0001493152-20-002268.txt : 20200214 0001493152-20-002268.hdr.sgml : 20200214 20200214061620 ACCESSION NUMBER: 0001493152-20-002268 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200214 DATE AS OF CHANGE: 20200214 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: 20613595 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 form10q.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 December 31, 2019

	[ ]	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 5^th 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 [X] Smaller Reporting Company [X] Emerging growth company [ ]

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		38,557,643 as of February 14, 2020

THE SINGING MACHINE COMPANY, INC. AND SUBSIDIARIES

INDEX

		Page No.

	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets – December 31, 2019 (Unaudited) and March 31, 2019	3

	Condensed Consolidated Statements of Operations – Three and Nine months ended December 31, 2019 and 2018 (Unaudited)	4

	Condensed Consolidated Statements of Cash Flows - Nine months ended December 31, 2019 and 2018 (Unaudited)	5

	Condensed Consolidated Statements of Shareholders’ Equity – Three and Nine months ended December 31, 2019 and 2018 (Unaudited)	6

	Notes to Condensed Consolidated Financial Statements - December 31, 2019 (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	24

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	24

SIGNATURES		25

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2019			March 31, 2019
	(Unaudited)
Assets
Current Assets
Cash	$	518,608		$	211,408
Accounts receivable, net of allowances of $184,120 and $51,096, respectively		7,761,832			1,769,404
Due from PNC Bank		2,447,868			2,236,779
Accounts receivable related party - Cosmo Communications Canada, Inc		38,962			-
Accounts receivable related party - Winglight Pacific, Ltd		1,145,196			288,941
Insurance claim receivable		1,286,158			-
Inventories, net		8,102,914			6,024,311
Prepaid expenses and other current assets		139,680			274,278
Deferred financing costs		6,667			13,333
Total Current Assets		21,447,885			10,818,454

Property and equipment, net		844,246			522,910
Deferred financing costs, net of current portion		-			3,333
Deferred tax assets		1,052,999			758,366
Operating Leases - right of use assets		710,961			-
Other non-current assets		23,059			90,082
Total Assets	$	24,079,150		$	12,193,145

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable	$	6,584,894		$	842,708
Accrued expenses		2,605,128			950,773
Current portion of bank term note payable		-			125,000
Due to related party - Starlight Consumer Electronics Co., Ltd.		14,400			-
Due to related party - Starlight Electronics Co., Ltd		281,700			-
Due to related party - Starlight R&D, Ltd.		103,572			-
Refunds due to customers		510,833			31,075
Reserve for sales returns		4,546,317			896,154
Current portion of finance leases		14,816			14,414
Current portion of installment notes		49,016			-
Current portion of operating lease liabilities		445,322			-
Current portion of subordinated related party debt - Starlight Marketing Development, Ltd.		802,659			815,367
Total Current Liabilities		15,958,657			3,675,491

Finance leases, net of current portion		6,340			17,499
Installment notes, net of current portion		227,520			-
Operating lease liabilities, net of current portion		349,880			-
Total Liabilities		16,542,397			3,692,990

Commitments and Contingencies

Shareholders’ Equity
Common stock, Class B, $0.01 par value; 100,000,000 shares authorized; 38,557,643 and 38,464,753 shares issued and outstanding, respectively		385,577			384,647
Additional paid-in capital		19,724,040			19,687,264
Subscriptions receivable		-			(2,200	)
Accumulated deficit		(12,572,864	)		(11,569,556	)
Total Shareholders’ Equity		7,536,753			8,500,155
Total Liabilities and Shareholders’ Equity	$	24,079,150		$	12,193,145

See notes to the condensed consolidated financial statements

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended						For the Nine Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018

Net Sales	$	15,519,516		$	19,452,450		$	40,410,398		$	45,593,906

Cost of Goods Sold		11,486,520			13,826,176			29,747,376			34,369,467

Gross Profit		4,032,996			5,626,274			10,663,022			11,224,439

Operating Expenses
Selling expenses		3,402,717			2,236,777			6,550,139			4,698,141
General and administrative expenses		1,442,192			1,524,810			5,048,517			4,185,579
Depreciation		77,161			64,357			196,210			200,138
Total Operating Expenses		4,922,070			3,825,944			11,794,866			9,083,858

(Loss) Income from Operations		(889,074	)		1,800,330			(1,131,844	)		2,140,581

Other Expenses
Interest expense		(105,583	)		(139,729	)		(156,097	)		(235,290	)
Finance costs		(3,334	)		(3,333	)		(10,000	)		(10,000	)
Total Other Expenses		(108,917	)		(143,062	)		(166,097	)		(245,290	)

(Loss) Income Before Income Tax Benefit (Provision)		(997,991	)		1,657,268			(1,297,941	)		1,895,291

Income Tax Benefit (Provision)		240,042			(367,255	)		294,633			(422,000	)

Net (Loss) Income	$	(757,949	)	$	1,290,013		$	(1,003,308	)	$	1,473,291

Net (Loss) Income per Common Share
Basic	$	(0.02	)	$	0.03		$	(0.03	)	$	0.04
Diluted	$	(0.02	)	$	0.03		$	(0.03	)	$	0.04

Weighted Average Common and Common
Equivalent Shares:
Basic		38,557,643			38,384,753			38,524,698			38,315,395
Diluted		38,557,643			39,459,369			38,524,698			39,397,875

See notes to the condensed consolidated financial statements

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Nine Months Ended
	December 31, 2019			December 31, 2018

Cash flows from operating activities
Net (loss) income	$	(1,003,308	)	$	1,473,291
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation		196,210			200,138
Amortization of deferred financing costs		9,999			10,000
Change in inventory reserve		150,000			(56,780	)
Change in allowance for bad debts		133,024			162,198
Stock based compensation		27,506			42,879
Change in net deferred tax assets		(294,633	)		422,001
Changes in operating assets and liabilities:
Accounts receivable		(6,125,452	)		(9,697,203	)
Due from PNC Bank		(211,089	)		6,212
Accounts receivable - related parties		(895,217	)		(515,580	)
Insurance receivable		(1,286,158	)		-
Inventories		(2,228,603	)		2,475,145
Prepaid expenses and other current assets		134,598			25,587
Other non-current assets		67,023			(516	)
Accounts payable		5,742,186			1,744,862
Accrued expenses		1,780,393			1,036,699
Due to related parties		399,672			293,717
Refunds due to customers		479,758			(445,484	)
Reserve for sales returns		3,650,163			1,324,486
Operating lease liabilities, net of operating leases - right of use assets		(41,797	)		-
Net cash provided by (used in) operating activities		684,275			(1,498,348	)
Cash flows from investing activities
Purchase of property and equipment		(517,546	)		(288,740	)
Net cash used in investing activities		(517,546	)		(288,740	)
Cash flows from financing activities
Net proceeds from revolving line of credit		-			2,931,118
Proceeds from installment notes		283,840			-
Payments on installment notes		(7,304	)		-
Proceeds from subscription receivable		2,200			-
Proceeds from exercise of stock options		10,200			6,400
Payment of bank term note		(125,000	)		(375,000	)
Payment on subordinated debt - related party		(12,708	)		-
Payments on finance leases		(10,757	)		(8,093	)
Net cash provided by financing activities		140,471			2,554,425
Net change in cash		307,200			767,337

Cash at beginning of period		211,408			813,908
Cash at end of period	$	518,608		$	1,581,245

Supplemental disclosures of cash flow information:
Cash paid for interest	$	167,954		$	215,501
Equipment purchased under capital lease	$	-		$	43,527
Operating leases - right of use assets initial adoption	$	1,108,330		$	-
Operating lease liabilities - initial adoption	$	1,234,368		$	-

See notes to the condensed consolidated financial statements

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the three months ended December 31, 2019 and 2018

(Unaudited)

	Preferred Stock				Common Stock				Additional Paid in		Subscriptions		Accumulated
	Shares		Amount		Shares		Amount		Capital		Receivable		Deficit			Total

Balance at September 30, 2019		-	$	-		38,557,643	$	385,577	$	19,719,038	$	-	$	(11,814,915	)	$	8,289,700

Net Loss														(757,949	)		(757,949	)
Employee compensation-stock option										5,002							5,002

Balance at December 31, 2019		-	$	-		38,557,643	$	385,577	$	19,724,040	$	-	$	(12,572,864	)	$	7,536,753

Balance at September 30, 2018		-	$	-		38,384,753	$	383,847	$	19,662,766	$	-	$	(12,017,825	)	$	8,028,788

Net lncome														1,290,013			1,290,013
Employee compensation-stock option										9,549							9,549

Balance at December 31, 2018		-	$	-		38,384,753	$	383,847	$	19,672,315	$	-	$	(10,727,812	)	$	9,328,350

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the nine months ended December 31, 2019 and 2018

(Unaudited)

	Preferred Stock				Common Stock				Additional Paid in		Subscriptions			Accumulated
	Shares		Amount		Shares		Amount		Capital		Receivable			Deficit			Total

Balance at March 31, 2019		-	$	-		38,464,753	$	384,648	$	19,687,263	$	(2,200	)	$	(11,569,556	)	$	8,500,155

Net Loss															(1,003,308	)		(1,003,308	)
Employee compensation-stock option										15,006								15,006
Collection of subscription receivable												2,200						2,200
Exercise of stock options						60,000		600		9,600								10,200
Issuance of common stock - directors						32,890		329		12,171								12,500

Balance at December 31, 2019		-	$	-		38,557,643	$	385,577	$	19,724,040	$	-		$	(12,572,864	)	$	7,536,753

Balance at March 31, 2018		-	$	-		38,282,028	$	382,820	$	19,624,063	$	-		$	(12,201,103	)	$	7,805,780

Net Income															1,473,291			1,473,291
Employee compensation-stock option										30,379								30,379
Exercise of stock options						80,000		800		5,600								6,400
Director fees						22,725		227		12,273								12,500

Balance at December 31, 2018		-	$	-		38,384,753	$	383,847	$	19,672,315	$	-		$	(10,727,812	)	$	9,328,350

See notes to the condensed consolidated financial statements.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

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 – LIQUIDITY

In August 2019, we received notification from a major customer that several containers of goods from multiple vessels purchased direct import by the customer had arrived severely water damaged. Upon inspection of the damaged goods by insurance surveyors it was their opinion that the source of the damage was due to moisture in the pallets provided by the factory which caused significant condensation and consequently water damage to the merchandise. Actual damage to the goods occurred while the goods were in transit. We have filed insurance claims on our cargo insurance policy which does provide for recovery of the sales value plus additional expenses associated with the damaged goods. For the three months ended December 31, 2019, the customer charged us back a total of approximately $48,000 for damaged goods consisting of sales value of approximately $46,000 which was recorded as a reduction in net sales and approximately $2,000 in survey fees which were expensed as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. For the nine months ended December 31, 2019, the customer charged us back a total of approximately $1,691,000 for damaged goods consisting of sales value of approximately $1,580,000 which was recorded as a reduction in net sales, approximately $109,000 in freight charges which were expensed as a component of sales and marketing expenses and approximately $2,000 in survey fees which were expensed as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. For the three and nine months ended December 31, 2019 we have incurred additional related expenses of approximately $127,000 and $346,000, respectively that were included as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. We continue to gather the relevant information required to complete the insurance claims, however due to the significant extent of the damage more time will be required by the underwriter to determine the final claim settlement. As such, we have recorded a refund due to the customer of approximately $510,000 which reflects approximately $1,691,000 of chargebacks by the customer less approximately $1,181,000 the customer has deducted on payment remittances to the Company as of December 31, 2019. We recognized an insurance claim receivable of approximately $1,286,000 (the approximate cost of the damaged goods returned that will be destroyed) on the accompanying condensed consolidated balance sheet at December 31, 2019. The timing of the collection of this insurance claim receivable remains uncertain at this time.

