a long-term liability on the accompanying condensed consolidated balance sheets as of June 30, 2016 and March 31, 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>TRADE</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended June 30, 2016 and June 30, 2015 the Company sold $0 and $64,903, respectively to Starlight Electronics Company, Ltd (&#147;SLE&#148;), a related party, at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to SLE for the three months ended June 30, 2016 and June 30, 2015 was NA and 14.7%, respectively. The product was drop shipped to Cosmo Communications of Canada (&#147;Cosmo&#148;), the Company&#146;s primary distributor of its products to Canada. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended June 30, 2016 and June 30, 2015 the Company sold $192,976 and $0, respectively to Winglight Pacific, Ltd. (&#147;Winglight&#148;), a related party, at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to Winglight for the three months ended June 30, 2016 and June 30, 2015 was 15.4% and NA, respectively. The product was drop shipped to Cosmo Communications of Canada (&#147;Cosmo&#148;), the Company&#146;s primary distributor of its products to Canada. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended June 30, 2016 and June 30, 2015 the Company sold an additional $123,499 and $113,962, respectively of product to Cosmo from its California warehouse facility. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company purchased services from Starlight R&#38;D, Ltd, (&#147;SLRD&#148;) a related party. The purchases from SLRD for the three months ended June 30, 2016 and 2015 were $13,846 and $32,857, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company purchased products from SLE. The purchases from SLE for the three month periods ended June 30, 2016 and 2015 were $710,543 and $0, respectively. These amounts were included as a component of cost of goods sold in the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company purchased services from Starlight Consumer Electronics USA, Inc., (&#147;SCE&#148;) a related party. The purchases from SCE for the three month periods ended June 30, 2016 and 2015 were $51,900 and $165,893, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective April 1, 2016, SMC-L renewed the service and logistics agreement with Starlight R&#38;D, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Starlight R&#38;D, Cosmo and SLE&#146;s domestic sales from April 1, 2016 and expiring on March 31, 2017. For these services, Starlight R&#38;D, Cosmo and SLE have agreed to reimburse the Company for actual warehouse space occupied by these companies at $0.096 per cubic foot and for logistics services performed based on an agreed to fee schedule specified in the agreement. For the three months ended June 30, 2016, the Company received $18,671. This amount was included as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective April 1 2015, SMC-L entered into a service and logistics agreement with SCE, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Shihua affiliated companies SCE, Cosmo and SLE&#146;s domestic sales. For these services, Starlight USA, Cosmo and SLE agreed to reimburse the Company for actual warehouse space occupied by these companies at $0.096 per cubic foot and for logistics services performed based on an agreed to fee schedule specified in the agreement. For the three months ended June 30, 2015, the Company received approximately $19,885. This agreement expired on March 31, 2016. This amount was included as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 11 &#150; WARRANTY PROVISIONS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a &#147;defective allowance&#148; consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. The Company records liabilities for its return goods programs and defective goods allowance program at the time of sale for the estimated costs that may be incurred. The liability for defective goods is included in warranty provisions on the condensed consolidated balance sheets.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in the Company&#146;s warranty provision are presented in the following table:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30,</font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td>&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2015</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Estimated warranty provision at beginning of period</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">292,500</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">197,873</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Costs accrued for future estimated returns</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">109,245</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">87,235</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Returns received</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(208,482</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(132,034</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Estimated warranty provision at end of period</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">193,263</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">153,074</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 12 &#150; EMPLOYEE BENEFIT PLANS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a 401(k) plan for its employees to which the Company makes contributions at rates dependent on the level of each employee&#146;s contributions. Contributions made by the Company are limited to the maximum allowable for federal income tax purposes. The amounts charged to operations for contributions to this plan and administrative costs during the three month periods ended June 30, 2016 and 2015 totaled $9,867 and $9,258, respectively. The amounts are included as a component of general and administrative expense in the accompanying Consolidated Statements of Income. The Company does not provide any post-employment benefits to retirees.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in the condensed consolidated financial statements. The accompanying unaudited financial statements for the three months ended June 30, 2016 and 2015 have been prepared in accordance with generally accepted accounting principles applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete consolidated financial statements.<b> </b>In the opinion of management, such condensed consolidated financial statements include all adjustments (consisting of normal recurring accruals) necessary for the fair presentation of the condensed consolidated financial position and the condensed consolidated results of operations. The condensed consolidated results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet information as of March&#160;31, 2016 was derived from the audited consolidated financial statements included in the Company&#146;s Annual Report on Form 10-K. The interim condensed consolidated financial statements should be read in conjunction with that report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>USE OF ESTIMATES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company&#146;s financial condition. However, circumstances could change which may alter future expectations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>FOREIGN CURRENCY TRANSLATION </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="text-transform: uppercase"><b>Concentration of Credit Risk</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at June 30, 2016 and March 31, 2016 are $133,748 and $21,256, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ACCOUNTS RECEIVABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine&#146;s accounts receivable consist of amounts due from customers in the ordinary course of business. Accounts receivable are carried at cost, net of allowances for uncollectible amounts. Provisions for losses are charged to operations in amounts sufficient to maintain an allowance for losses at a level considered adequate to cover probable losses inherent in the Company&#146;s accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>COLLECTIBILITY OF ACCOUNTS RECEIVABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Singing Machine&#146;s allowance for doubtful accounts is based on management&#146;s estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100% reserves for customers in bankruptcy and other reserves based upon historical collection experience. Should business conditions deteriorate or any major customer default on its obligations to the Company, this allowance may need to be significantly increased, which would have a negative impact on operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>INVENTORY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company&#146;s investment in inventories for such declines in value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>LONG-LIVED ASSETS </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) 360-10-05, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets.&#148;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PROPERTY AND EQUIPMENT </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>FAIR VALUE OF FINANCIAL INSTRUMENTS </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We follow FASB ASC 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company&#146;s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses, obligations to clients for returns and allowances, subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the note payable to Ram Light Management, Ltd. (related party) approximates fair value due the relatively short period to maturity and related interest accrued at a rate similar to market rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RECLASSIFICATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain balances presented relating to accounts receivable related parties - other have been reclassified to conform to the financial statement presentation adopted for this period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>REVENUE RECOGNITION </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from the sale of equipment, accessories, musical recordings and subscriptions and third &#150;party logistics services are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations and services have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>SHIPPING AND HANDLING COSTS </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>STOCK BASED COMPENSATION </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the provisions of the FASB ASC 718-20, &#147;Compensation &#150; Stock Compensation Awards Classified as Equity&#148;. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2016 and 2015 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2016 and 2015, the stock option expense was $9,329 and $2,001, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ADVERTISING </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2% to 10% of the purchase. The customers have to advertise the Company&#146;s products in the customer&#146;s catalog, local newspaper and other advertising media. The customer must submit the proof of the performance (such as a copy of the advertising showing the Company&#146;s products) to the Company to request for the allowance. The customer does not have the ability to spend the allowance at their discretion. The Company believes that the identifiable benefit from the cooperative advertising program and the fair value of the advertising benefit is equal or greater than the cooperative advertising expense. Advertising expense for the three months ended June 30, 2016 and 2015 was $205,050 and $279,356, respectively. As of June 30, 2016 and March 31, 2016 there was an accrual for cooperative advertising allowances of $202,985 and $93,222, respectively. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RESEARCH AND DEVELOPMENT COSTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of operations. For the three months ended June 30, 2016 and 2015, these amounts totaled $45,636 and $32,120 respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>INCOME TAXES</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The Company follows the provisions of FASB ASC 740 &#147;Accounting for Income Taxes.&#148; Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white"><b>&#160;</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The Company analyzes its deferred tax assets and liabilities at the end of each interim period and, based on management&#146;s best estimate of its full year effective tax rate, recognizes cumulative adjustments to its deferred tax assets and liabilities. The Company&#146;s effective tax rate for the fiscal year ending March 31, 2017 is estimated to be approximately 33%. The effective tax rate for the full year ended March 31, 2016 was approximately 35%.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2016 and March 31, 2016, The Singing Machine had gross deferred tax assets of approximately $2.6 million and $2.4 million respectively. The Company recorded an income tax benefit of approximately $169,000 for the three months ended June 30, 2016. The income tax benefit consisted of $198,000 income tax benefit due to the loss from operations during the three months ended June 30, 2016 offset by an income tax expense of approximately $29,000 for an estimated alternative minimum tax.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company me<font style="background-color: white">asures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 30, 2016, there were no uncertain tax positions that resulted in any adjustment to the Company&#146;s provision for income taxes. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax provisions.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">As of June 30, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2014 through M</font>arch 31, 2016.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>COMPUTATION OF LOSS PER COMMON SHARE</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2016 and 2015 total potential dilutive shares amounted to approximately 1,605,000 and 880,000 shares, respectively, however these shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2016 and June 30, 2015 because their effect was anti-dilutive.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RECENT ACCOUNTING PRONOUNCEMENTS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB ASC 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to achieve this core principle a company must apply the following steps in determining revenue recognition:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px">&#160;</td> <td style="width: 24px; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Identify the contract(s) with a customer</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Identify the performance obligations in the contract.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Determine the transaction price.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Allocate the transaction price to the performance obligations in the contract.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;</font></td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Recognize revenue when (or as) the entity satisfies a performance obligation.</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company&#146;s consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2015, the FASB issued ASU 2015-11, <i>Simplifying the Measurement of Inventory. </i>The ASU requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance in ASU 2015-11 is effective for fiscal years and interim periods within those fiscal years beginning after April 1, 2017. The new guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. Management is currently assessing whether the implementation of ASU 2015-11 will have any material effect on the company&#146;s consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases. </i>The ASU requires lessees to recognize a right- of use asset and a lease liability on its Balance Sheet regardless of whether a lease is identified as financial lease or an operating lease. If the lease is identified as a financial lease then the lessee must recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of income and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. If the lease is identified as and operating lease then the lessee must recognize a single lease cost in the statement of income, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and classify all cash payments within operating activities in the statement of cash flows. Both quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning April 1, 2019; including interim periods within those fiscal years, with early adoption permitted. Management is currently assessing whether the implementation of ASU 2016-02 will have any material effect on the company&#146;s consolidated financial statement disclosures.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Inventories are comprised of the following components:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">March 31, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Finished Goods</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,491,583</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,450,975</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventory in Transit</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,702,374</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventory Reserve</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(826,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(760,000</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Inventories, net</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">8,367,957</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,690,975</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">A summary of property and equipment is as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">USEFUL LIFE</font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">March 31, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="3" style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 42%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Computer and office equipment</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 13%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">285,650</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">285,650</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7 years</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,312</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,312</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Warehouse equipment</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7 years</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">238,470</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">224,106</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Molds and tooling</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3-5 years</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,544,116</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,492,950</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,072,548</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,007,018</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,620,210</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,576,416</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">452,338</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">430,602</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum lease payments under property and equipment leases with terms exceeding one year as of June 30, 2016 are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Operating Leases</font></td> <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">For period ending </font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30,</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 69%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 28%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">535,412</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">504,183</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">524,272</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">524,272</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">87,379</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,175,518</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;<b>&#160;</b></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All sales to customers outside of the United States for the three months ended June 30, 2016 and 2015 were made by the Macau Subsidiary. Sales by geographic region for the periods presented are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">North America</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,541,145</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 19%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,073,577</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Europe</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">318,247</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">237,507</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">155,790</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">4,859,392</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,466,874</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in the Company&#146;s warranty provision are presented in the following table:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%">&#160;</td> <td style="text-align: center; line-height: 115%">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30,</font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td>&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">June 30, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">2015</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Estimated warranty provision at beginning of period</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">292,500</font></td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%">&#160;</td> <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">197,873</font></td> <td style="width: 1%; line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Costs accrued for future estimated returns</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">109,245</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">87,235</font></td> <td style="line-height: 115%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Returns received</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(208,482</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(132,034</font></td> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Estimated warranty provision at end of period</font></td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">193,263</font></td> <td style="line-height: 115%">&#160;</td> <td style="line-height: 115%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">153,074</font></td> <td style="line-height: 115%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt"></p> 74498 51179 1.00 1.00 1000000 1000000 202985 93222 32120 45636 198000 29000 greater than 50% 880000 1605000 0.35 0.33 While the Company did meet the mandatory pay-down requirement, the Company did not meet the prior 30 day average excess availability requirement permitting the Company to make all scheduled payments on the note, and as a result, the first three scheduled payments due December 31, 2014, March 31, 2015 and June 30, 2015 were not made. As part of the Conditions to Installment Payment in the note, payments not made under this note that cannot be made as a result of the foregoing prohibition shall not be deemed an Event of Default and will not cumulate with the next payment that can be made, but rather will be payable on the maturity date together with any additional interest that has accrued thereon. 63778 Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. 0.06 0.154 14.7 -312325 -169314 2600000 2400000 1702374 2017 SMDM EX-101.SCH 7 smdm-20160630.xsd XBRL SCHEMA FILE 00000001 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Summary of Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Due From PNC Bank link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Inventories, Net link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Obligations to Customers for Returns and Allowances link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Line of Credit link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Geographical Information link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Warranty Provisions link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Employee Benefit Plans link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Inventories, Net (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Geographical Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Warranty Provisions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Due From PNC Bank (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Inventories - Schedule of Inventory (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Property and Equipment - Summary of Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Obligations to Clients for Returns and Allowances (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Line of Credit (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Geographical Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Warranty Provisions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Warranty Provisions - Schedule of Product Warranty Liability (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Employee Benefit Plans (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 smdm-20160630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 smdm-20160630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 smdm-20160630_lab.xml XBRL LABEL FILE Cosmo Communications Canada, Inc [Member] Related Party [Axis] Ram Light Management, Ltd [Member] Starlight Electronics Co Ltd [Member] Common Class B [Member] Class of Stock [Axis] Warehouse Equipment [Member] Property, Plant and Equipment, Type [Axis] Molds and tooling [Member] Computer and Office Equipment [Member] Furniture and Fixtures [Member] Peak Selling Season Between August 1 And December 31 [Member] Scenario [Axis] Revolving Credit Facility [Member] Credit Facility [Axis] Peak Selling Season Between January 1 And July 31 [Member] Ram Light Note [Member] Minimum [Member] Range [Axis] Maximum [Member] Winglight Pacific Ltd [Member] Common Class A [Member] PNC Bank [Member] Legal Entity [Axis] North America [Member] Geographical [Axis] Europe [Member] South Africa [Member] Starlight Marketing Development, Ltd [Member] Subordinated Debt [Member] Long-term Debt, Type [Axis] Cosmo Communications Usa, Inc [Member] Starlight Consumer Electronics USA, Inc [Member] Starlight R&D, Ltd [Member] Starlight RD, Cosmo and SLE [Member] SEC, Cosmo USA and Starlight Electronics USA [Member] Merrygain Holding Co Ltd [Member] Merrygain Holding Co [Member] March 31, 2017 [Member] Tax Period [Axis] Document And Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Trading Symbol Statement [Table] Statement [Line Items] Assets Current Assets Cash Accounts receivable, net of allowances of $74,498 and  $51,179, respectively Due from PNC Bank Accounts receivable related party Accounts receivable related parties - other Inventories, net Prepaid expenses and other current assets Deferred financing costs Total Current Assets Property and equipment, net Other non-current assets Deferred financing costs Deferred tax asset Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts payable Note payable related party Due to related party Accrued expenses Current portion of capital lease Obligations to customers for returns and allowances Warranty provisions Total Current Liabilities Subordinated related party debt Total Liabilities Commitments and Contingencies Shareholders' Equity Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding Common stock, value Additional paid-in capital Subscriptions receivable Accumulated deficit Total Shareholders' Equity Total Liabilities and Shareholders' Equity Allowance for doubtful accounts Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses General and administrative expenses Depreciation Total Operating Expenses Loss from Operations Other Expenses Interest expense Financing costs Total Other Expenses Loss Before Income Tax Benefit Income Tax Benefit Net Loss Loss per Common Share Basic and Diluted Weighted Average Common and Common Equivalent Shares Basic and Diluted Cash flows from operating activities: Net Loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation Amortization of deferred financing costs Change in inventory reserve Change in allowance for bad debts Stock based compensation Change in net deferred tax asset Changes in operating assets and liabilities: (Increase) decrease in: Accounts receivable Due from PNC Bank Accounts receivable related parties Inventories Prepaid expenses and other current assets Other non-current assets Increase (decrease) in: Accounts payable Due to related parties Accrued expenses Customer deposits Obligations to clients for returns and allowances Warranty provisions Net cash used in operating activities Cash flows from investing activities: Purchase of property and equipment Net cash used in investing activities Cash flows from financing activities: Net proceeds from revolving line of credit Net proceeds from subscription receivable Payment on note payable related party - Ram Light Management, Ltd. Payments on capital lease Net cash (used in) provided by financing activities Net change in cash Cash at beginning of period Cash at end of period Supplemental disclosures of cash flow information: Cash paid for interest Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Accounting