As of December 31, 2019 the Company was in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and expenses associated with the damaged goods discussed above as well as a loss from operations. In November 2019, the Company entered into a Forbearance Agreement with PNC Bank, National Association (“PNC”) whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 at which time we would renegotiate renewal of the Revolving Credit Facility or obtain alternative financing.

	●	PNC implemented a $1,000,000 loan availability block.

	●	PNC required an EBITDA hurdle greater than or equal to $400,000 for the third quarter ending December 31, 2019 and requires EBITDA of $0 for the six months ending March 31, 2020 and $(83,000) for the twelve months ending March 31, 2020.

	●	PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.

As of December 31, 2019 the Company did not meet the required EBITDA hurdle of greater than or equal to $400,000 for the third quarter ended December 31, 2019 and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility has no outstanding balance and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.

For the nine months ended December 31, 2019, the Company incurred a net loss of approximately $1,003,000 compared to net income of approximately $1,473,000 for the nine months ended December 31, 2018. The Company expects cash flows from operations as well as other financing resources to be adequate to satisfy working capital requirements for at least the next twelve months from the date the accompanying condensed consolidated financial statements are issued. The Company plans to supplement cash flows from operations from several activities and resources including the following:

	●	Reduce operating expenses.

	●	Continue to negotiate renewal of the existing Revolving Credit Facility with PNC Bank prior to its expiration on July 15, 2020.

	●	Continuing discussions for alternative financing arrangements with several financial institutions.

	●	Utilize “dynamic discount” programs offered by several of the Company’s major customers which allow for accelerated payment of invoices in exchange for an early pay discount.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

There can be no assurances that any of the above actions can be accomplished or that financing will be available on acceptable terms. If the Company is unable to obtain financing or continues to experience sustained losses from operations this would have a material adverse effect on its ability to meet its financial obligations when due.

NOTE 3 - 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 and nine months ended December 31, 2019 and 2018 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 Securities and Exchange Commission. 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, 2019 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019. 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.

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.

The Company is subject to chargebacks from customers for cooperative marketing programs, defective returns, return freight and handling charges that are deducted from open invoices and reduce collectability of open invoices.

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.

FOREIGN CURRENCY TRANSLATION

The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiary 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 are recorded in the condensed consolidated statement of operations and translations are recorded in a separate component of shareholders’ equity. Any such amounts were not material during the periods presented.

Concentration of Credit Risk

At times, the Company maintains cash in United States bank accounts that are more than the Federal Deposit Insurance Corporation insured amounts. The Company also maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at December 31, 2019 and March 31, 2019 are approximately $426,000 and $211,000, respectively.

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of accounts receivable.

INVENTORY

Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or net realizable value, as determined using the first in, first out method. Inventories also include an estimate for the net realizable value of expected future inventory returns due to warranty and allowance programs. As of December 31, 2019 and March 31, 2019 the estimated amounts for these future inventory returns were approximately $2,444,000 and $599,000, respectively. The Company 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. As of December 31, 2019 and March 31, 2019 the Company had inventory reserves of approximately $404,000 and $254,000 respectively for estimated excess and obsolete inventory.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

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, refunds due to customers and due to/from related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the subordinated debt to Starlight Marketing Development, Ltd. (related party) and finance leases approximate fair value due to the relatively short period to maturity and related interest accrued at a rate similar to market rates. The carrying amount on the revolving line of credit approximates fair value due to the relatively short period to maturity and related interest accrued at market rates.

REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS

The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). Revenue is recognized when the goods are delivered and control of the goods sold is transferred to the customer. The Company’s contracts have no financing elements, payment terms are less than 120 days and have no further contract asset or liability obligations once control of goods is transferred to the customer. Revenue is recorded in the amount of consideration the Company expects to receive for the sale of these goods.

Costs incurred in fulfilling contracts with customers include administrative costs associated with the procurement of goods are included in general and administrative expenses, in-bound freight costs are included in the cost of goods sold and accrued sales representative commissions are included in selling expenses in the accompanying condensed consolidated statements of operations.

The Company disaggregates revenues by product line and major geographic region as most of its revenue is generated by the sales of karaoke hardware and the Company has no other material business segments (See NOTE 10).

The Company generally does not allow products to be returned other than return allowance programs for goods returned to the customer for various reasons and accordingly records a sales return reserve based on historic return amounts, events as identified and management estimates.

The Company’s reserve for sales returns were approximately $4,546,000 and $896,000 as of December 31, 2019 and March 31, 2019, respectively.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:

Revenue by Product Line
	Three Months Ended				Nine Months Ended
Product Line	12/31/2019		12/31/2018		12/31/2019		12/31/2018

Classic Karaoke Machines	$	10,336,078	$	10,740,373	$	29,067,908	$	28,014,115
Download Karaoke Machines		3,636,057		7,343,426		5,534,065		12,750,096
SMC Kids Toys		339,577		334,150		967,939		2,036,623
Music and Accessories		1,207,804		1,034,501		4,840,486		2,793,072

Total Net Sales	$	15,519,516	$	19,452,450	$	40,410,398	$	45,593,906

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 and nine months ended December 31, 2019 and 2018 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 December 31, 2019 and 2018, the stock option expense was approximately $5,000 and $10,000, respectively. For the nine months ended December 31, 2019 and 2018, the stock option expense was $15,000 and $30,000, 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 indicate that the customer must spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 1% to 13% of the purchase. The customers must 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, which is included as a component of selling expenses on the accompanying condensed consolidated statements of operations, for the three months ended December 31, 2019 and 2018 was approximately $2,040,000 and $1,328,000, respectively. Advertising expense for the nine months ended December 31, 2019 and 2018 was approximately $3,820,000 and $2,877,000, respectively. As of December 31, 2019 and March 31, 2019 there was an accrual for cooperative advertising allowances of $1,689,000 and $185,000, 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 general and administrative expenses in the condensed consolidated statements of operations. For the three months ended December 31, 2019 and 2018, these amounts totaled approximately $13,000 and $27,000, respectively. For the nine months ended December 31, 2019 and 2018, these amounts totaled approximately $36,000 and $64,000 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. For the nine months ended December 31, 2019 and 2018 we estimated our effective tax rate to be approximately 22%. As of December 31, 2019 and March 31, 2019, the Company had gross deferred tax assets of approximately $1,053,000 and $758,000, respectively. The Company recorded an income tax benefit of approximately $240,000 and an income tax provision of approximately $367,000 for the three months ended December 31, 2019 and 2018, respectively. The Company recorded an income tax benefit of approximately $295,000 and an income tax provision of $422,000 for the nine months ended December 31, 2019 and 2018, respectively.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

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 December 31, 2019, 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.

COMPUTATION OF EARNINGS (LOSS) PER SHARE

Income (loss) per common share is computed by dividing net income (loss) by the weighted average of common shares outstanding during the period. As of December 31, 2019 and 2018 total potential dilutive shares from common stock options amounted to approximately 2,250,000 and 2,350,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three and nine months ended December 31, 2019 because their effect was anti-dilutive. These shares were included in the computation of diluted earnings per share for the three and nine months ended December 31, 2018.

ADOPTION OF NEW ACCOUNTING STANDARDS

In February 2016, the FASB issued ASU 2016-02, Topic 842, as amended, “Leases”. The ASU requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On April 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its disclosures for the comparative periods. (See Note 7– LEASES).

The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date. The liability is equal to the present value of the remaining minimum lease payments. The asset is based on the liability, subject to certain adjustments. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard) while finance leases result in a front-loaded expense pattern (similar to capital leases under the prior accounting standard). As the interest rate implicit in the Company’s operating leases is not readily determinable, the Company utilizes its incremental borrowing rate to discount the lease payments. The Company utilizes the implicit rate for its finance leases.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740). Among several issues addressed in this ASU, there was one area that may potentially affect the Company’s calculations of interim income tax provision or benefit. The guidance specifies that an entity should apply the annual effective tax rate to the year-to date income or loss as long as the tax benefits for any losses are expected to be realized during the year or would be recognizable as a deferred tax asset at the end of the year eliminating the requirement of a valuation allowance for that interim period. There is specific guidance for circumstances in which an entity incurs a loss on a year-to-date basis that exceeds the anticipated ordinary loss for the year, which is an exception to the general guidance in Subtopic 740-270. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses” (Topic 326). This ASU represents a significant change in the current accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which delayed recognition of expected losses that might not yet have met the threshold of being probable. The amendments in ASU 2016-03 for smaller reporting companies are effective for fiscal years beginning after April 1, 2023 including interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

NOTE 4 - INVENTORIES, NET

Inventories are comprised of the following components:

	December 31, 2019		March 31, 2019

Finished Goods	$	6,062,661	$	5,679,245
Estimated Amount of Future Returns		2,444,253		599,066
Subtotal		8,506,914		6,278,311
Less:Inventory Reserve		404,000		254,000

Inventories, net	$	8,102,914	$	6,024,311

NOTE 5 – PROPERTY AND EQUIPMENT

A summary of property and equipment is as follows:

	USEFUL	December 31,		March 31,
	LIFE	2019		2019

Computer and office equipment	5 years	$	444,935	$	140,575
Furniture and fixtures	7 years		98,410		98,410
Warehouse equipment	7 years		195,401		209,419
Molds and tooling	3-5 years		1,680,022		1,466,837
			2,418,768		1,915,241
Less: Accumulated depreciation			1,574,522		1,392,331
		$	844,246	$	522,910

Depreciation expense for the three months ended December 31, 2019 and 2018 was approximately $77,000 and $64,000, respectively. Depreciation expense for the nine months ended December 31, 2019 and 2018 was approximately $196,000 and $200,000, respectively.

NOTE 6 – BANK FINANCING

Revolving Credit Facility

On June 22, 2017, the Company renewed the existing revolving credit facility (the “Revolving Credit Facility”) with PNC for an additional three years expiring on July 15, 2020. The outstanding loan balance cannot exceed $15,000,000 during peak selling season between August 1 and December 31 (with the ability of the Company to request an additional $5,000,000 of availability during peak selling season if required) and is reduced to a maximum of $7,500,000 between January 1 and July 31. At December 31, 2019 and March 31, 2019, the outstanding balance was approximately $0 and $0, respectively, on the Revolving Credit Facility. As of December 31, 2019, there was approximately $15,000,000 available to borrow on the Revolving Credit Facility, assuming compliance with the limits and covenants as discussed below. 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 and up to 90% of eligible foreign credit insured accounts 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) 60% of the cost of eligible inventory or (b) 85% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus

●

Applicable reserves including a dilution reserve equal to 100% 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 $5,000,000.

	●	$500,000 eligible in-transit inventory sublimit within the $5,000,000 total inventory.

	●	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 $375,000 per year.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

As of December 31, 2019 the Company remained in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and related expenses associated with the damaged goods received by one major customer in August, 2019. In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 and would continue forbearance actions provided the Company continued to meet compliance with certain conditions (See Note 2 – LIQUIDITY).

As of December 31, 2019 the Company did not meet the required conditions of the Forbearance Agreement and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility has no outstanding balance and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.

Prior the Forbearance Agreement interest on the Revolving Line of Credit was accrued at .75% 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 2.75% per annum with a default rate of 2% over the applicable rate. Upon execution of the Forbearance Agreement there was a pricing rate increase of .5% on the ..75% per annum rate and the PNC LIBOR Rate plus 2.75% (See Note 2 – LIQUIDITY). 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 December 31, 2019 and 2018 the Company incurred interest expense of approximately $86,000 and $100,000, respectively, on amounts borrowed against the Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $119,000 and $155,000, respectively on amounts borrowed against the Revolving Credit Facility. During the three months ended December 31, 2019 and 2018, the Company incurred an unused facility fee of approximately $10,000 and $8,000, respectively on the unused portion of the Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018, the Company incurred an unused facility fee of approximately $30,000 and $23,000, 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’ foreign 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 approximately $803,000. Costs associated with renewal of the Revolving Credit Facility of approximately $40,000 were deferred and are being amortized over the term of the agreement. During the three months ended December 31, 2019 and 2018, the Company incurred amortization expense of approximately $3,000 associated with the amortization of deferred financing costs from the original Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018 the Company incurred amortization expense of approximately $10,000 associated with the amortization of deferred financing costs from the original Revolving Credit Facility.