Policies [Abstract] Summary of Significant Policies Due From Pnc Bank Due From PNC Bank Inventory Disclosure [Abstract] Inventories, Net Property, Plant and Equipment [Abstract] Property and Equipment Payables and Accruals [Abstract] Obligations to Clients for Returns and Allowances Line of Credit Facility [Abstract] Line of Credit Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Geographical Information Geographical Information Related Party Transactions [Abstract] Related Party Transactions Product Warranties Disclosures [Abstract] Warranty Provisions Compensation and Retirement Disclosure [Abstract] Employee Benefit Plans Principles of Consolidation and Basis of Presentation Use of Estimates Foreign Currency Translation Concentration of Credit Risk Accounts Receivable Collectability of Accounts Receivable Inventory Long-Lived Assets Property and Equipment Fair Value of Financial Instruments Reclassifications Revenue Recognition Shipping and Handling Costs Stock Based Compensation Advertising Research and Development Costs Income Taxes Computation of Loss Per Common Share Recent Accounting Pronouncements Schedule of Inventory Summary of Property and Equipment Schedule of Future Minimum Rental Payments for Operating Leases Geographical Information Tables Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas Schedule of Product Warranty Liability Accounting Policies [Table] Accounting Policies [Line Items] Foreign financial institutions actual deposits Percentage of reserves for customers Cooperative advertising allowance, percentage Advertising expense Accrual cooperative advertising allowances General and administrative expenses Effective tax rate Deferred tax assets gross Income tax benefit Income tax benefit due to loss from operations Offset by income tax expense Percentage of tax benefits recognized likelihood of being realized Potential dilutive shares amounted Due From Pnc Bank Details Narrative Finished Goods Inventory in Transit Inventory Reserve Depreciation expense Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property and equipment, gross Less: Accumulated depreciation Property and equipment, net Average useful life (in years) Customer obligations for returns and allowances Line of Credit Facility [Table] Line of Credit Facility [Line Items] Debt instrument, term Line of credit facility, expiration date Line of credit facility, maximum amount outstanding during period Line of credit facility, description Line of credit facility sub limits description Line of credit facility, covenant terms Line of credit facility, interest rate during period Line of credit facility, LIBOR Rate plus rate Line of credit facility default rate Line of credit facility, unused capacity, commitment fee percentage Incurred interest expense Unused facility fee First priority security ownership interest percentage First priority lien percentage Line of credit facility, collateral amount Line of credit facility, collateral fee Amortization expense Conversion of related party debt Repayments of lines of credit Line of credit payment description Interest expense, related party Accrued interest Rent expense 2016 2017 2018 2019 2020 Total Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Subsequent Event Type [Axis] Fiscal Year [Axis] Due from related parties, current Due to related parties, current Interest rate Interest Paid Due to other related parties Debt conversion, amount Notes payable, related parties, current Due to related parties Revenue from related parties Related party gross margin percentage Related party purchases of services from related party transaction Proceeds from fees received Agreement expiration date Warehouse space per pallet Standard product warranty description Estimated warranty provision at beginning of period Costs accrued for future estimated returns Returns received Estimated warranty provision at end of period Defined contribution plan, administrative expenses custom:AccountingPoliciesLineItems custom:AccountingPoliciesTable Date which agreement is set to expire, in CCYY-MM-DD format Annual Director Compensation Plan [Member] Australia [Member] Board Of Directors [Member] custom:CommitmentsAndContingenciesLineItems custom:CommitmentsAndContingenciesTable Computer and Office Equipment [Member] The amount of entities related party debt converted to notes payable under credit facility. Cooperative advertising allowance, percentage. Cosmo communications Canada ltd member. Cosmo Communications Usa, Inc [Member] Crestmark Bank [Member] Customer One [Member] Customer Three [Member] Customer Two [Member] Deferred Tax Valuation Allowance [Member] custom:DocumentAndEntityInformationAbstract Represents percentage first priority lien. Represents percentage first priority security ownership interest. custom:FiscalYearAxis custom:FiscalYearDomain Five Customers [Member] The increase (decrease) during the reporting period in the amount of customer refund liability. Inventory Reserve [Member] Key Employee [Member] koncepts [Member] Represents default rate pursuant to credit facility. Represents description of sub limits under line of credit facility. Major Vendor [Member] Merrygain Holding Company [Member] Molds and tooling [Member] custom:ObligationsToClientsForReturnsAndAllowancesLineItems custom:ObligationsToClientsForReturnsAndAllowancesTable Others [Member] custom:PeakSellingSeasonBetweenAugust1AndDecember31Member custom:PeakSellingSeasonBetweenJanuary1AndJuly31Member Percentage of reserves for customers in bankruptcy and other reserves. PNC Bank [Member] Ram Light Management, Ltd [Member] Ram Light Note [Member] The average gross profit margin on sales to related party. Purchases of services during the period with related party. SEC, Cosmo USA and Starlight Electronics USA [Member] Shihua Group [Member] Shihua [Member] South Africa [Member] Star Fair Electronics Co Ltd [Member] Starlight Consumer Electronics USA, Inc [Member] Starlight Electronics Co., Ltd [Member] Starlight Marketing Development, Ltd [Member] Starlight R&amp;amp;amp;D, Ltd [Member] Starlight RD, Cosmo and SLE [Member] Starlight R&amp;amp;amp;D, Ltd [Member] Starlight USA, Cosmo and SLE [Member] Stock Option One [Member] Stock Option Two [Member] Subscriptions Receivable [Member] Three directors compensation plan [Member] Treasure Green [Member] Vendor [Member] Warehouse Equipment [Member] The per pallet of warehouse space occupied by the company. custom:WarrantyProvisionsLineItems custom:WarrantyProvisionsTable Winglight Pacific, Ltd [Member] Merrygain Holding Co Ltd [Member] Merrygain Holding Co [Member] Net proceeds from revolving line of credit. Net proceeds from subscription receivable. The entire disclosure of due from crestmark bank. Accrual cooperative advertising allowances. Offset by income tax expense. March 31, 2017 [Member] Cosmo [Member] Assets, Current Debt Issuance Costs, Noncurrent, Net Assets [Default Label] Liabilities, Current Liabilities Common Stock, Share Subscribed but Unissued, Subscriptions Receivable Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses [Default Label] Operating Income (Loss) Interest Expense Debt Related Commitment Fees and Debt Issuance Costs Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit) Weighted Average Number of Shares Outstanding, Basic and Diluted Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Accounts Receivable Increase (Decrease) Due from Affiliates Increase (Decrease) in Accounts Receivable, Related Parties Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Other Noncurrent Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Other Current Liabilities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities, Continuing Operations Repayments of Debt and Capital Lease Obligations Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Commitments and Contingencies Disclosure [Text Block] Segment Reporting Disclosure [Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Research and Development Expense Operating Leases, Future Minimum Payments Due Due to Related Parties Standard and Extended Product Warranty Accrual, Decrease for Payments AnnualDirectorCompensationPlanMember AustraliaMember BoardOfDirectorsMember CommitmentsAndContingenciesLineItems CommitmentsAndContingenciesTable CrestmarkBankMember CustomerOneMember CustomerThreeMember CustomerTwoMember DeferredTaxValuationAllowanceMember FiscalYearDomain FiveCustomersMember InventoryReserveMember KeyEmployeeMember KonceptsMember MajorVendorMember MerrygainHoldingCompanyMember ObligationsToClientsForReturnsAndAllowancesLineItems ObligationsToClientsForReturnsAndAllowancesTable OthersMember ShihuaGroupMember ShihuaMember StarFairElectronicsCoLtdMember StarlightRAndDLtdMember StarlightUsaCosmoAndSleMember StockOptionOneMember StockOptionTwoMember SubscriptionsReceivableMember ThreeDirectorsCompensationPlanMember TreasureGreenMember VendorMember WarrantyProvisionsLineItems WarrantyProvisionsTable CosmoMember EX-101.PRE 11 smdm-20160630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document And Entity Information - shares
 3 Months Ended
Jun. 30, 2016
Aug. 15, 2016
Document And Entity Information [Abstract]    
Entity Registrant Name SINGING MACHINE CO INC  
Entity Central Index Key 0000923601  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   38,181,635
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
Trading Symbol SMDM  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Current Assets    
Cash $ 444,515 $ 2,116,490
Accounts receivable, net of allowances of $74,498 and  $51,179, respectively 3,451,300 1,381,789
Due from PNC Bank 861 184,392
Accounts receivable related parties - other 4,262 7,075
Inventories, net 8,367,957 3,690,975
Prepaid expenses and other current assets 148,806 115,601
Deferred financing costs 74,077 74,077
Total Current Assets 12,839,001 7,589,476
Property and equipment, net 452,338 430,602
Other non-current assets 11,523 11,394
Deferred financing costs 3,087 21,606
Deferred tax asset 2,607,119 2,408,531
Total Assets 15,913,068 10,461,609
Current Liabilities    
Accounts payable 6,326,737 722,213
Accrued expenses 734,276 650,115
Current portion of capital lease 1,078
Obligations to customers for returns and allowances 22,414 121,092
Warranty provisions 193,263 292,500
Total Current Liabilities 8,756,413 2,883,610
Total Liabilities 10,680,844 4,808,041
Commitments and Contingencies
Shareholders' Equity    
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital 19,347,268 19,337,939
Subscriptions receivable (6,400)
Accumulated deficit (14,496,860) (14,059,787)
Total Shareholders' Equity 5,232,224 5,653,568
Total Liabilities and Shareholders' Equity 15,913,068 10,461,609
Common Class A [Member]    
Shareholders' Equity    
Common stock, value
Common Class B [Member]    
Shareholders' Equity    
Common stock, value 381,816 381,816
Cosmo Communications Canada, Inc [Member]    
Current Assets    
Accounts receivable related party 154,247 19,077
Winglight Pacific Ltd [Member]    
Current Assets    
Accounts receivable related party 192,976
Ram Light Management, Ltd [Member]    
Current Liabilities    
Note payable related party 558,075 696,612
Due to related party 201,000 400,000
Starlight Electronics Co Ltd [Member]    
Current Liabilities    
Due to related party 707,819
Merrygain Holding Co Ltd [Member]    
Current Liabilities    
Due to related party 12,829  
Merrygain Holding Co [Member]    
Current Liabilities    
Due to related party  
Subordinated Debt [Member] | Starlight Marketing Development, Ltd [Member]    
Current Liabilities    
Subordinated related party debt $ 1,924,431 $ 1,924,431
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Allowance for doubtful accounts $ 74,498 $ 51,179
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common Class A [Member]    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 100,000 100,000
Common stock, shares issued
Common stock, shares outstanding
Common Class B [Member]    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 38,181,635 38,161,635
Common stock, shares outstanding 38,181,635 38,161,635
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]    
Net Sales $ 4,859,392 $ 3,466,874
Cost of Goods Sold 3,715,709 2,608,453
Gross Profit 1,143,683 858,421
Operating Expenses    
Selling expenses 424,878 457,727
General and administrative expenses 1,246,851 1,101,981
Depreciation 43,795 37,333
Total Operating Expenses 1,715,524 1,597,041
Loss from Operations (571,841) (738,620)
Other Expenses    
Interest expense (16,027) (50,112)
Financing costs (18,519) (18,519)
Total Other Expenses (34,546) (68,631)
Loss Before Income Tax Benefit (606,387) (807,251)
Income Tax Benefit 169,314 312,325
Net Loss $ (437,073) $ (494,926)
Loss per Common Share    
Basic and Diluted $ (0.01) $ (0.01)
Weighted Average Common and Common Equivalent Shares    
Basic and Diluted 38,181,635 38,117,517
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net Loss $ (437,073) $ (494,926)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 43,795 37,333
Amortization of deferred financing costs 18,519 18,519
Change in inventory reserve 66,000 (37,560)
Change in allowance for bad debts 23,319 (127,433)
Stock based compensation 9,329 2,001
Change in net deferred tax asset (198,588) (312,325)
(Increase) decrease in:    
Accounts receivable (2,092,830) (80,027)
Due from PNC Bank 183,531 137,415
Accounts receivable related parties (325,333) (94,252)
Inventories (4,742,982) (624,621)
Prepaid expenses and other current assets (33,205) 1,914
Other non-current assets (129)
Increase (decrease) in:    
Accounts payable 5,604,524 258,092
Due to related parties 521,648 35,456
Accrued expenses 84,161 182,533
Customer deposits 287,110
Obligations to clients for returns and allowances (98,678) (389,058)
Warranty provisions (99,237) (44,799)
Net cash used in operating activities (1,473,229) 1,199,829
Cash flows from investing activities:    
Purchase of property and equipment (65,531) (42,157)
Net cash used in investing activities (65,531) (42,157)
Cash flows from financing activities:    
Net proceeds from revolving line of credit 1,537,014
Net proceeds from subscription receivable 6,400
Payment on note payable related party - Ram Light Management, Ltd. (138,537)
Payments on capital lease (1,078) (3,105)
Net cash (used in) provided by financing activities (133,215) 1,533,909
Net change in cash (1,671,975) 291,923
Cash at beginning of period 2,116,490 116,286
Cash at end of period 444,515 408,209
Supplemental disclosures of cash flow information:    
Cash paid for interest 15,027 9,665
PNC Bank [Member]    
(Increase) decrease in:    
Due from PNC Bank 183,531 137,415
Ram Light Management, Ltd [Member]    
Cash flows from financing activities:    
Payment on note payable related party - Ram Light Management, Ltd. $ (138,537)
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation
 3 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