Subordinated Related Party Debt

The subordination agreement was amended reducing the amount of related party subordinated debt to the remaining amount due of approximately $815,000. Provision has also been made to allow repayment of the remaining $815,000 in quarterly installments of $123,000 including interest accrued at 6% per annum commencing September 30, 2017 and ending on the debt maturity date of June 30, 2019. There are no provisions to continue accruing interest on the outstanding principal amount due as of June 30, 2019. Payments of $123,000 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. As part of the Conditions to Installment Payment of the subordinated debt, payments not made under this note that cannot be made as a result of the foregoing prohibition, including payments after the scheduled maturity date, shall not be deemed an Event of Default and can be made as soon as the Company is able to demonstrate that it meets the liquidity requirements defined above. Quarterly installment payments of $123,000 due on the last day of each fiscal quarter have not been made since September 2017 due to the Company not meeting these requirements; a payment of $123,000 which includes principal and interest, was not made during the three months ended December 31, 2019. A payment of $25,000 was made in August 2019 with approximately $12,500 paying down the principal and approximately $12,500 paying interest due. During the three months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $0 and $7,000 respectively on the related party subordinated debt. During the nine months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $0 and $20,000, respectively on the related party subordinated debt. As of December 31, 2019 and March 31, 2019, the remaining amount due on the subordinated related party debt was approximately $803,000 and $815,000, respectively.

Bank Term Note

The Company repaid the final $125,000 installment of a term loan with PNC which originated in fiscal year 2018.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

NOTE 7 - COMMITMENTS AND CONTINGENCIES

LEASES

Operating Leases

We have operating lease agreements for offices and a warehouse facility in Florida, California and Hong Kong expiring in various years through 2024.

We entered into an operating lease agreement, effective October 1, 2017, for the corporate headquarters located in Fort Lauderdale, Florida where we lease approximately 6,500 square feet of office space. The lease expires on March 31, 2024. The base rent payment is approximately $8,800 per month, subject to annual adjustments.

We entered into an operating lease agreement, effective June 1, 2013, for 86,000 square feet of warehouse space in Ontario, California for our logistics operations. The lease expires on August 31, 2020 (original lease term of 87 months). The base rent payment is approximately $43,700

per month for the remaining term of the lease. The lease provides for a renewal option to extend the lease term for 5 years at the fair market value at the time of renewal.

We entered into an operating lease agreement, effective May 1, 2018, for 424 square feet of office space in Macau, Hong Kong. The rent is fixed at approximately $1,600 per month for the duration of the lease which expires on April 30, 2021. The lease provides for a renewal option to extend the lease.

Lease expense for our operating leases is recognized on a straight-line basis over the lease terms.

Finance Leases

On May 25, 2018 and June 4, 2018, we entered into two long-term capital leasing arrangements with Wells Fargo Equipment Finance (“Wells Fargo”) to finance the leasing of two used forklift vehicles in the amount of approximately $44,000. The leases require monthly payments in the amount of $1,279 per month over a total lease term of 36 months which commenced on June 1, 2018. The agreement has an effective interest rate of 4.5% and the Company has the option to purchase the equipment at the end of the lease term for one dollar.

Supplemental balance sheet information related to leases as of December 31, 2019 is as follows:

Assets:
Operating lease - right-of-use assets	$	710,961
Finance leases as a component of property and equipment, net of accumulated depreciation of $10,363		33,163
Liabilities
Current
Current portion of operating leases	$	445,322
Current portion of finance leases		14,816
Noncurrent
Operating lease liabilities, net of current portion	$	349,880
Finance leases, net of current portion		6,340

Supplemental statement of operations information related to leases for the three and nine months ended December 31, 2019 is as follows:

		Three Months Ended			Nine Months Ended
		December 31 2019			December 31 2019
Operating lease expense as a component of general and administrative expenses	$	148,725		$	446,173
Finance lease cost
Depreciation of leased assets as a component of depreciation	$	1,554		$	4,664
Interest on lease liabilities as a component of interest expense	$	217		$	750

Supplemental cash flow information related to leases for the nine months ended December 31, 2019 is as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow paid for operating leases				$	487,971
Financing cash flow paid for finance leases				$	10,757

Lease term and Discount Rate
Weighted average remaining lease term (months)		32.6
Operating leases		17.0
Finance leases
Weighted average discount rate
Operating leases		6.25	%
Finance leases		3.68	%

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

Scheduled maturities of operating and finance lease liabilities outstanding as of December 31, 2019 are as follows:

Year	Operating Leases		Finance Leases

2020, for the remaining 3 months	$	163,179	$	3,837
2021		348,531		15,347
2022		115,812		2,558
2023		117,638		-
2024		121,167		-
Total Minimum Future Payments		866,327		21,741

Less: Imputed Interest		71,125		585

Present Value of Lease Liabilities	$	795,202	$	21,156

Installment Notes

On June 18, 2019, the Company entered into a financing arrangement with Dimension Funding, LLC (“Dimension”) to finance a new Enterprise Resource Planning (“ERP”) System project over a term of 60 months at a cost of approximately $375,000. Dimension has a 100% security interest in the licensed software being financed. We estimate the system to be placed in service on April 1, 2020. Upon approval by Company management, Dimension released progress payments directly to the project consultants as specific project milestones were met.

Total progress payments will be made to the vendor over a period of approximately nine months and the Company will be charged financing costs on the amounts preapproved for the project. Payments advanced by Dimension to the project consultant during the three months ended December 31, 2019 totaled approximately $108,000. Payments advanced by Dimension to the project consultant during the nine months ended December 31, 2019 totaled approximately $284,000. As of December 31, 2019 these advances were converted to installment notes which call for estimated monthly installment payments of approximately $5,785 (including principal and interest) over a 60 month period and bear interest of approximately 8.2%. As of December 31, 2019 the total principal amount outstanding on the installment notes was approximately $276,000 of which approximately $49,000 is classified as a current liability and approximately $227,000 is classified as a long-term liability on the accompanying condensed consolidated balance sheet. Total interest expense on the installment notes was approximately $3,000, and $10,000 for the three and nine months ended December 31, 2019.

LEGAL MATTERS

Management is not aware of any legal proceedings other than matters that arise in the ordinary course of business.

NOTE 8 - STOCK OPTIONS

During the nine months ended December 31, 2019 the Company issued 100,000 stock options at an exercise price of $.38 to directors as compensation for their service.

The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the assumptions outlined below. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. The following inputs were used to value each option grant:

●

For nine months ended December 31, 2019: expected dividend yield of 0%, risk-free interest rate of 2.08%, volatility of 112.3% and an expected term of three years.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

A summary of stock option activity for the nine months ended December 31, 2019 is summarized below:

	December 31, 2019
	Number of Options			Weighted Average Exercise Price
Stock Options:
Balance at beginning of period		2,210,000		$	0.25
Granted		100,000		$	0.38
Exercised		(60,000	)	$	0.17
Balance at end of period		2,250,000		$	0.26

Options exercisable at end of period		2,150,000		$	0.25

The following table summarizes information about employee stock options outstanding at December 31, 2019:

Range of Exercise Price		Number Outstanding at December 31, 2019		Weighted Average Remaining Contractural Life		Weighted Average Exercise Price		Number Exercisable at December 31, 2019		Weighted Average Exercise Price
	$.03 - $.32		1,570,000		3.5	$	0.16		1,570,000	$	0.16
	$.38 - $.55		680,000		8.1	$	0.42		580,000	$	0.50
	*		2,250,000						2,150,000

* Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

As of December 31, 2019 there was unrecognized expense of approximately $5,000 remaining on options currently vesting over time with approximately three months remaining until these options are fully vested.

The intrinsic value of vested options as of December 31, 2019 was approximately $134,000.

NOTE 9 – COMMON STOCK ISSUANCES

On June 12, 2019, the Company issued 32,890 shares of its common stock to its Board of Directors valued at $0.38 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2019. The Company recorded director compensation of $0 and $12,500 during the three and nine months ended December 31, 2019, respectively.

NOTE 10 - GEOGRAPHICAL INFORMATION

Sales to customers outside of the United States for the three and nine months ended December 31, 2019 and 2018 were primarily made by the Macau Subsidiary in US dollars. Sales by geographic region for the periods presented are as follows:

	FOR THE THREE MONTHS ENDED				FOR THE NINE MONTHS ENDED
	December 31,				December 31,
	2019		2018		2019		2018

North America	$	14,087,271	$	18,627,982	$	34,964,607	$	41,704,128
Europe		1,396,148		679,499		4,935,548		3,657,429
Australia		36,097		100,768		510,243		179,923
Others		-		44,201		-		52,426
	$	15,519,516	$	19,452,450	$	40,410,398	$	45,593,906

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

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

NOTE 11 –RELATED PARTY TRANSACTIONS

All transactions listed below are related to the Company as they are all with affiliates of our Chairman of the Board, Mr. Phillip Lau.

DUE TO/FROM RELATED PARTIES

On December 31, 2019 and March 31, 2019, in the aggregate the Company had approximately $1,184,000 and $289,000, respectively, due from related parties for goods and services sold to these companies.

On December 31, 2019 and March 31, 2019, the Company had amounts due to related parties in the amounts of approximately $400,000 and $0 for facility fees, storage and administrative services provided to the Company by these related parties.

Subordinated Related Party Debt

In connection with the Revolving Credit Facility the Company was required to subordinate related party debt to Starlight Marketing Development, Ltd. (“subordinated debt”). The subordinated debt of approximately $924,000 bears interest at 6% and is scheduled to be paid in quarterly installments of $123,000 which include interest and commenced September 30, 2017 and ending on the debt maturity date of June 30, 2019. There are no provisions to continue accruing interest on the outstanding amount due as of June 30, 2019. The remaining amount due on the subordinated debt of approximately $803,000 and $815,000 were classified as a current liability as of December 31, 2019 and March 31, 2019, respectively on the condensed consolidated balance sheets. Quarterly installment payments of $123,000 due on the last day of each fiscal quarter have not been made since September 2017; however a payment of $25,000 which includes principal and interest, was made during the nine months ended December 31, 2019. During the three months ended December 31, 2019 and 2018 the Company incurred interest expense of approximately $0 and $4,000 respectively on the related party subordinated debt. During the nine months ended December 31, 2019 and 2018 the Company incurred interest expense of approximately $0 and $20,000, respectively on the related party subordinated debt.

TRADE

During the three months ended December 31, 2019 and 2018 the Company sold approximately $0 and $33,000, 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 December 31, 2019 and 2018 was NA and 23.9%, respectively. The product was shipped to Cosmo Communications of Canada (“Cosmo”), another related company and 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 December 31, 2019 and 2018 the Company sold approximately $45,000 and $16,000 respectively of product directly 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.

During the nine months ended December 31, 2019 and 2018 the Company sold approximately $852,000 and $1,183,000, respectively to Winglight 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 nine months ended December 31, 2019 and 2018 was 23.7% and 30.0%, respectively. The product was shipped to Cosmo. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

During the nine months ended December 31, 2019 and 2018 the Company sold approximately $284,000 and $655,000, respectively of product directly 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 incurred service expenses from Starlight Electronics Co, Ltd, (“SLE”) a related party. The services from SLE for the three months ended December 31, 2019 and 2018 were approximately $91,000, and $87,000 respectively. The services from SLE for the nine months ended December 31, 2019 and 2018 were approximately $282,000 and $268,000 respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

NOTE 12 – RESERVE FOR SALES RETURNS

A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months). The Company does make occasional exceptions to this return policy and accordingly records a sales return reserve based on historic return amounts, specific exceptions as identified and management estimates.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

The Company records a sales reserve for its return goods programs at the time of sale for estimated sales returns that may occur. The liability for defective goods is included in the reserve for sales returns on the condensed consolidated balance sheets.