NOTE 1 – BASIS OF PRESENTATION

 

OVERVIEW

 

The Singing Machine Company, Inc., a Delaware corporation (the “Company”, “SMC”, “The Singing Machine”) and its three wholly-owned subsidiaries SMC (Comercial Offshore De Macau) Limitada (“Macau Subsidiary”), SMC Logistics, Inc. (“SMC-L”) and SMC-Music, Inc.(“SMC-M”) are primarily engaged in the development, marketing, and sale of consumer karaoke audio systems, accessories, musical instruments and musical recordings. The products are sold by SMC to retailers and distributors for resale to consumers.

 
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Accounting Policies
 3 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Summary of Significant Policies

NOTE 2 – SUMMARY OF ACCOUNTING POLICIES

 

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

 

The condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in the condensed consolidated financial statements. The accompanying unaudited financial statements for the three months ended June 30, 2016 and 2015 have been prepared in accordance with generally accepted accounting principles applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete consolidated financial statements. In the opinion of management, such condensed consolidated financial statements include all adjustments (consisting of normal recurring accruals) necessary for the fair presentation of the condensed consolidated financial position and the condensed consolidated results of operations. The condensed consolidated results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet information as of March 31, 2016 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. The interim condensed consolidated financial statements should be read in conjunction with that report.

 

USE OF ESTIMATES

 

The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company’s financial condition. However, circumstances could change which may alter future expectations.

 

FOREIGN CURRENCY TRANSLATION

 

The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented.

 

Concentration of Credit Risk

 

At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at June 30, 2016 and March 31, 2016 are $133,748 and $21,256, respectively.

 

ACCOUNTS RECEIVABLE

 

The Singing Machine’s accounts receivable consist of amounts due from customers in the ordinary course of business. Accounts receivable are carried at cost, net of allowances for uncollectible amounts. Provisions for losses are charged to operations in amounts sufficient to maintain an allowance for losses at a level considered adequate to cover probable losses inherent in the Company’s accounts receivable.

 

COLLECTIBILITY OF ACCOUNTS RECEIVABLE

 

The Singing Machine’s allowance for doubtful accounts is based on management’s estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100% reserves for customers in bankruptcy and other reserves based upon historical collection experience. Should business conditions deteriorate or any major customer default on its obligations to the Company, this allowance may need to be significantly increased, which would have a negative impact on operations.

 

INVENTORY

 

Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company’s investment in inventories for such declines in value.

 

LONG-LIVED ASSETS

 

The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-05, “Accounting for the Impairment or Disposal of Long-Lived Assets.”

 

PROPERTY AND EQUIPMENT

 

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

We follow FASB ASC 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.

 

The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses, obligations to clients for returns and allowances, subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the note payable to Ram Light Management, Ltd. (related party) approximates fair value due the relatively short period to maturity and related interest accrued at a rate similar to market rates.

 

RECLASSIFICATIONS

 

Certain balances presented relating to accounts receivable related parties - other have been reclassified to conform to the financial statement presentation adopted for this period.

 

REVENUE RECOGNITION

 

Revenue from the sale of equipment, accessories, musical recordings and subscriptions and third –party logistics services are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations and services have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates.

 

SHIPPING AND HANDLING COSTS

 

Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of operations.

 

STOCK BASED COMPENSATION

 

The Company follows the provisions of the FASB ASC 718-20, “Compensation – Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2016 and 2015 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2016 and 2015, the stock option expense was $9,329 and $2,001, respectively.

 

ADVERTISING

 

Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2% to 10% of the purchase. The customers have to advertise the Company’s products in the customer’s catalog, local newspaper and other advertising media. The customer must submit the proof of the performance (such as a copy of the advertising showing the Company’s products) to the Company to request for the allowance. The customer does not have the ability to spend the allowance at their discretion. The Company believes that the identifiable benefit from the cooperative advertising program and the fair value of the advertising benefit is equal or greater than the cooperative advertising expense. Advertising expense for the three months ended June 30, 2016 and 2015 was $205,050 and $279,356, respectively. As of June 30, 2016 and March 31, 2016 there was an accrual for cooperative advertising allowances of $202,985 and $93,222, respectively. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.

  

RESEARCH AND DEVELOPMENT COSTS

 

Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of operations. For the three months ended June 30, 2016 and 2015, these amounts totaled $45,636 and $32,120 respectively.

 

INCOME TAXES

 

The Company follows the provisions of FASB ASC 740 “Accounting for Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

 

The Company analyzes its deferred tax assets and liabilities at the end of each interim period and, based on management’s best estimate of its full year effective tax rate, recognizes cumulative adjustments to its deferred tax assets and liabilities. The Company’s effective tax rate for the fiscal year ending March 31, 2017 is estimated to be approximately 33%. The effective tax rate for the full year ended March 31, 2016 was approximately 35%.

 

As of June 30, 2016 and March 31, 2016, The Singing Machine had gross deferred tax assets of approximately $2.6 million and $2.4 million respectively. The Company recorded an income tax benefit of approximately $169,000 for the three months ended June 30, 2016. The income tax benefit consisted of $198,000 income tax benefit due to the loss from operations during the three months ended June 30, 2016 offset by an income tax expense of approximately $29,000 for an estimated alternative minimum tax.

 

The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 30, 2016, there were no uncertain tax positions that resulted in any adjustment to the Company’s provision for income taxes. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax provisions.

 

As of June 30, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2014 through March 31, 2016.

 

COMPUTATION OF LOSS PER COMMON SHARE

 

Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2016 and 2015 total potential dilutive shares amounted to approximately 1,605,000 and 880,000 shares, respectively, however these shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2016 and June 30, 2015 because their effect was anti-dilutive.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the FASB ASC 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to achieve this core principle a company must apply the following steps in determining revenue recognition:

 

  ●  Identify the contract(s) with a customer
  ●  Identify the performance obligations in the contract.
  ●  Determine the transaction price.
  ●  Allocate the transaction price to the performance obligations in the contract.
  ●  Recognize revenue when (or as) the entity satisfies a performance obligation.

 

The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company’s consolidated financial statements.

  

In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. The ASU requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance in ASU 2015-11 is effective for fiscal years and interim periods within those fiscal years beginning after April 1, 2017. The new guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. Management is currently assessing whether the implementation of ASU 2015-11 will have any material effect on the company’s consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases. The ASU requires lessees to recognize a right- of use asset and a lease liability on its Balance Sheet regardless of whether a lease is identified as financial lease or an operating lease. If the lease is identified as a financial lease then the lessee must recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of income and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. If the lease is identified as and operating lease then the lessee must recognize a single lease cost in the statement of income, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and classify all cash payments within operating activities in the statement of cash flows. Both quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning April 1, 2019; including interim periods within those fiscal years, with early adoption permitted. Management is currently assessing whether the implementation of ASU 2016-02 will have any material effect on the company’s consolidated financial statement disclosures.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Due From PNC Bank
 3 Months Ended
Jun. 30, 2016
Due From Pnc Bank  
Due From PNC Bank

NOTE 3 – DUE FROM PNC BANK

 

In connection with the Company’s revolving credit facility with PNC Bank, cash collected by PNC Bank on trade accounts receivable may exceed amounts borrowed on the revolving credit facility from time to time (See Note 7 – LINE OF CREDIT). As of June 30, 2016 and March 31, 2016, PNC Bank owed the Company $861 and $184,392, respectively, which represented cash received by PNC Bank on accounts receivable in excess of amounts borrowed against the revolving credit facility.

 
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Inventories, Net
 3 Months Ended
Jun. 30, 2016
Inventory Disclosure [Abstract]  
Inventories, Net

NOTE 4 – INVENTORIES, NET

 

Inventories are comprised of the following components:

 

    June 30,
2016		   March 31,
2016
         
Finished Goods   $ 7,491,583     $ 4,450,975  
Inventory in Transit     1,702,374       -  
Inventory Reserve     (826,000 )     (760,000 )
                 
Inventories, net   $ 8,367,957     $ 3,690,975  

 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment
 3 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 5 – PROPERTY AND EQUIPMENT

 

A summary of property and equipment is as follows:

 

    USEFUL LIFE   June 30,
2016		   March 31,
2016
             
Computer and office equipment   5 years   $ 285,650     $ 285,650  
Furniture and fixtures   7 years     4,312       4,312  
Warehouse equipment   7 years     238,470       224,106  
Molds and tooling   3-5 years     2,544,116       2,492,950  
          3,072,548       3,007,018  
Accumulated depreciation         2,620,210       2,576,416  
        $ 452,338     $ 430,602  

 

Depreciation expense for the three months ended June 30, 2016 and June 30, 2015 was $43,795 and $37,333, respectively.

  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Obligations to Customers for Returns and Allowances
 3 Months Ended
Jun. 30, 2016
Payables and Accruals [Abstract]  
Obligations to Clients for Returns and Allowances

NOTE 6 – OBLIGATIONS TO CUSTOMERS FOR RETURNS AND ALLOWANCES

 

Due to the seasonality of the business and length of time customers are given to return defective product, it is not uncommon for customers to accumulate credits from the Company’s sales and allowance programs that are in excess of unpaid invoices in accounts receivable. All credit balances in customers’ accounts receivable are reclassified to “obligations to customers for returns and allowances” in current liabilities on the condensed consolidated balance sheets. Client requests for payment of a credit balance are reclassified from obligations to customers for returns and allowances to accounts payable on the condensed consolidated balance sheets. When new invoices are processed prior to settlement of the credit balance and the client accepts settlement of open credits with new invoices, then the excess of new invoices over credits are netted in accounts receivable. As of June 30, 2016 and March 31, 2016 obligations to customers for returns and allowances reclassified from accounts receivable were $22,414 and $121,092, respectively.

 
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Line of Credit
 3 Months Ended
Jun. 30, 2016
Line of Credit Facility [Abstract]  
Line of Credit

NOTE 7 – LINE OF CREDIT

 

On July 14, 2014, the Company executed a three-year revolving credit facility (the “Revolving Credit Facility”) with PNC Bank, National Association (“PNC”) that replaced an existing line of credit agreement. The Revolving Credit Facility has a three year term expiring on July 14, 2017. The outstanding loan balance cannot exceed $15,000,000 during peak selling season between August 1 and December 31 and is reduced to a maximum of $7,500,000 between January 1 and July 31. Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”):

  

  ●  Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus.
     
  ● Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus.
     
  ● An all-time $500,000 block; minus.
     
  ● Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.

  

The Revolving Credit Facility includes the following sub-limits:

 

  ●  Letters of Credit to be issued limited to $3,000,000.
     
  ● Inventory availability limited to $4,000,000.
     
  ● Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.

 

The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default:

 

  ● Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness.
     
  ● Capital expenditures limited to $150,000 per year.

 

Interest on the Revolving Line of Credit is accrued at 2% per annum over PNC’s announced prime rate with an option for the Company to elect the 1, 2 or 3 month fully absorbed PNC LIBOR Rate plus 3.5% per annum with a default rate of 2% over the applicable rate. There is an unused facility fee equal to .375% per annum on the unused portion of the Revolving Credit Facility which will be calculated on the basis of a 360 day year for the actual number of days elapsed and will be payable quarterly in arrears. During the three months ended June 30, 2016 and 2015 the Company incurred interest expense of $0 and $9,665, respectively, on amounts borrowed against the line of credit. During the three months ended June 30, 2016 and 2015 the Company incurred an unused facility fee of $7,031 and $6,142, respectively, on the unused portion of the Revolving Credit Facility.

 

The Revolving Line of Credit is secured by first priority security interests in all of the named borrowers’ tangible and intangible assets as well as first priority security interests of 100% of member or ownership interests of any of its domestic existing or newly formed subsidiaries and first priority lien on up to 65% of the borrowers’ domestic subsidiary’s existing or subsequently formed or acquired foreign subsidiaries. The Revolving Credit Facility is also secured by a related-party debt subordination agreement with Starlight Marketing Development, Ltd. in the amount of $2,500,000. Costs associated with securing the Revolving Credit Facility of approximately $222,000 were deferred and are amortized over the term of the agreement. During the three months ended March 31, 2016 and 2015 the Company incurred amortization expense of $18,519 associated with the amortization of deferred financing costs.

 

As a condition of the Revolving Credit Facility, a portion of the Company’s related-party debt with Ram Light Management, Ltd. in the amount of $1,100,000 was converted to a note payable with Ram Light Management, Ltd. (“Ram Light Note”). The Ram Light Note bears interest at 6% per annum with quarterly payments of $150,000 (including principal and interest) payable which commenced on December 31, 2014. The scheduled principal and interest payments of $150,000 are only permitted upon receipt of the Company’s quarterly compliance certificate; the Company having met the mandatory pay-down of the Revolving Credit Facility to $1,000,000 and average excess availability for the prior 30 days (after subtraction of third party trade payables 30 days or more past due) of no less than $1,000,000 after giving effect to the payment. While the Company did meet the mandatory pay-down requirement, the Company did not meet the prior 30 day average excess availability requirement permitting the Company to make all scheduled payments on the note, and as a result, the first three scheduled payments due December 31, 2014, March 31, 2015 and June 30, 2015 were not made. As part of the Conditions to Installment Payment in the note, payments not made under this note that cannot be made as a result of the foregoing prohibition shall not be deemed an Event of Default and will not cumulate with the next payment that can be made, but rather will be payable on the maturity date together with any additional interest that has accrued thereon. The Company has made all payments as scheduled since June 30, 2015. During the three months ended June 30, 2016 and 2015 the Company recognized interest expense on the Ram Light Note in the amount of $11,463 and $17,283, respectively. As of June 30, 2016 and March 31, 2016 the company accrued interest expense on the Ram Light Note in the amount of $63,778. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.

 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies
 3 Months Ended
Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

LEGAL MATTERS

 

Management is currently not aware of any legal proceedings.

 

OPERATING LEASES

 

The Company has entered into various operating lease agreements for office and warehouse facilities in Fort Lauderdale, Florida, Ontario, California and Macau, PRC expiring at varying dates. Rent expense for the three months ended June 30, 2016 and 2015 was $164,531 and $155,521 respectively. In addition, the Company maintains various warehouse equipment and computer equipment operating leases. Future minimum lease payments under property and equipment leases with terms exceeding one year as of June 30, 2016 are as follows:

 

 Operating Leases  
For period ending        
June 30,        
2016   $ 535,412  
2017     504,183  
2018     524,272  
2019     524,272  
2020     87,379  
    $ 2,175,518  

  
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information
 3 Months Ended
Jun. 30, 2016
Geographical Information  
Geographical Information

NOTE 9 – GEOGRAPHICAL INFORMATION

 

All sales to customers outside of the United States for the three months ended June 30, 2016 and 2015 were made by the Macau Subsidiary. Sales by geographic region for the periods presented are as follows:

 

North America   $ 4,541,145     $ 3,073,577  
Europe     318,247       237,507  
South Africa     -       155,790  
    $ 4,859,392     $ 3,466,874  

 

The geographic area of sales was based primarily on the location where the product is delivered.

 
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Transactions
 3 Months Ended
Jun. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 10 – RELATED PARTY TRANSACTIONS

 

DUE TO/FROM RELATED PARTIES

 

On June 30, 2016 and March 31, 2016, in the aggregate the Company had $351,485 and $26,152, respectively, due from related parties for goods and services sold to these companies.

 

On June 30, 2016 and March 31, 2016 the Company had $201,000 and $400,000 due to Ram Light Management, Ltd. for prior years purchases of karaoke hardware. Effective October 1, 2015 the amount due to Ram Light began bearing interest at 6% per annum. The Company paid $3,500 and $0 in interest expense to Ram Light for the three months ended June 30, 2016 and 2015, respectively. On June 30, 2016 and March 31, 2016 the Company had amounts due to other related party companies in the amounts of $720,648 and $0 for goods, repair services, engineering fees, storage and administrative services provided to the Company by these related parties.