Changes in the Company’s reserve for sales returns are presented in the following table:

	December 31, 2019			December 31, 2018
Reserve for sales returns at beginning of the period	$	896,154		$	726,000
Provision for estimated sales returns		6,757,115			3,235,305
Sales returns received		(3,106,951	)		(1,910,819	)

Reserve for sales returns at end of the period	$	4,546,317		$	2,050,486

NOTE 13 – REFUNDS DUE TO CUSTOMERS

As of December 31, 2019 and March 31, 2019 the amount of refunds due to customers was approximately $510,000 and $31,000, respectively Refunds due to customers at December 31, 2019 are due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,181,000 that the customer has deducted on payment remittances to the Company as of December 31, 2019. (See Note 2 – LIQUIDITY).

NOTE 14 - 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 months ended December 31, 2019 and 2018 totaled approximately $15,000 and $18,000, respectively. The amounts charged to operations for contributions to this plan and administrative costs during the nine months ended December 31, 2019 and 2018 totaled approximately $47,000 and $51,000, respectively. The amounts are included as a component of general and administrative expense in the accompanying condensed consolidated statements of operations. The Company does not provide any post-employment benefits to retirees.

NOTE 15 - CONCENTRATIONS OF CREDIT AND SALES RISK

The Company derives a majority of its revenues from retailers of products in the United States. The Company’s allowance for doubtful accounts is based upon management’s estimates and historical experience and reflects the fact that accounts receivable are concentrated with several large customers. At December 31, 2019, 74% of accounts receivable were due from five customers in North America that individually owed over 10% of total accounts receivable. At March 31, 2019, 62% of accounts receivable were due from three customers in North America that individually owed over 10% of total accounts receivable.

The Company generates most of its revenue from retailers of products in the United States with a significant amount of sales concentrated with several large customers the loss of which could have an adverse impact on the financial position of the Company. For the three months ended December 31, 2019, there were four customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 27%, 17%, 13%, and 12% respectively. For the three months ended December 31, 2018, there were five customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 34%, 17%, 16%, 13% and 13%, respectively.

For the nine months ended December 31, 2019, there were three customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 39%, 13% and 10% respectively. For the nine months ended December 31, 2018, there were five customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 37%, 14%, 13%, 12% and 10%, respectively.

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

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, Best Buy, BJ’s Wholesale, Costco, Sam’s Club, Target, JC Penney 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.

Sales of consumer electronics and toy products in the retail channel are highly seasonal, with a majority of retail sales occurring during the period from September through December in anticipation of the holiday season, which includes Christmas. A substantial majority of our sales occur during the second quarter ending September 30 and the third quarter ending December 31. Sales in our second and third quarter, combined, accounted for approximately 94% and 89% of net sales in fiscal 2019 and 2018, respectively.

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 and nine months ended December 31, 2019 and 2018:

The Singing Machine Company, Inc. and Subsidiaries

CONDENDSED CONSOLIDATED STATEMENTS OF OPERATIONS

	For Three Months Ended						For Nine Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018

Net Sales		100.0	%		100.0	%		100.0	%		100.0	%

Cost of Goods Sold		74.0	%		71.1	%		73.6	%		75.4	%

Gross Profit		26.0	%		28.9	%		26.4	%		24.6	%

Operating Expenses
Selling expenses		21.9	%		11.5	%		16.2	%		10.3	%
General and administrative expenses		9.3	%		7.9	%		12.5	%		9.2	%
Depreciation and amortization		0.5	%		0.3	%		0.5	%		0.4	%

Total Operating Expenses		31.7	%		19.7	%		29.2	%		19.9	%

Income from Operations		-5.7	%		9.2	%		-2.8	%		4.7	%

Other Expenses
Interest expense		-0.7	%		-0.7	%		-0.4	%		-0.5	%
Financing costs		0.0	%		0.0	%		0.0	%		0.0	%

Total Other Expenses		-0.7	%		-0.7	%		-0.4	%		-0.5	%

Income Before Income Tax Provision		-6.4	%		8.5	%		-3.2	%		4.2	%

Income Tax Provision		1.5	%		-1.9	%		0.7	%		-1.0	%

Net Income		-4.9	%		6.6	%		-2.5	%		3.2	%

See notes to the condensed consolidated financial statements

QUARTER ENDED DECEMBER 31, 2019 COMPARED TO THE QUARTER ENDED DECEMBER 31, 2018

NET SALES

Net sales for the quarter ended December 31, 2019 decreased to approximately $15,520,000 from $19,452,000 a decrease of approximately $3,932,000 as compared to the same period ended December 31, 2018. There was a decrease in sales of approximately $512,000 to our UK distributor and a decrease of sales to one major customer of approximately $1,596,000 both of whom ended the prior year with excess inventory and reduced purchases during the quarter ended December 31, 2019. The remaining decrease of approximately $1,824,000 was primarily due to additional sales adjustments required for the estimated returns of the new Carpool Karaoke The Mic (“CPK”) product of approximately $532,000 that did not sell as well as projected and estimated additional returns of core product due to a disappointing holiday season for the consumer electronics and toy industries in general.

GROSS PROFIT

Gross profit for the quarter ended December 31, 2019 decreased to approximately $4,033,000 from $5,626,000 a decrease of approximately $1,593,000 as compared to the same period in the prior year. Approximately $1,136,000 of the decrease was commensurate with the drop in net sales. The remaining decrease was primarily due to the increased sales adjustments required for estimated returns of both the CPK products and core products.

Gross profit margin for the three months ended December 31, 2019 was 26.0% compared to 28.9% for the three months ended December 31, 2018. The additional reserve accrual for estimated returns of CPK product contributed approximately 1.6 margin points of the decrease due to the significantly higher margin yield of this product. The remaining 1.3 margin point decrease was primarily due the margin yield on the estimated mix of excess core product to be returned by customers.

OPERATING EXPENSES

For the quarter ended December 31, 2019, total operating expenses increased to approximately $4,922,000 compared to approximately $3,826,000 from the same period in the prior year. This represents an increase in total operating expenses of approximately $1,096,000 from the quarter ended December 31, 2018. Selling expenses increased by approximately $1,166,000, of which approximately $559,000 was due to an increase in advertising allowances granted to major customers to assist in sales of inventories during peak season, approximately $314,000 was due to marketing and royalty expenses associated with the CPK product with the remaining variance primarily due to additional expenses in freight related to the increase in returned goods.

General and administrative expenses decreased by approximately $83,000 to approximately $1,442,000 for the three months ended December 31, 2019 compared to approximately $1,525,000 for the same period ended December 31, 2018 primarily due to the reversal of an accrual for unexercised and expired stock warrants issued to an investment banking firm previously expensed at a fair market value of approximately $101,000 in a prior year.

(LOSS) INCOME FROM OPERATIONS

There was a loss from operations of approximately $889,000 for the three months ended December 31, 2019 compared to income from operations of approximately $1,800,000 for the three months ended December 31, 2018. The decrease in income from operations of approximately $2,689,000 was primarily due to the decrease in gross profit and increase in selling expenses as explained above.

INCOME TAXES

For the three months ended December 31, 2019 and 2018 the Company recognized an income tax benefit of approximately $240,000 and an income tax provision of approximately $367,000, respectively, due to management’s best estimate of the Company’s full year effective tax rate of approximately 22.7% and 22.0%, respectively.

NET (LOSS) INCOME

For the three months ended December 31, 2019 there was a net loss of approximately $758,000 compared to net income of approximately $1,290,000 for the same period a year ago. The decrease in net income was primarily due to the same reasons discussed in (Loss) Income from Operations and Income Taxes.

NINE MONTHS ENDED DECEMBER 31, 2019 COMPARED TO THE NINE MONTHS ENDED DECEMBER 31, 2018

NET SALES

Net sales for the nine months ended December 31, 2019 decreased to approximately $40,410,000 from $45,594,000 a decrease of approximately $5,184,000 as compared to the same period ended December 31, 2018. There were decreases in sales of approximately $1,990,000 to our UK distributor and approximately $1,237,000 to one major customer both of whom ended the prior year with excess inventory and reduced purchases during the nine months ended December 31, 2019. There was a reduction in net sales of approximately $1,596,000 to one major customer who charged the Company back for goods shipped direct import that were damaged in transit (See Note 2 – LIQUIDITY). The remaining decrease of was primarily due to additional sales adjustments required for the estimated returns of the new CPK and core product.

GROSS PROFIT

Gross profit for the nine months ended December 31, 2019 decreased to approximately $10,663,000 from approximately $11,224,000 a decrease of approximately $561,000 as compared to the same period in the prior year. The decrease in sales accounted for a decrease in gross profit of approximately $1,275,000. There was an increase in the cost of our microphone products of approximately $104,000 due to the late season 15% tariff assessment that we were unable to pass on to the customer. These decreases in gross profit were offset by approximately $893,000 the high margin yield of CPK product that was sold with the remaining variance due to margin yield on mix of other products sold.

Gross profit margin for the nine months ended December 31, 2019 was 26.4% compared to 24.6% for the nine months ended December 31, 2018. The sale of the new CPK product introduced in fiscal 2020 accounted for approximately 2.2 points of the gross profit margin increase with the remaining .4 points of margin decrease primarily due to the mix of other products sold.

OPERATING EXPENSES

For the nine months ended December 31, 2019, total operating expenses increased to approximately $11,795,000 compared to approximately $9,084,000 from the same period in the prior year. This represents an increase in total operating expenses of approximately $2,711,000 from the nine months ended December 31, 2018. Selling expenses increased by approximately $1,852,000, primarily due to discretionary marketing expenses, commission and royalty expenses of approximately $806,000 primarily associated with the launch and sale of the CPK product. There was an increase in advertising allowance expense of approximately $580,000 as incremental co-op advertising was required to help customers sell through stock of CPK and core product due to lagging performance in holiday sales for the consumer electronics and toy industries in general. There was an increase in freight costs of approximately $109,000 due to in-bound freight and handling charged by one major customer for the return of damaged goods as explained in net sales.

General and administrative expenses increased by approximately $863,000 to approximately $5,049,000 for the nine months ended December 31, 2019 compared to approximately $4,186,000 for the same period ended December 31, 2018. There was an increase of approximately $295,000 in bad debt expense primarily due to recovery of bad debt from the Toys R Us bankruptcy during the nine months ended December 31, 2018 of approximately $325,000 compared to no significant recovery of bad debt expenses during the nine months ended December 31, 2019. Insurance expense increased approximately $135,000 over the same period ending December 31, 2018 due to accounts receivable insurance purchased for a major customer. There was approximately $346,000 in administrative expenses relating to the processing of damaged goods received by one major customer as explained in net sales with the remaining variance due to other variable administrative expenses.

(LOSS) INCOME FROM OPERATIONS

There was a loss from operations of approximately $1,132,000 for the nine months ended December 31, 2019 compared to income from operations of approximately $2,141,000 for the nine months ended December 31, 2018. The decrease in income from operations of approximately $3,273,000 was primarily due the decrease in gross profit and increase in selling and general administrative expenses as explained above.

INCOME TAXES

For the nine months ended December 31, 2019 and 2018 the Company recognized an income tax benefit of approximately $295,000 and an income tax provision of approximately $422,000, respectively, due to management’s best estimate of the Company’s full year effective tax rate of approximately 22.7% and 22.0%, respectively.