 

NOTE PAYABLE

 

In connection with the Revolving Line of Credit agreement there was a conversion of past due trade payables to a note payable of $1,100,000 to Ram Light Management, Ltd. on July 15, 2014. As of June 30, 2016 and March 31, 2016 the principal amount due on the note was $558,075 and $696,612, respectively. The note bears interest at 6% per annum and the Company recognized interest expense in the amount of $11,463 and $15,842 for the three months ended June 30, 2016 and 2015, respectively.

 

SUBORDINATED DEBT

 

In connection with the Revolving Credit Facility the Company was required to subordinate related party debt to Starlight Marketing Development, Ltd. in the amount of $1,924,431. The debt cannot be repaid until after the expiration of the Revolving Credit Facility, therefore the subordinated related party debt is classified as a long-term liability on the accompanying condensed consolidated balance sheets as of June 30, 2016 and March 31, 2016.

 

TRADE

 

During the three months ended June 30, 2016 and June 30, 2015 the Company sold $0 and $64,903, respectively to Starlight Electronics Company, Ltd (“SLE”), a related party, at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to SLE for the three months ended June 30, 2016 and June 30, 2015 was NA and 14.7%, respectively. The product was drop shipped to Cosmo Communications of Canada (“Cosmo”), the Company’s primary distributor of its products to Canada. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

During the three months ended June 30, 2016 and June 30, 2015 the Company sold $192,976 and $0, respectively to Winglight Pacific, Ltd. (“Winglight”), a related party, at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to Winglight for the three months ended June 30, 2016 and June 30, 2015 was 15.4% and NA, respectively. The product was drop shipped to Cosmo Communications of Canada (“Cosmo”), the Company’s primary distributor of its products to Canada. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

During the three months ended June 30, 2016 and June 30, 2015 the Company sold an additional $123,499 and $113,962, respectively of product to Cosmo from its California warehouse facility. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

The Company purchased services from Starlight R&D, Ltd, (“SLRD”) a related party. The purchases from SLRD for the three months ended June 30, 2016 and 2015 were $13,846 and $32,857, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

The Company purchased products from SLE. The purchases from SLE for the three month periods ended June 30, 2016 and 2015 were $710,543 and $0, respectively. These amounts were included as a component of cost of goods sold in the accompanying condensed consolidated statements of operations.

 

The Company purchased services from Starlight Consumer Electronics USA, Inc., (“SCE”) a related party. The purchases from SCE for the three month periods ended June 30, 2016 and 2015 were $51,900 and $165,893, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

Effective April 1, 2016, SMC-L renewed the service and logistics agreement with Starlight R&D, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Starlight R&D, Cosmo and SLE’s domestic sales from April 1, 2016 and expiring on March 31, 2017. For these services, Starlight R&D, Cosmo and SLE have agreed to reimburse the Company for actual warehouse space occupied by these companies at $0.096 per cubic foot and for logistics services performed based on an agreed to fee schedule specified in the agreement. For the three months ended June 30, 2016, the Company received $18,671. This amount was included as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.

 

Effective April 1 2015, SMC-L entered into a service and logistics agreement with SCE, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Shihua affiliated companies SCE, Cosmo and SLE’s domestic sales. For these services, Starlight USA, Cosmo and SLE agreed to reimburse the Company for actual warehouse space occupied by these companies at $0.096 per cubic foot and for logistics services performed based on an agreed to fee schedule specified in the agreement. For the three months ended June 30, 2015, the Company received approximately $19,885. This agreement expired on March 31, 2016. This amount was included as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.

 
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warranty Provisions
 3 Months Ended
Jun. 30, 2016
Product Warranties Disclosures [Abstract]  
Warranty Provisions

NOTE 11 – WARRANTY PROVISIONS

 

A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. The Company records liabilities for its return goods programs and defective goods allowance program at the time of sale for the estimated costs that may be incurred. The liability for defective goods is included in warranty provisions on the condensed consolidated balance sheets.

 

Changes in the Company’s warranty provision are presented in the following table:

 

    Three Months Ended
    June 30,
2016		   June 30,
2015
Estimated warranty provision at beginning of period   $ 292,500     $ 197,873  
Costs accrued for future estimated returns     109,245       87,235  
Returns received     (208,482 )     (132,034 )
Estimated warranty provision at end of period   $ 193,263     $ 153,074  

 
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

NOTE 12 – EMPLOYEE BENEFIT PLANS

 

The Company has a 401(k) plan for its employees to which the Company makes contributions at rates dependent on the level of each employee’s contributions. Contributions made by the Company are limited to the maximum allowable for federal income tax purposes. The amounts charged to operations for contributions to this plan and administrative costs during the three month periods ended June 30, 2016 and 2015 totaled $9,867 and $9,258, respectively. The amounts are included as a component of general and administrative expense in the accompanying Consolidated Statements of Income. The Company does not provide any post-employment benefits to retirees.

 
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

 

The condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in the condensed consolidated financial statements. The accompanying unaudited financial statements for the three months ended June 30, 2016 and 2015 have been prepared in accordance with generally accepted accounting principles applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States for complete consolidated financial statements. In the opinion of management, such condensed consolidated financial statements include all adjustments (consisting of normal recurring accruals) necessary for the fair presentation of the condensed consolidated financial position and the condensed consolidated results of operations. The condensed consolidated results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet information as of March 31, 2016 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. The interim condensed consolidated financial statements should be read in conjunction with that report.

 
Use of Estimates

USE OF ESTIMATES

 

The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company’s financial condition. However, circumstances could change which may alter future expectations.

 
Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION

 

The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented.

 
Concentration of Credit Risk

Concentration of Credit Risk

 

At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at June 30, 2016 and March 31, 2016 are $133,748 and $21,256, respectively.
Accounts Receivable

ACCOUNTS RECEIVABLE

 

The Singing Machine’s accounts receivable consist of amounts due from customers in the ordinary course of business. Accounts receivable are carried at cost, net of allowances for uncollectible amounts. Provisions for losses are charged to operations in amounts sufficient to maintain an allowance for losses at a level considered adequate to cover probable losses inherent in the Company’s accounts receivable.

 
Collectability of Accounts Receivable

COLLECTIBILITY OF ACCOUNTS RECEIVABLE

 

The Singing Machine’s allowance for doubtful accounts is based on management’s estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100% reserves for customers in bankruptcy and other reserves based upon historical collection experience. Should business conditions deteriorate or any major customer default on its obligations to the Company, this allowance may need to be significantly increased, which would have a negative impact on operations.

 
Inventory

INVENTORY

 

Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company’s investment in inventories for such declines in value.

 
Long-Lived Assets

LONG-LIVED ASSETS

 

The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-05, “Accounting for the Impairment or Disposal of Long-Lived Assets.”

 
Property and Equipment

PROPERTY AND EQUIPMENT

 

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods.

 
Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

We follow FASB ASC 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.

 

The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses, obligations to clients for returns and allowances, subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the note payable to Ram Light Management, Ltd. (related party) approximates fair value due the relatively short period to maturity and related interest accrued at a rate similar to market rates.

 
Reclassifications

RECLASSIFICATIONS

 

Certain balances presented relating to accounts receivable related parties - other have been reclassified to conform to the financial statement presentation adopted for this period.

 
Revenue Recognition

REVENUE RECOGNITION

 

Revenue from the sale of equipment, accessories, musical recordings and subscriptions and third –party logistics services are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations and services have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates.

 
Shipping and Handling Costs

SHIPPING AND HANDLING COSTS

 

Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of operations.

 
Stock Based Compensation

STOCK BASED COMPENSATION

 

The Company follows the provisions of the FASB ASC 718-20, “Compensation – Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2016 and 2015 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2016 and 2015, the stock option expense was $9,329 and $2,001, respectively.

 
Advertising

ADVERTISING

 

Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2% to 10% of the purchase. The customers have to advertise the Company’s products in the customer’s catalog, local newspaper and other advertising media. The customer must submit the proof of the performance (such as a copy of the advertising showing the Company’s products) to the Company to request for the allowance. The customer does not have the ability to spend the allowance at their discretion. The Company believes that the identifiable benefit from the cooperative advertising program and the fair value of the advertising benefit is equal or greater than the cooperative advertising expense. Advertising expense for the three months ended June 30, 2016 and 2015 was $205,050 and $279,356, respectively. As of June 30, 2016 and March 31, 2016 there was an accrual for cooperative advertising allowances of $202,985 and $93,222, respectively. These amounts were a component of accrued expenses in the condensed consolidated balance sheets.

  
Research and Development Costs

RESEARCH AND DEVELOPMENT COSTS

 

Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of operations. For the three months ended June 30, 2016 and 2015, these amounts totaled $45,636 and $32,120 respectively.

 
Income Taxes

INCOME TAXES

 

The Company follows the provisions of FASB ASC 740 “Accounting for Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

 

The Company analyzes its deferred tax assets and liabilities at the end of each interim period and, based on management’s best estimate of its full year effective tax rate, recognizes cumulative adjustments to its deferred tax assets and liabilities. The Company’s effective tax rate for the fiscal year ending March 31, 2017 is estimated to be approximately 33%. The effective tax rate for the full year ended March 31, 2016 was approximately 35%.

 

As of June 30, 2016 and March 31, 2016, The Singing Machine had gross deferred tax assets of approximately $2.6 million and $2.4 million respectively. The Company recorded an income tax benefit of approximately $169,000 for the three months ended June 30, 2016. The income tax benefit consisted of $198,000 income tax benefit due to the loss from operations during the three months ended June 30, 2016 offset by an income tax expense of approximately $29,000 for an estimated alternative minimum tax.