NET (LOSS) INCOME

For the nine months ended December 31, 2019 there was a net loss of approximately $1,003,000 compared to net income of approximately $1,473,000 for the same period a year ago. The decrease in net income was primarily due to the same reasons discussed in (Loss) Income from Operations and Income Taxes.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2019, the Company had cash on hand of approximately $519,000 as compared to cash on hand of approximately $211,000 on March 31, 2019. We had working capital of approximately $5,489,000 as of December 31, 2019. Net cash provided by operating activities was approximately $684,000 for the nine months ended December 31, 2019, as compared to approximately $1,498,000 used in operating activities for the same period a year ago. During the nine months ended December 31, 2019 there was an increase in accounts payable of approximately $5,742,000 partially due to pending resolution and payment of the related insurance claim filed (See Note 2 – LIQUIDITY). There was an increase in reserves for sales returns of approximately $3,650,000 based on anticipated returns of CPK product as well as in increase in overstock returns of core product due to decreased performance in the consumer electronic and toy industry segments in general. There was an increase in accrued expenses of approximately $1,780,000 primarily due to the significant increase in advertising allowance granted to customers to assist in customer product sell-through related to the CPK product as well as to help mitigate overstock returns of core product after peak season. These increases in cash provided by operations were offset by an increase in accounts receivable of approximately $6,125,000 due to peak season sales, an increase in insurance receivable of approximately $1,286,000 relating to damaged goods claims from one customer (See Note 2 – LIQUIDITY), an increase of approximately $2,229,000 in inventories due to increased estimated future returns primarily related to the CPK product. There were increases in related party accounts receivable of approximately $895,000 due to peak seasonal amounts due for goods shipped to our Canadian distributor. These activities accounted for approximately 93% of cash provided operations with the remaining 7% due to seasonal changes in other operating assets and liabilities.

Net cash used in operating activities was approximately $1,498,000 for the nine months ended December 31, 2018. During the nine months ended December 31, 2018 the Company had net income of approximately $1,473,000 inclusive of bad debt recovery of Toys R Us bankruptcy administrative claims of approximately $253,000. During this period accounts receivable increased by approximately $9,697,000 due primarily to the seasonal increase in net sales during the quarter ended December 31, 2018. This use of operating cash was offset by operating activities that provided cash including a decrease in inventories of approximately $2,475,000 due to the sale of prior year excess inventory related to the Toys R Us bankruptcy, a seasonal increase in accounts payable (primarily inventory vendors) of approximately $1,745,000, a seasonal increase in accrued expenses of approximately $1,037,000, a seasonal increase in reserves for estimated sales returns of approximately $1,324,000, an increase in amounts due to related parties of approximately $294,000. These activities accounted for approximately 90% of the cash used in operations with the remaining 10% due to seasonal changes in other operating assets and liabilities.

Net cash used in investing activities for the nine months ended December 31, 2019 was approximately $517,000 as compared to approximately $289,000 used in investing activities for the same period ended a year ago and consisted primarily of purchases of molds and tooling for new products and a current fiscal year investment in a new Enterprise Resourcing Planning (ERP) system of approximately $304,000.

Net cash provided by financing activities for the nine months ended December 31, 2019 was approximately $140,000 compared to cash provided by financing activities of approximately $2,554,000 for the same period ended of the prior year. We received approximately $284,000 from a financing arrangement with Dimension Funding to finance implementation of a new Enterprise Resource Planning system. This increase in cash provided by financing activities were offset by payments of finance leases and the bank term note of approximately $136,000.

As of December 31, 2019 the Company was in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and related expenses associated with the damaged goods received by one major customer in August, 2019. In November 2019, the Company entered into a Forbearance Agreement with PNC Bank National Association (“PNC”) whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 at which time we would renegotiate renewal of the Revolving Credit Facility or obtain alternative financing.

	●	PNC implemented a $1,000,000 loan availability block.
	●	PNC required an EBITDA hurdle greater than or equal to $400,000 for the third quarter ending December 31, 2019, and requires EBITDA of $0 for the six months ending March 31, 2020 and $(83,000) for the twelve months ending March 31, 2020.
	●	PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.

As of December 31,2019 the Company did not meet the required EBITDA hurdle of greater than or equal to $400,000 for the third quarter ended December 31, 2019 and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility was settled in full and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.

	●	Reduce operating expenses.
	●	Continue to negotiate renewal of the existing Revolving Credit Facility with PNC Bank prior to its expiration on July 15, 2020.
	●	Continuing discussions for alternative financing arrangements with several financial institutions.
	●	Utilize “dynamic discount” programs offered by several of the Company’s major customers which allow for accelerated payment of invoices in exchange for an early pay discount.

There can be no assurances that any of the above actions can be accomplished or that financing will be available on acceptable terms. If the Company is unable to obtain financing or continues to experience sustained losses from operations this would have a material adverse effect on its consolidated financial condition and the ability to meet its financial obligations when due.

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 believe that our warranty provision reflects the proper amount of reserves to cover potential defective sales returns based on historical return ratios and information available from the customers.

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 94% and 89% of net sales in fiscal 2019 and 2018, 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 that 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 2019 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.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management is not aware of any legal proceedings other than matters that arise in the ordinary course of business.

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

See Note 6 – BANK FINANCING in the notes to the condensed consolidated financial statements.

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

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: February 14, 2020	By:	/s/ Gary Atkinson
		Gary Atkinson
		Chief Executive Officer

		/s/ Lionel Marquis
		Lionel Marquis
		Chief Financial Officer

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 December 31, 2019;

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: February 14, 2020

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 December 31, 2019;

(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: February 14, 2020

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 December 31, 2019 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: February 14, 2020

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 December 31, 2019 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.

/S/ Lionel Marquis

Lionel Marquis

Chief Financial Officer

(Principal Accounting and Financial Officer)

Date: February 14, 2020

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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 3 - 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 and nine months ended December 31, 2019 and 2018 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 Securities and Exchange Commission. 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, 2019 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019. 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.   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.   The Company is subject to chargebacks from customers for cooperative marketing programs, defective returns, return freight and handling charges that are deducted from open invoices and reduce collectability of open invoices.   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.   FOREIGN CURRENCY TRANSLATION   The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiary 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 are recorded in the condensed consolidated statement of operations and translations are recorded in a separate component of shareholders’ equity. Any such amounts were not material during the periods presented.   CONCENTRATION OF CREDIT RISK   At times, the Company maintains cash in United States bank accounts that are more than the Federal Deposit Insurance Corporation insured amounts. The Company also maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at December 31, 2019 and March 31, 2019 are approximately $426,000 and $211,000, respectively.   Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of accounts receivable.   INVENTORY   Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or net realizable value, as determined using the first in, first out method. Inventories also include an estimate for the net realizable value of expected future inventory returns due to warranty and allowance programs. As of December 31, 2019 and March 31, 2019 the estimated amounts for these future inventory returns were approximately $2,444,000 and $599,000, respectively. The Company 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. As of December 31, 2019 and March 31, 2019 the Company had inventory reserves of approximately $404,000 and $254,000 respectively for estimated excess and obsolete inventory.    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, refunds due to customers and due to/from related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the subordinated debt to Starlight Marketing Development, Ltd. (related party) and finance leases approximate fair value due to the relatively short period to maturity and related interest accrued at a rate similar to market rates. The carrying amount on the revolving line of credit approximates fair value due to the relatively short period to maturity and related interest accrued at market rates.   REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS   The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). Revenue is recognized when the goods are delivered and control of the goods sold is transferred to the customer. The Company’s contracts have no financing elements, payment terms are less than 120 days and have no further contract asset or liability obligations once control of goods is transferred to the customer. Revenue is recorded in the amount of consideration the Company expects to receive for the sale of these goods.   Costs incurred in fulfilling contracts with customers include administrative costs associated with the procurement of goods are included in general and administrative expenses, in-bound freight costs are included in the cost of goods sold and accrued sales representative commissions are included in selling expenses in the accompanying condensed consolidated statements of operations.   The Company disaggregates revenues by product line and major geographic region as most of its revenue is generated by the sales of karaoke hardware and the Company has no other material business segments (See NOTE 10).   The Company generally does not allow products to be returned other than return allowance programs for goods returned to the customer for various reasons and accordingly records a sales return reserve based on historic return amounts, events as identified and management estimates.   The Company’s reserve for sales returns were approximately $4,546,000 and $896,000 as of December 31, 2019 and March 31, 2019, respectively.    Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">Revenue by Product Line</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Product Line</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%">Classic Karaoke Machines</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">10,336,078</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">10,740,373</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">29,067,908</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">28,014,115</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Download Karaoke Machines</td> <td> </td> <td> </td> <td style="text-align: right">3,636,057</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,343,426</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,534,065</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12,750,096</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>SMC Kids Toys</td> <td> </td> <td> </td> <td style="text-align: right">339,577</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">334,150</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">967,939</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,036,623</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Music and Accessories</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,207,804</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,034,501</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,840,486</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,793,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total Net Sales</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,519,516</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,452,450</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,410,398</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,593,906</td> <td> </td></tr> </table>   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 and nine months ended December 31, 2019 and 2018 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 December 31, 2019 and 2018, the stock option expense was approximately $5,000 and $10,000, respectively. For the nine months ended December 31, 2019 and 2018, the stock option expense was $15,000 and $30,000, 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 indicate that the customer must spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 1% to 13% of the purchase. The customers must 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, which is included as a component of selling expenses on the accompanying condensed consolidated statements of operations, for the three months ended December 31, 2019 and 2018 was approximately $2,040,000 and $1,328,000, respectively. Advertising expense for the nine months ended December 31, 2019 and 2018 was approximately $3,820,000 and $2,877,000, respectively. As of December 31, 2019 and March 31, 2019 there was an accrual for cooperative advertising allowances of $1,689,000 and $185,000, 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 general and administrative expenses in the condensed consolidated statements of operations. For the three months ended December 31, 2019 and 2018, these amounts totaled approximately $13,000 and $27,000, respectively. For the nine months ended December 31, 2019 and 2018, these amounts totaled approximately $36,000 and $64,000 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. For the nine months ended December 31, 2019 and 2018 we estimated our effective tax rate to be approximately 22%. As of December 31, 2019 and March 31, 2019, the Company had gross deferred tax assets of approximately $1,053,000 and $758,000, respectively. The Company recorded an income tax benefit of approximately $240,000 and an income tax provision of approximately $367,000 for the three months ended December 31, 2019 and 2018, respectively. The Company recorded an income tax benefit of approximately $295,000 and an income tax provision of $422,000 for the nine months ended December 31, 2019 and 2018, respectively.   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 December 31, 2019, 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.   COMPUTATION OF EARNINGS (LOSS) PER SHARE   Income (loss) per common share is computed by dividing net income (loss) by the weighted average of common shares outstanding during the period. As of December 31, 2019 and 2018 total potential dilutive shares from common stock options amounted to approximately 2,250,000 and 2,350,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three and nine months ended December 31, 2019 because their effect was anti-dilutive. These shares were included in the computation of diluted earnings per share for the three and nine months ended December 31, 2018.   ADOPTION OF NEW ACCOUNTING STANDARDS   In February 2016, the FASB issued ASU 2016-02, Topic 842, as amended, “Leases”. The ASU requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On April 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its disclosures for the comparative periods. (See Note 7– LEASES).   The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date. The liability is equal to the present value of the remaining minimum lease payments. The asset is based on the liability, subject to certain adjustments. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard) while finance leases result in a front-loaded expense pattern (similar to capital leases under the prior accounting standard). As the interest rate implicit in the Company’s operating leases is not readily determinable, the Company utilizes its incremental borrowing rate to discount the lease payments. The Company utilizes the implicit rate for its finance leases.   RECENT ACCOUNTING PRONOUNCEMENTS   In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740). Among several issues addressed in this ASU, there was one area that may potentially affect the Company’s calculations of interim income tax provision or benefit. The guidance specifies that an entity should apply the annual effective tax rate to the year-to date income or loss as long as the tax benefits for any losses are expected to be realized during the year or would be recognizable as a deferred tax asset at the end of the year eliminating the requirement of a valuation allowance for that interim period. There is specific guidance for circumstances in which an entity incurs a loss on a year-to-date basis that exceeds the anticipated ordinary loss for the year, which is an exception to the general guidance in Subtopic 740-270. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.   In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses” (Topic 326). This ASU represents a significant change in the current accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which delayed recognition of expected losses that might not yet have met the threshold of being probable. The amendments in ASU 2016-03 for smaller reporting companies are effective for fiscal years beginning after April 1, 2023 including interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

NOTE 4 - INVENTORIES, NET   Inventories are comprised of the following components:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%">Finished Goods</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">6,062,661</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">5,679,245</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Estimated Amount of Future Returns</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,444,253</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">599,066</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Subtotal</td> <td> </td> <td> </td> <td style="text-align: right">8,506,914</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,278,311</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Less:Inventory Reserve</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">404,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">254,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Inventories, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,102,914</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,024,311</td> <td> </td></tr> </table>

NOTE 5 – PROPERTY AND EQUIPMENT   A summary of property and equipment is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">USEFUL</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">December 31,</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">March 31,</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">LIFE</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">Computer and office equipment</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">5 years</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">444,935</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">140,575</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Furniture and fixtures</td> <td> </td> <td style="text-align: center">7 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,410</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,410</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Warehouse equipment</td> <td> </td> <td style="text-align: center">7 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">195,401</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">209,419</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Molds and tooling</td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center">3-5 years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,680,022</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,466,837</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,418,768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,915,241</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,574,522</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,392,331</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">844,246</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">522,910</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Depreciation expense for the three months ended December 31, 2019 and 2018 was approximately $77,000 and $64,000, respectively. Depreciation expense for the nine months ended December 31, 2019 and 2018 was approximately $196,000 and $200,000, respectively.

NOTE 6 – BANK FINANCING   Revolving Credit Facility   On June 22, 2017, the Company renewed the existing revolving credit facility (the “Revolving Credit Facility”) with PNC for an additional three years expiring on July 15, 2020. The outstanding loan balance cannot exceed $15,000,000 during peak selling season between August 1 and December 31 (with the ability of the Company to request an additional $5,000,000 of availability during peak selling season if required) and is reduced to a maximum of $7,500,000 between January 1 and July 31. At December 31, 2019 and March 31, 2019, the outstanding balance was approximately $0 and $0, respectively, on the Revolving Credit Facility. As of December 31, 2019, there was approximately $15,000,000 available to borrow on the Revolving Credit Facility, assuming compliance with the limits and covenants as discussed below. Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”):   <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: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Up to 85% of the company’s eligible domestic and Canadian accounts receivable and up to 90% of eligible foreign credit insured accounts 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</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Up to the lesser of (a) 60% of the cost of eligible inventory or (b) 85% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus</td></tr> </table>   <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: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Applicable reserves including a dilution reserve equal to 100% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.</td></tr> </table>   The Revolving Credit Facility includes the following sub-limits:   <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: 72px"> </td> <td style="width: 24px">●</td> <td>Letters of Credit to be issued limited to $3,000,000.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td>Inventory availability limited to $5,000,000.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">$500,000 eligible in-transit inventory sublimit within the $5,000,000 total inventory.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.</td></tr> </table>   The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default:   <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: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">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.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Capital expenditures limited to $375,000 per year.</td></tr> </table>    As of December 31, 2019 the Company remained in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and related expenses associated with the damaged goods received by one major customer in August, 2019. In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 and would continue forbearance actions provided the Company continued to meet compliance with certain conditions (See Note 2 – LIQUIDITY).   As of December 31, 2019 the Company did not meet the required conditions of the Forbearance Agreement and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility has no outstanding balance and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.   Prior the Forbearance Agreement interest on the Revolving Line of Credit was accrued at .75% 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 2.75% per annum with a default rate of 2% over the applicable rate. Upon execution of the Forbearance Agreement there was a pricing rate increase of .5% on the .75% per annum rate and the PNC LIBOR Rate plus 2.75% (See Note 2 – LIQUIDITY). 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 December 31, 2019 and 2018 the Company incurred interest expense of approximately $86,000 and $100,000, respectively, on amounts borrowed against the Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $119,000 and $155,000, respectively on amounts borrowed against the Revolving Credit Facility. During the three months ended December 31, 2019 and 2018, the Company incurred an unused facility fee of approximately $10,000 and $8,000, respectively on the unused portion of the Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018, the Company incurred an unused facility fee of approximately $30,000 and $23,000, 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’ foreign 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 approximately $803,000. Costs associated with renewal of the Revolving Credit Facility of approximately $40,000 were deferred and are being amortized over the term of the agreement. During the three months ended December 31, 2019 and 2018, the Company incurred amortization expense of approximately $3,000 associated with the amortization of deferred financing costs from the original Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018 the Company incurred amortization expense of approximately $10,000 associated with the amortization of deferred financing costs from the original Revolving Credit Facility.   Subordinated Related Party Debt   The subordination agreement was amended reducing the amount of related party subordinated debt to the remaining amount due of approximately $815,000. Provision has also been made to allow repayment of the remaining $815,000 in quarterly installments of $123,000 including interest accrued at 6% per annum commencing September 30, 2017 and ending on the debt maturity date of June 30, 2019. There are no provisions to continue accruing interest on the outstanding principal amount due as of June 30, 2019. Payments of $123,000 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. As part of the Conditions to Installment Payment of the subordinated debt, payments not made under this note that cannot be made as a result of the foregoing prohibition, including payments after the scheduled maturity date, shall not be deemed an Event of Default and can be made as soon as the Company is able to demonstrate that it meets the liquidity requirements defined above. Quarterly installment payments of $123,000 due on the last day of each fiscal quarter have not been made since September 2017 due to the Company not meeting these requirements; a payment of $123,000 which includes principal and interest, was not made during the three months ended December 31, 2019. A payment of $25,000 was made in August 2019 with approximately $12,500 paying down the principal and approximately $12,500 paying interest due. During the three months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $0 and $7,000 respectively on the related party subordinated debt. During the nine months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $0 and $20,000, respectively on the related party subordinated debt. As of December 31, 2019 and March 31, 2019, the remaining amount due on the subordinated related party debt was approximately $803,000 and $815,000, respectively.   Bank Term Note   The Company repaid the final $125,000 installment of a term loan with PNC which originated in fiscal year 2018.

NOTE 7 - COMMITMENTS AND CONTINGENCIES   LEASES   Operating Leases   We have operating lease agreements for offices and a warehouse facility in Florida, California and Hong Kong expiring in various years through 2024.   We entered into an operating lease agreement, effective October 1, 2017, for the corporate headquarters located in Fort Lauderdale, Florida where we lease approximately 6,500 square feet of office space. The lease expires on March 31, 2024. The base rent payment is approximately $8,800 per month, subject to annual adjustments.   We entered into an operating lease agreement, effective June 1, 2013, for 86,000 square feet of warehouse space in Ontario, California for our logistics operations. The lease expires on August 31, 2020 (original lease term of 87 months). The base rent payment is approximately $43,700   per month for the remaining term of the lease. The lease provides for a renewal option to extend the lease term for 5 years at the fair market value at the time of renewal.   We entered into an operating lease agreement, effective May 1, 2018, for 424 square feet of office space in Macau, Hong Kong. The rent is fixed at approximately $1,600 per month for the duration of the lease which expires on April 30, 2021. The lease provides for a renewal option to extend the lease.   Lease expense for our operating leases is recognized on a straight-line basis over the lease terms.   Finance Leases   On May 25, 2018 and June 4, 2018, we entered into two long-term capital leasing arrangements with Wells Fargo Equipment Finance (“Wells Fargo”) to finance the leasing of two used forklift vehicles in the amount of approximately $44,000. The leases require monthly payments in the amount of $1,279 per month over a total lease term of 36 months which commenced on June 1, 2018. The agreement has an effective interest rate of 4.5% and the Company has the option to purchase the equipment at the end of the lease term for one dollar.   Supplemental balance sheet information related to leases as of December 31, 2019 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Assets:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Operating lease - right-of-use assets</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">710,961</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Finance leases as a component of property and equipment, net of accumulated depreciation of $10,363</td> <td> </td> <td> </td> <td style="text-align: right">33,163</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Current portion of operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">445,322</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Current portion of finance leases</td> <td> </td> <td> </td> <td style="text-align: right">14,816</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Noncurrent</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating lease liabilities, net of current portion</td> <td> </td> <td>$</td> <td style="text-align: right">349,880</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Finance leases, net of current portion</td> <td> </td> <td> </td> <td style="text-align: right">6,340</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>   Supplemental statement of operations information related to leases for the three and nine months ended December 31, 2019 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: center">Three Months Ended</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">Nine Months Ended</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">December 31 2019</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">December 31 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating lease expense as a component of general and administrative expenses</td> <td> </td> <td>$</td> <td style="text-align: right">148,725</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">446,173</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finance lease cost</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Depreciation of leased assets as a component of depreciation</td> <td> </td> <td>$</td> <td style="text-align: right">1,554</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,664</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Interest on lease liabilities as a component of interest expense</td> <td> </td> <td>$</td> <td style="text-align: right">217</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">750</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Supplemental cash flow information related to leases for the nine months ended December 31, 2019 is as follows:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash paid for amounts included in the measurement of lease liabilities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating cash flow paid for operating leases</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">487,971</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Financing cash flow paid for finance leases</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10,757</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Lease term and Discount Rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Weighted average remaining lease term (months)</td> <td> </td> <td> </td> <td style="text-align: right">32.6</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">17.0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finance leases</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average discount rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">6.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Finance leases</td> <td> </td> <td> </td> <td style="text-align: right">3.68</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>     Scheduled maturities of operating and finance lease liabilities outstanding as of December 31, 2019 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Year</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Finance Leases</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%">2020, for the remaining 3 months</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">163,179</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">3,837</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">348,531</td> <td> </td> <td> </td> <td></td> <td style="text-align: right">15,347</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">115,812</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,558</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">117,638</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2024</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">121,167</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total Minimum Future Payments</td> <td> </td> <td> </td> <td style="text-align: right">866,327</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">21,741</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less: Imputed Interest</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">71,125</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">585</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Present Value of Lease Liabilities</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">795,202</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">21,156</td> <td> </td></tr> </table>   Installment Notes   On June 18, 2019, the Company entered into a financing arrangement with Dimension Funding, LLC (“Dimension”) to finance a new Enterprise Resource Planning (“ERP”) System project over a term of 60 months at a cost of approximately $375,000. Dimension has a 100% security interest in the licensed software being financed. We estimate the system to be placed in service on April 1, 2020. Upon approval by Company management, Dimension released progress payments directly to the project consultants as specific project milestones were met.   Total progress payments will be made to the vendor over a period of approximately nine months and the Company will be charged financing costs on the amounts preapproved for the project. Payments advanced by Dimension to the project consultant during the three months ended December 31, 2019 totaled approximately $108,000. Payments advanced by Dimension to the project consultant during the nine months ended December 31, 2019 totaled approximately $284,000. As of December 31, 2019 these advances were converted to installment notes which call for estimated monthly installment payments of approximately $5,785 (including principal and interest) over a 60 month period and bear interest of approximately 8.2%. As of December 31, 2019 the total principal amount outstanding on the installment notes was approximately $276,000 of which approximately $49,000 is classified as a current liability and approximately $227,000 is classified as a long-term liability on the accompanying condensed consolidated balance sheet. Total interest expense on the installment notes was approximately $3,000, and $10,000 for the three and nine months ended December 31, 2019.   LEGAL MATTERS   Management is not aware of any legal proceedings other than matters that arise in the ordinary course of business.

NOTE 10 - GEOGRAPHICAL INFORMATION   Sales to customers outside of the United States for the three and nine months ended December 31, 2019 and 2018 were primarily made by the Macau Subsidiary in US dollars. Sales by geographic region for the periods presented are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center">FOR THE THREE MONTHS ENDED</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center">FOR THE NINE MONTHS ENDED</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%">North America</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 17%; text-align: right">14,087,271</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">18,627,982</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">34,964,607</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">41,704,128</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Europe</td> <td> </td> <td> </td> <td style="text-align: right">1,396,148</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">679,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,935,548</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,657,429</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Australia</td> <td> </td> <td> </td> <td style="text-align: right">36,097</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">510,243</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">179,923</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Others</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">44,201</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">52,426</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,519,516</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,452,450</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,410,398</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,593,906</td> <td> </td></tr> </table>   The geographic area of sales was based on the location where the product is delivered.