 

The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 30, 2016, there were no uncertain tax positions that resulted in any adjustment to the Company’s provision for income taxes. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax provisions.

 

As of June 30, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2014 through March 31, 2016.

 
Computation of Loss Per Common Share

COMPUTATION OF LOSS PER COMMON SHARE

 

Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2016 and 2015 total potential dilutive shares amounted to approximately 1,605,000 and 880,000 shares, respectively, however these shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2016 and June 30, 2015 because their effect was anti-dilutive.

 
Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the FASB ASC 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to achieve this core principle a company must apply the following steps in determining revenue recognition:

 

  ●  Identify the contract(s) with a customer
  ●  Identify the performance obligations in the contract.
  ●  Determine the transaction price.
  ●  Allocate the transaction price to the performance obligations in the contract.
  ●  Recognize revenue when (or as) the entity satisfies a performance obligation.

 

The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company’s consolidated financial statements.

  

In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. The ASU requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance in ASU 2015-11 is effective for fiscal years and interim periods within those fiscal years beginning after April 1, 2017. The new guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. Management is currently assessing whether the implementation of ASU 2015-11 will have any material effect on the company’s consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases. The ASU requires lessees to recognize a right- of use asset and a lease liability on its Balance Sheet regardless of whether a lease is identified as financial lease or an operating lease. If the lease is identified as a financial lease then the lessee must recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of income and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. If the lease is identified as and operating lease then the lessee must recognize a single lease cost in the statement of income, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and classify all cash payments within operating activities in the statement of cash flows. Both quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning April 1, 2019; including interim periods within those fiscal years, with early adoption permitted. Management is currently assessing whether the implementation of ASU 2016-02 will have any material effect on the company’s consolidated financial statement disclosures.

 
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Inventories, Net (Tables)
 3 Months Ended
Jun. 30, 2016
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventories are comprised of the following components:

 

    June 30,
2016		   March 31,
2016
         
Finished Goods   $ 7,491,583     $ 4,450,975  
Inventory in Transit     1,702,374       -  
Inventory Reserve     (826,000 )     (760,000 )
                 
Inventories, net   $ 8,367,957     $ 3,690,975  

 
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment (Tables)
 3 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment

A summary of property and equipment is as follows:

 

    USEFUL LIFE   June 30,
2016		   March 31,
2016
             
Computer and office equipment   5 years   $ 285,650     $ 285,650  
Furniture and fixtures   7 years     4,312       4,312  
Warehouse equipment   7 years     238,470       224,106  
Molds and tooling   3-5 years     2,544,116       2,492,950  
          3,072,548       3,007,018  
Accumulated depreciation         2,620,210       2,576,416  
        $ 452,338     $ 430,602  

 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies (Tables)
 3 Months Ended
Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under property and equipment leases with terms exceeding one year as of June 30, 2016 are as follows:

 

 Operating Leases  
For period ending        
June 30,        
2016   $ 535,412  
2017     504,183  
2018     524,272  
2019     524,272  
2020     87,379  
    $ 2,175,518  

  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information (Tables)
 3 Months Ended
Jun. 30, 2016
Geographical Information  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

All sales to customers outside of the United States for the three months ended June 30, 2016 and 2015 were made by the Macau Subsidiary. Sales by geographic region for the periods presented are as follows:

 

North America   $ 4,541,145     $ 3,073,577  
Europe     318,247       237,507  
South Africa     -       155,790  
    $ 4,859,392     $ 3,466,874  

 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warranty Provisions (Tables)
 3 Months Ended
Jun. 30, 2016
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranty Liability

Changes in the Company’s warranty provision are presented in the following table:

 

    Three Months Ended
    June 30,
2016		   June 30,
2015
Estimated warranty provision at beginning of period   $ 292,500     $ 197,873  
Costs accrued for future estimated returns     109,245       87,235  
Returns received     (208,482 )     (132,034 )
Estimated warranty provision at end of period   $ 193,263     $ 153,074  