NOTE 14 - 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 months ended December 31, 2019 and 2018 totaled approximately $15,000 and $18,000, respectively. The amounts charged to operations for contributions to this plan and administrative costs during the nine months ended December 31, 2019 and 2018 totaled approximately $47,000 and $51,000, respectively. The amounts are included as a component of general and administrative expense in the accompanying condensed consolidated statements of operations. The Company does not provide any post-employment benefits to retirees.

NOTE 15 - CONCENTRATIONS OF CREDIT AND SALES RISK   The Company derives a majority of its revenues from retailers of products in the United States. The Company’s allowance for doubtful accounts is based upon management’s estimates and historical experience and reflects the fact that accounts receivable are concentrated with several large customers. At December 31, 2019, 74% of accounts receivable were due from five customers in North America that individually owed over 10% of total accounts receivable. At March 31, 2019, 62% of accounts receivable were due from three customers in North America that individually owed over 10% of total accounts receivable.   The Company generates most of its revenue from retailers of products in the United States with a significant amount of sales concentrated with several large customers the loss of which could have an adverse impact on the financial position of the Company. For the three months ended December 31, 2019, there were four customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 27%, 17%, 13%, and 12% respectively. For the three months ended December 31, 2018, there were five customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 34%, 17%, 16%, 13% and 13%, respectively.   For the nine months ended December 31, 2019, there were three customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 39%, 13% and 10% respectively. For the nine months ended December 31, 2018, there were five customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 37%, 14%, 13%, 12% and 10%, respectively.

NOTE 11 –RELATED PARTY TRANSACTIONS   All transactions listed below are related to the Company as they are all with affiliates of our Chairman of the Board, Mr. Phillip Lau.   DUE TO/FROM RELATED PARTIES   On December 31, 2019 and March 31, 2019, in the aggregate the Company had approximately $1,184,000 and $289,000, respectively, due from related parties for goods and services sold to these companies.   On December 31, 2019 and March 31, 2019, the Company had amounts due to related parties in the amounts of approximately $400,000 and $0 for facility fees, storage and administrative services provided to the Company by these related parties.   Subordinated Related Party Debt   In connection with the Revolving Credit Facility the Company was required to subordinate related party debt to Starlight Marketing Development, Ltd. (“subordinated debt”). The subordinated debt of approximately $924,000 bears interest at 6% and is scheduled to be paid in quarterly installments of $123,000 which include interest and commenced September 30, 2017 and ending on the debt maturity date of June 30, 2019. There are no provisions to continue accruing interest on the outstanding amount due as of June 30, 2019. The remaining amount due on the subordinated debt of approximately $803,000 and $815,000 were classified as a current liability as of December 31, 2019 and March 31, 2019, respectively on the condensed consolidated balance sheets. Quarterly installment payments of $123,000 due on the last day of each fiscal quarter have not been made since September 2017; however a payment of $25,000 which includes principal and interest, was made during the nine months ended December 31, 2019. During the three months ended December 31, 2019 and 2018 the Company incurred interest expense of approximately $0 and $4,000 respectively on the related party subordinated debt. During the nine months ended December 31, 2019 and 2018 the Company incurred interest expense of approximately $0 and $20,000, respectively on the related party subordinated debt.   TRADE   During the three months ended December 31, 2019 and 2018 the Company sold approximately $0 and $33,000, 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 December 31, 2019 and 2018 was NA and 23.9%, respectively. The product was shipped to Cosmo Communications of Canada (“Cosmo”), another related company and 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 December 31, 2019 and 2018 the Company sold approximately $45,000 and $16,000 respectively of product directly 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.   During the nine months ended December 31, 2019 and 2018 the Company sold approximately $852,000 and $1,183,000, respectively to Winglight 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 nine months ended December 31, 2019 and 2018 was 23.7% and 30.0%, respectively. The product was shipped to Cosmo. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.   During the nine months ended December 31, 2019 and 2018 the Company sold approximately $284,000 and $655,000, respectively of product directly 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 incurred service expenses from Starlight Electronics Co, Ltd, (“SLE”) a related party. The services from SLE for the three months ended December 31, 2019 and 2018 were approximately $91,000, and $87,000 respectively. The services from SLE for the nine months ended December 31, 2019 and 2018 were approximately $282,000 and $268,000 respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

NOTE 12 – RESERVE FOR SALES RETURNS   A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months). The Company does make occasional exceptions to this return policy and accordingly records a sales return reserve based on historic return amounts, specific exceptions as identified and management estimates.   The Company records a sales reserve for its return goods programs at the time of sale for estimated sales returns that may occur. The liability for defective goods is included in the reserve for sales returns on the condensed consolidated balance sheets.   Changes in the Company’s reserve for sales returns are presented in the following table:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 57%">Reserve for sales returns at beginning of the period</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">896,154</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">726,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Provision for estimated sales returns</td> <td> </td> <td> </td> <td style="text-align: right">6,757,115</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,235,305</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Sales returns received</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,106,951</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,910,819</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Reserve for sales returns at end of the period</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,546,317</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,050,486</td> <td> </td></tr> </table>

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.   The Company is subject to chargebacks from customers for cooperative marketing programs, defective returns, return freight and handling charges that are deducted from open invoices and reduce collectability of open invoices.   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.

FOREIGN CURRENCY TRANSLATION   The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiary 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 are recorded in the condensed consolidated statement of operations and translations are recorded in a separate component of shareholders’ equity. Any such amounts were not material during the periods presented.

CONCENTRATION OF CREDIT RISK   At times, the Company maintains cash in United States bank accounts that are more than the Federal Deposit Insurance Corporation insured amounts. The Company also maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at December 31, 2019 and March 31, 2019 are approximately $426,000 and $211,000, respectively.   Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of accounts receivable.

INVENTORY   Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or net realizable value, as determined using the first in, first out method. Inventories also include an estimate for the net realizable value of expected future inventory returns due to warranty and allowance programs. As of December 31, 2019 and March 31, 2019 the estimated amounts for these future inventory returns were approximately $2,444,000 and $599,000, respectively. The Company 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. As of December 31, 2019 and March 31, 2019 the Company had inventory reserves of approximately $404,000 and $254,000 respectively for estimated excess and obsolete inventory.

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, refunds due to customers and due to/from related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the subordinated debt to Starlight Marketing Development, Ltd. (related party) and finance leases approximate fair value due to the relatively short period to maturity and related interest accrued at a rate similar to market rates. The carrying amount on the revolving line of credit approximates fair value due to the relatively short period to maturity and related interest accrued at market rates.

REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS   The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). Revenue is recognized when the goods are delivered and control of the goods sold is transferred to the customer. The Company’s contracts have no financing elements, payment terms are less than 120 days and have no further contract asset or liability obligations once control of goods is transferred to the customer. Revenue is recorded in the amount of consideration the Company expects to receive for the sale of these goods.   Costs incurred in fulfilling contracts with customers include administrative costs associated with the procurement of goods are included in general and administrative expenses, in-bound freight costs are included in the cost of goods sold and accrued sales representative commissions are included in selling expenses in the accompanying condensed consolidated statements of operations.   The Company disaggregates revenues by product line and major geographic region as most of its revenue is generated by the sales of karaoke hardware and the Company has no other material business segments (See NOTE 10).   The Company generally does not allow products to be returned other than return allowance programs for goods returned to the customer for various reasons and accordingly records a sales return reserve based on historic return amounts, events as identified and management estimates.   The Company’s reserve for sales returns were approximately $4,546,000 and $896,000 as of December 31, 2019 and March 31, 2019, respectively.    Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">Revenue by Product Line</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Product Line</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%">Classic Karaoke Machines</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">10,336,078</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">10,740,373</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">29,067,908</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">28,014,115</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Download Karaoke Machines</td> <td> </td> <td> </td> <td style="text-align: right">3,636,057</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,343,426</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,534,065</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12,750,096</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>SMC Kids Toys</td> <td> </td> <td> </td> <td style="text-align: right">339,577</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">334,150</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">967,939</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,036,623</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Music and Accessories</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,207,804</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,034,501</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,840,486</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,793,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total Net Sales</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,519,516</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,452,450</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,410,398</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,593,906</td> <td> </td></tr> </table>

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 and nine months ended December 31, 2019 and 2018 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 December 31, 2019 and 2018, the stock option expense was approximately $5,000 and $10,000, respectively. For the nine months ended December 31, 2019 and 2018, the stock option expense was $15,000 and $30,000, 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 indicate that the customer must spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 1% to 13% of the purchase. The customers must 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, which is included as a component of selling expenses on the accompanying condensed consolidated statements of operations, for the three months ended December 31, 2019 and 2018 was approximately $2,040,000 and $1,328,000, respectively. Advertising expense for the nine months ended December 31, 2019 and 2018 was approximately $3,820,000 and $2,877,000, respectively. As of December 31, 2019 and March 31, 2019 there was an accrual for cooperative advertising allowances of $1,689,000 and $185,000, 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 general and administrative expenses in the condensed consolidated statements of operations. For the three months ended December 31, 2019 and 2018, these amounts totaled approximately $13,000 and $27,000, respectively. For the nine months ended December 31, 2019 and 2018, these amounts totaled approximately $36,000 and $64,000 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. For the nine months ended December 31, 2019 and 2018 we estimated our effective tax rate to be approximately 22%. As of December 31, 2019 and March 31, 2019, the Company had gross deferred tax assets of approximately $1,053,000 and $758,000, respectively. The Company recorded an income tax benefit of approximately $240,000 and an income tax provision of approximately $367,000 for the three months ended December 31, 2019 and 2018, respectively. The Company recorded an income tax benefit of approximately $295,000 and an income tax provision of $422,000 for the nine months ended December 31, 2019 and 2018, respectively.   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 December 31, 2019, 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.

ADOPTION OF NEW ACCOUNTING STANDARDS   In February 2016, the FASB issued ASU 2016-02, Topic 842, as amended, “Leases”. The ASU requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On April 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its disclosures for the comparative periods. (See Note 7– LEASES).   The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date. The liability is equal to the present value of the remaining minimum lease payments. The asset is based on the liability, subject to certain adjustments. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard) while finance leases result in a front-loaded expense pattern (similar to capital leases under the prior accounting standard). As the interest rate implicit in the Company’s operating leases is not readily determinable, the Company utilizes its incremental borrowing rate to discount the lease payments. The Company utilizes the implicit rate for its finance leases.