 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Mar. 31, 2016
Accounting Policies [Line Items]      
Foreign financial institutions actual deposits $ 133,748   $ 21,256
Percentage of reserves for customers 100.00%    
Stock based compensation $ 9,329 $ 2,001  
Advertising expense 205,050 279,356  
Accrual cooperative advertising allowances 202,985   $ 93,222
General and administrative expenses 45,636 32,120  
Effective tax rate     35.00%
Deferred tax assets gross 2,600,000   $ 2,400,000
Income tax benefit 169,314 $ 312,325  
Income tax benefit due to loss from operations 198,000    
Offset by income tax expense $ 29,000    
Percentage of tax benefits recognized likelihood of being realized greater than 50%    
Potential dilutive shares amounted 1,605,000 880,000  
March 31, 2017 [Member]      
Accounting Policies [Line Items]      
Effective tax rate 33.00%    
Minimum [Member]      
Accounting Policies [Line Items]      
Cooperative advertising allowance, percentage 2.00%    
Maximum [Member]      
Accounting Policies [Line Items]      
Cooperative advertising allowance, percentage 10.00%    
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Due From PNC Bank (Details Narrative) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Due From Pnc Bank Details Narrative    
Due from PNC Bank $ 861 $ 184,392
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Inventories - Schedule of Inventory (Details) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Inventory Disclosure [Abstract]    
Finished Goods $ 7,491,583 $ 4,450,975
Inventory in Transit 1,702,374
Inventory Reserve (826,000) (760,000)
Inventories, net $ 8,367,957 $ 3,690,975
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 43,795 $ 37,333
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Mar. 31, 2016
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,072,548 $ 3,007,018
Less: Accumulated depreciation 2,620,210 2,576,416
Property and equipment, net 452,338 430,602
Computer and Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 285,650 285,650
Average useful life (in years) 5 years  
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 4,312 4,312
Average useful life (in years) 7 years  
Warehouse Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 238,470 224,106
Average useful life (in years) 7 years  
Molds and tooling [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,544,116 $ 2,492,950
Molds and tooling [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 3 years  
Molds and tooling [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 5 years  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Obligations to Clients for Returns and Allowances (Details Narrative) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Payables and Accruals [Abstract]    
Customer obligations for returns and allowances $ 22,414 $ 121,092
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Line of Credit (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Line of Credit Facility [Line Items]    
Incurred interest expense $ 0 $ 9,665
Unused facility fee $ 7,031 6,142
First priority security ownership interest percentage 100.00%  
Amortization expense $ 18,519 18,519
Ram Light Management, Ltd [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum amount outstanding during period $ 1,000,000  
Line of credit facility, interest rate during period 6.00%  
Conversion of related party debt $ 1,100,000  
Repayments of lines of credit $ 150,000  
Line of credit payment description While the Company did meet the mandatory pay-down requirement, the Company did not meet the prior 30 day average excess availability requirement permitting the Company to make all scheduled payments on the note, and as a result, the first three scheduled payments due December 31, 2014, March 31, 2015 and June 30, 2015 were not made. As part of the Conditions to Installment Payment in the note, payments not made under this note that cannot be made as a result of the foregoing prohibition shall not be deemed an Event of Default and will not cumulate with the next payment that can be made, but rather will be payable on the maturity date together with any additional interest that has accrued thereon.  
Interest expense, related party $ 11,463 15,842
Accrued interest 63,778  
Ram Light Note [Member]    
Line of Credit Facility [Line Items]    
Interest expense, related party $ 11,463 $ 17,283
Maximum [Member]    
Line of Credit Facility [Line Items]    
First priority lien percentage 65.00%  
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Debt instrument, term 3 years  
Line of credit facility, expiration date Jul. 14, 2017  
Line of credit facility, description Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”): 1. Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus. 2. Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus. 3. An all-time $500,000 block; minus. 4. Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.  
Line of credit facility sub limits description The Revolving Credit Facility includes the following sub-limits: Letters of Credit to be issued limited to $3,000,000. Inventory availability limited to $4,000,000. Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.  
Line of credit facility, covenant terms The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default: Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness. Capital expenditures limited to $150,000 per year.  
Line of credit facility, interest rate during period 2.00%  
Line of credit facility, LIBOR Rate plus rate 3.50%  
Line of credit facility default rate 2.00%  
Line of credit facility, unused capacity, commitment fee percentage 0.375%  
Line of credit facility, collateral amount $ 2,500,000  
Line of credit facility, collateral fee 222,000  
Revolving Credit Facility [Member] | Peak Selling Season Between August 1 And December 31 [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum amount outstanding during period 15,000,000  
Revolving Credit Facility [Member] | Peak Selling Season Between January 1 And July 31 [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum amount outstanding during period $ 7,500,000  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]    
Rent expense $ 164,531 $ 155,521
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details)
Jun. 30, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2016 $ 535,412
2017 504,183
2018 524,272
2019 524,272
2020 87,379
Total $ 2,175,518
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Geographical Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Segment Reporting Information [Line Items]    
Net Sales $ 4,859,392 $ 3,466,874
North America [Member]    
Segment Reporting Information [Line Items]    
Net Sales 4,541,145 3,073,577
Europe [Member]    
Segment Reporting Information [Line Items]    
Net Sales 318,247 237,507
South Africa [Member]    
Segment Reporting Information [Line Items]    
Net Sales $ 155,790
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Mar. 31, 2016
Related Party Transaction [Line Items]      
Due from related parties, current $ 351,485   $ 26,152
Ram Light Management, Ltd [Member]      
Related Party Transaction [Line Items]      
Due to related parties, current $ 201,000   400,000
Interest rate 6.00%    
Interest Paid $ 3,500 $ 0  
Due to other related parties 720,648   0
Debt conversion, amount 1,100,000    
Notes payable, related parties, current 558,075   696,612
Interest expense, related party 11,463 15,842  
Starlight Marketing Development, Ltd [Member]      
Related Party Transaction [Line Items]      
Due to related parties 1,924,431    
Starlight Electronics Co Ltd [Member]      
Related Party Transaction [Line Items]      
Due to related parties, current 707,819  
Revenue from related parties $ 0 $ 64,903  
Related party gross margin percentage 1470.00%  
Related party purchases of services from related party transaction $ 710,543 $ 0  
Winglight Pacific Ltd [Member]      
Related Party Transaction [Line Items]      
Revenue from related parties $ 192,976 $ 0  
Related party gross margin percentage 15.40%  
Cosmo Communications Usa, Inc [Member]      
Related Party Transaction [Line Items]      
Revenue from related parties $ 123,499 $ 113,962  
Starlight R&D, Ltd [Member]      
Related Party Transaction [Line Items]      
Related party purchases of services from related party transaction 13,846 32,857  
Starlight Consumer Electronics USA, Inc [Member]      
Related Party Transaction [Line Items]      
Related party purchases of services from related party transaction 51,900 $ 165,893  
Starlight RD, Cosmo and SLE [Member]      
Related Party Transaction [Line Items]      
Proceeds from fees received $ 18,671    
Agreement expiration date Mar. 31, 2017    
Warehouse space per pallet $ 0.096    
SEC, Cosmo USA and Starlight Electronics USA [Member]      
Related Party Transaction [Line Items]      
Proceeds from fees received $ 19,885    
Agreement expiration date Mar. 31, 2016    
Warehouse space per pallet $ 0.096    
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warranty Provisions (Details Narrative)
 3 Months Ended
Jun. 30, 2016
Product Warranties Disclosures [Abstract]  
Standard product warranty description Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products.
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warranty Provisions - Schedule of Product Warranty Liability (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Product Warranties Disclosures [Abstract]    
Estimated warranty provision at beginning of period $ 292,500 $ 197,873
Costs accrued for future estimated returns 109,245 87,235
Returns received (208,482) (132,034)
Estimated warranty provision at end of period $ 193,263 $ 153,074
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Employee Benefit Plans (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]    
Defined contribution plan, administrative expenses $ 9,867 $ 9,258
EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 53 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 70 194 1 false 30 0 false 4 false false R1.htm 00000001 - Document - Document And Entity Information Sheet http://singingmachine.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://singingmachine.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://singingmachine.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://singingmachine.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://singingmachine.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - Basis of Presentation Sheet http://singingmachine.com/role/BasisOfPresentation Basis of Presentation Notes 6 false false R7.htm 00000007 - Disclosure - Summary of Accounting Policies Sheet http://singingmachine.com/role/SummaryOfAccountingPolicies Summary of Accounting Policies Notes 7 false false R8.htm 00000008 - Disclosure - Due From PNC Bank Sheet http://singingmachine.com/role/DueFromPncBank Due From PNC Bank Notes 8 false false R9.htm 00000009 - Disclosure - Inventories, Net Sheet http://singingmachine.com/role/InventoriesNet Inventories, Net Notes 9 false false R10.htm 00000010 - Disclosure - Property and Equipment Sheet http://singingmachine.com/role/PropertyAndEquipment Property and Equipment Notes 10 false false R11.htm 00000011 - Disclosure - Obligations to Customers for Returns and Allowances Sheet http://singingmachine.com/role/ObligationsToCustomersForReturnsAndAllowances Obligations to Customers for Returns and Allowances Notes 11 false false R12.htm 00000012 - Disclosure - Line of Credit Sheet http://singingmachine.com/role/LineOfCredit Line of Credit Notes 12 false false R13.htm 00000013 - Disclosure - Commitments and Contingencies Sheet http://singingmachine.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 13 false false R14.htm 00000014 - Disclosure - Geographical Information Sheet http://singingmachine.com/role/GeographicalInformation Geographical Information Notes 14 false false R15.htm 00000015 - Disclosure - Related Party Transactions Sheet http://singingmachine.com/role/RelatedPartyTransactions Related Party Transactions Notes 15 false false R16.htm 00000016 - Disclosure - Warranty Provisions Sheet http://singingmachine.com/role/WarrantyProvisions Warranty Provisions Notes 16 false false R17.htm 00000017 - Disclosure - Employee Benefit Plans Sheet http://singingmachine.com/role/EmployeeBenefitPlans Employee Benefit Plans Notes 17 false false R18.htm 00000018 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://singingmachine.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://singingmachine.com/role/SummaryOfAccountingPolicies 18 false false R19.htm 00000019 - Disclosure - Inventories, Net (Tables) Sheet http://singingmachine.com/role/InventoriesNetTables Inventories, Net (Tables) Tables http://singingmachine.com/role/InventoriesNet 19 false false R20.htm 00000020 - Disclosure - Property and Equipment (Tables) Sheet http://singingmachine.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://singingmachine.com/role/PropertyAndEquipment 20 false false R21.htm 00000021 - Disclosure - Commitments and Contingencies (Tables) Sheet http://singingmachine.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://singingmachine.com/role/CommitmentsAndContingencies 21 false false R22.htm 00000022 - Disclosure - Geographical Information (Tables) Sheet http://singingmachine.com/role/GeographicalInformationTables Geographical Information (Tables) Tables http://singingmachine.com/role/GeographicalInformation 22 false false R23.htm 00000023 - Disclosure - Warranty Provisions (Tables) Sheet http://singingmachine.com/role/WarrantyProvisionsTables Warranty Provisions (Tables) Tables http://singingmachine.com/role/WarrantyProvisions 23 false false R24.htm 00000024 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://singingmachine.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://singingmachine.com/role/SummaryOfSignificantAccountingPoliciesPolicies 24 false false R25.htm 00000025 - Disclosure - Due From PNC Bank (Details Narrative) Sheet http://singingmachine.com/role/DueFromPncBankDetailsNarrative Due From PNC Bank (Details Narrative) Details http://singingmachine.com/role/DueFromPncBank 25 false false R26.htm 00000026 - Disclosure - Inventories - Schedule of Inventory (Details) Sheet http://singingmachine.com/role/Inventories-ScheduleOfInventoryDetails Inventories - Schedule of Inventory (Details) Details 26 false false R27.htm 00000027 - Disclosure - Property and Equipment (Details Narrative) Sheet http://singingmachine.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://singingmachine.com/role/PropertyAndEquipmentTables 27 false false R28.htm 00000028 - Disclosure - Property and Equipment - Summary of Property and Equipment (Details) Sheet http://singingmachine.com/role/PropertyAndEquipment-SummaryOfPropertyAndEquipmentDetails Property and Equipment - Summary of Property and Equipment (Details) Details 28 false false R29.htm 00000029 - Disclosure - Obligations to Clients for Returns and Allowances (Details Narrative) Sheet http://singingmachine.com/role/ObligationsToClientsForReturnsAndAllowancesDetailsNarrative Obligations to Clients for Returns and Allowances (Details Narrative) Details 29 false false R30.htm 00000030 - Disclosure - Line of Credit (Details Narrative) Sheet http://singingmachine.com/role/LineOfCreditDetailsNarrative Line of Credit (Details Narrative) Details http://singingmachine.com/role/LineOfCredit 30 false false R31.htm 00000031 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://singingmachine.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://singingmachine.com/role/CommitmentsAndContingenciesTables 31 false false R32.htm 00000032 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) Sheet http://singingmachine.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesDetails Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) Details 32 false false R33.htm 00000033 - Disclosure - Geographical Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) Sheet http://singingmachine.com/role/GeographicalInformation-ScheduleOfRevenueFromExternalCustomersAndLong-livedAssetsByGeographicalAreasDetails Geographical Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) Details 33 false false R34.htm 00000034 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://singingmachine.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://singingmachine.com/role/RelatedPartyTransactions 34 false false R35.htm 00000035 - Disclosure - Warranty Provisions (Details Narrative) Sheet http://singingmachine.com/role/WarrantyProvisionsDetailsNarrative Warranty Provisions (Details Narrative) Details http://singingmachine.com/role/WarrantyProvisionsTables 35 false false R36.htm 00000036 - Disclosure - Warranty Provisions - Schedule of Product Warranty Liability (Details) Sheet http://singingmachine.com/role/WarrantyProvisionsDetails Warranty Provisions - Schedule of Product Warranty Liability (Details) Details 36 false false R37.htm 00000037 - Disclosure - Employee Benefit Plans (Details Narrative) Sheet http://singingmachine.com/role/EmployeeBenefitPlansDetailsNarrative Employee Benefit Plans (Details Narrative) Details http://singingmachine.com/role/EmployeeBenefitPlans 37 false false All Reports Book All Reports smdm-20160630.xml smdm-20160630.xsd smdm-20160630_cal.xml smdm-20160630_def.xml smdm-20160630_lab.xml smdm-20160630_pre.xml true true ZIP 55 0001493152-16-012322-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-16-012322-xbrl.zip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end