RECENT ACCOUNTING PRONOUNCEMENTS   In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740). Among several issues addressed in this ASU, there was one area that may potentially affect the Company’s calculations of interim income tax provision or benefit. The guidance specifies that an entity should apply the annual effective tax rate to the year-to date income or loss as long as the tax benefits for any losses are expected to be realized during the year or would be recognizable as a deferred tax asset at the end of the year eliminating the requirement of a valuation allowance for that interim period. There is specific guidance for circumstances in which an entity incurs a loss on a year-to-date basis that exceeds the anticipated ordinary loss for the year, which is an exception to the general guidance in Subtopic 740-270. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.   In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses” (Topic 326). This ASU represents a significant change in the current accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which delayed recognition of expected losses that might not yet have met the threshold of being probable. The amendments in ASU 2016-03 for smaller reporting companies are effective for fiscal years beginning after April 1, 2023 including interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

Inventories are comprised of the following components:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%">Finished Goods</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">6,062,661</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">5,679,245</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Estimated Amount of Future Returns</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,444,253</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">599,066</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Subtotal</td> <td> </td> <td> </td> <td style="text-align: right">8,506,914</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,278,311</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Less:Inventory Reserve</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">404,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">254,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Inventories, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,102,914</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,024,311</td> <td> </td></tr> </table>

A summary of property and equipment is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">USEFUL</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">December 31,</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">March 31,</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">LIFE</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">Computer and office equipment</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">5 years</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">444,935</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">140,575</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Furniture and fixtures</td> <td> </td> <td style="text-align: center">7 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,410</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,410</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Warehouse equipment</td> <td> </td> <td style="text-align: center">7 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">195,401</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">209,419</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Molds and tooling</td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center">3-5 years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,680,022</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,466,837</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,418,768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,915,241</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,574,522</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,392,331</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">844,246</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">522,910</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

A summary of stock option activity for the nine months ended December 31, 2019 is summarized below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Stock Options:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 54%">Balance at beginning of period</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">2,210,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">0.25</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Granted</td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.38</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercised</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(60,000</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">         0.17</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Balance at end of period</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,250,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.26</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Options exercisable at end of period</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,150,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.25</td> <td> </td></tr> </table>

The following table summarizes information about employee stock options outstanding at December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Range of Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number Outstanding at December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Remaining Contractural Life</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number Exercisable at December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 11%; text-align: center">$.03 - $.32</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">1,570,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">3.5</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">0.16</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">1,570,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">0.16</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">$.38 - $.55</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">680,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">8.1</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">0.42</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">580,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">0.50</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center">*</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,250,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,150,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   * Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

15000000

7500000

815000

1000000

924000

0.0075

0.06

2931118

123000

-294633

422000

367255

-240042

Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">Revenue by Product Line</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Product Line</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 47%">Classic Karaoke Machines</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">10,336,078</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">10,740,373</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">29,067,908</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">28,014,115</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Download Karaoke Machines</td> <td> </td> <td> </td> <td style="text-align: right">3,636,057</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">7,343,426</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,534,065</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12,750,096</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>SMC Kids Toys</td> <td> </td> <td> </td> <td style="text-align: right">339,577</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">334,150</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">967,939</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,036,623</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Music and Accessories</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,207,804</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,034,501</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,840,486</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,793,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total Net Sales</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,519,516</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,452,450</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,410,398</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,593,906</td> <td> </td></tr> </table>

Sales by geographic region for the periods presented are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center">FOR THE THREE MONTHS ENDED</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center">FOR THE NINE MONTHS ENDED</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 23%">North America</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 17%; text-align: right">14,087,271</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">18,627,982</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">34,964,607</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">41,704,128</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Europe</td> <td> </td> <td> </td> <td style="text-align: right">1,396,148</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">679,499</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,935,548</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,657,429</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Australia</td> <td> </td> <td> </td> <td style="text-align: right">36,097</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">510,243</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">179,923</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Others</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">44,201</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">52,426</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,519,516</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,452,450</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,410,398</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,593,906</td> <td> </td></tr> </table>

32890

12500

329

12171

12500

2210000

2250000

500000

1150000

100000

2150000

0.25

0.26

.38

0.38

0.17

0.25

.03

.38

.32

.55

2250000

1570000

680000

P3Y6M

P8Y1M6D

0.16

0.42

2150000

1570000

580000

0.16

0.50

0.62

0.10

0.39

0.13

0.37

0.14

0.13

0.74

0.10

0.27

0.17

0.34

0.17

0.16

0.13

0.12

0.13

0.10

0.12

0.10

289000

1184000

400000

852000

1183000

284000

655000

33000

45000

16000

6757115 3235305 -3106951 -1910819

29747376

34369467

13826176

11486520

Changes in the Company’s reserve for sales returns are presented in the following table:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 57%">Reserve for sales returns at beginning of the period</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">896,154</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">726,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Provision for estimated sales returns</td> <td> </td> <td> </td> <td style="text-align: right">6,757,115</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,235,305</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Sales returns received</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,106,951</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,910,819</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Reserve for sales returns at end of the period</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,546,317</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,050,486</td> <td> </td></tr> </table>

307200

767337

1581245

211408

518608

813908

-41797 2200 1234368 1108330 2200 2200

NOTE 8 - STOCK OPTIONS   During the nine months ended December 31, 2019 the Company issued 100,000 stock options at an exercise price of $.38 to directors as compensation for their service.   The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the assumptions outlined below. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. The following inputs were used to value each option grant:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"> </td> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">For nine months ended December 31, 2019: expected dividend yield of 0%, risk-free interest rate of 2.08%, volatility of 112.3% and an expected term of three years.</td></tr> </table>   A summary of stock option activity for the nine months ended December 31, 2019 is summarized below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Stock Options:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 54%">Balance at beginning of period</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">2,210,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">0.25</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Granted</td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.38</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Exercised</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(60,000</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">         0.17</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Balance at end of period</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,250,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">0.26</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Options exercisable at end of period</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,150,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">$</td> <td style="padding-bottom: 2.5pt; text-align: right">0.25</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following table summarizes information about employee stock options outstanding at December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Range of Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number Outstanding at December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Remaining Contractural Life</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number Exercisable at December 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 11%; text-align: center">$.03 - $.32</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">1,570,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">3.5</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">0.16</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right">1,570,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">0.16</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">$.38 - $.55</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">680,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">8.1</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">0.42</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">580,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt">$</td> <td style="padding-bottom: 1.5pt; text-align: right">0.50</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center">*</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,250,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,150,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   * Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.   As of December 31, 2019 there was unrecognized expense of approximately $5,000 remaining on options currently vesting over time with approximately three months remaining until these options are fully vested.   The intrinsic value of vested options as of December 31, 2019 was approximately $134,000.

NOTE 13 – REFUNDS DUE TO CUSTOMERS   As of December 31, 2019 and March 31, 2019 the amount of refunds due to customers was approximately $510,000 and $31,000, respectively Refunds due to customers at December 31, 2019 are due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,181,000 that the customer has deducted on payment remittances to the Company as of December 31, 2019. (See Note 2 – LIQUIDITY).

NOTE 9 – COMMON STOCK ISSUANCES   On June 12, 2019, the Company issued 32,890 shares of its common stock to its Board of Directors valued at $0.38 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2019. The Company recorded director compensation of $0 and $12,500 during the three and nine months ended December 31, 2019, respectively.

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 and nine months ended December 31, 2019 and 2018 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 Securities and Exchange Commission. 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, 2019 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019. The interim condensed consolidated financial statements should be read in conjunction with that report.

6500

86000

424

2024-03-31

2020-08-31

2021-04-30

P87M

10757

1279

5785

P36M

P60M

0.045 0.045 0.082

1769404

7761832

274278

139680

13333

6667

10818454

21447885

522910

844246

3333

758366

1052999

710961

90082

23059

12193145

24079150

842708

6584894

950773

2605128

125000

14414

14816

349880

3675491

15958657

17499

6340

3692990

16542397

2200

-11569556

-12572864

12193145

24079150

33163

445322

446173

148725

4664 1554

750

217

487971

P17Y

P32Y7M6D

0.0625

0.0368

163179

348531

115812

117638

121167

866327

71125

795202

3837

15347

2558

21741

585

21156

10363

0.00

0.0208

1.123

P3Y

282000 268000 91000 87000

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.

COMPUTATION OF EARNINGS (LOSS) PER SHARE   Income (loss) per common share is computed by dividing net income (loss) by the weighted average of common shares outstanding during the period. As of December 31, 2019 and 2018 total potential dilutive shares from common stock options amounted to approximately 2,250,000 and 2,350,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three and nine months ended December 31, 2019 because their effect was anti-dilutive. These shares were included in the computation of diluted earnings per share for the three and nine months ended December 31, 2018.

Supplemental balance sheet information related to leases as of December 31, 2019 is as follows:   <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>Assets:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Operating lease - right-of-use assets</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">710,961</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Finance leases as a component of property and equipment, net of accumulated depreciation of $10,363</td> <td> </td> <td> </td> <td style="text-align: right">33,163</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Current portion of operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">445,322</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Current portion of finance leases</td> <td> </td> <td> </td> <td style="text-align: right">14,816</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Noncurrent</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating lease liabilities, net of current portion</td> <td> </td> <td>$</td> <td style="text-align: right">349,880</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Finance leases, net of current portion</td> <td> </td> <td> </td> <td style="text-align: right">6,340</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>   Supplemental statement of operations information related to leases for the three and nine months ended December 31, 2019 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: center">Three Months Ended</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">Nine Months Ended</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">December 31 2019</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">December 31 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating lease expense as a component of general and administrative expenses</td> <td> </td> <td>$</td> <td style="text-align: right">148,725</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">446,173</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finance lease cost</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Depreciation of leased assets as a component of depreciation</td> <td> </td> <td>$</td> <td style="text-align: right">1,554</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,664</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Interest on lease liabilities as a component of interest expense</td> <td> </td> <td>$</td> <td style="text-align: right">217</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">750</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Supplemental cash flow information related to leases for the nine months ended December 31, 2019 is as follows:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash paid for amounts included in the measurement of lease liabilities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating cash flow paid for operating leases</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">487,971</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Financing cash flow paid for finance leases</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">10,757</td> <td> </td></tr> </table> <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>Lease term and Discount Rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Weighted average remaining lease term (months)</td> <td> </td> <td> </td> <td style="text-align: right">32.6</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">17.0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finance leases</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average discount rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">6.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Finance leases</td> <td> </td> <td> </td> <td style="text-align: right">3.68</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> </table> Scheduled maturities of operating and finance lease liabilities outstanding as of December 31, 2019 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Year</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Finance Leases</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%">2020, for the remaining 3 months</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 22%; text-align: right">163,179</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">3,837</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">348,531</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,347</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">115,812</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,558</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">117,638</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2024</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">121,167</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total Minimum Future Payments</td> <td> </td> <td> </td> <td style="text-align: right">866,327</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">21,741</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; 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NOTE 2 – LIQUIDITY   In August 2019, we received notification from a major customer that several containers of goods from multiple vessels purchased direct import by the customer had arrived severely water damaged. Upon inspection of the damaged goods by insurance surveyors it was their opinion that the source of the damage was due to moisture in the pallets provided by the factory which caused significant condensation and consequently water damage to the merchandise. Actual damage to the goods occurred while the goods were in transit. We have filed insurance claims on our cargo insurance policy which does provide for recovery of the sales value plus additional expenses associated with the damaged goods. For the three months ended December 31, 2019, the customer charged us back a total of approximately $48,000 for damaged goods consisting of sales value of approximately $46,000 which was recorded as a reduction in net sales and approximately $2,000 in survey fees which were expensed as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. For the nine months ended December 31, 2019, the customer charged us back a total of approximately $1,691,000 for damaged goods consisting of sales value of approximately $1,580,000 which was recorded as a reduction in net sales, approximately $109,000 in freight charges which were expensed as a component of sales and marketing expenses and approximately $2,000 in survey fees which were expensed as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. For the three and nine months ended December 31, 2019 we have incurred additional related expenses of approximately $127,000 and $346,000, respectively that were included as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. We continue to gather the relevant information required to complete the insurance claims, however due to the significant extent of the damage more time will be required by the underwriter to determine the final claim settlement. As such, we have recorded a refund due to the customer of approximately $510,000 which reflects approximately $1,691,000 of chargebacks by the customer less approximately $1,181,000 the customer has deducted on payment remittances to the Company as of December 31, 2019. We recognized an insurance claim receivable of approximately $1,286,000 (the approximate cost of the damaged goods returned that will be destroyed) on the accompanying condensed consolidated balance sheet at December 31, 2019. The timing of the collection of this insurance claim receivable remains uncertain at this time.   As of December 31, 2019 the Company was in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and expenses associated with the damaged goods discussed above as well as a loss from operations. In November 2019, the Company entered into a Forbearance Agreement with PNC Bank, National Association (“PNC”) whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 at which time we would renegotiate renewal of the Revolving Credit Facility or obtain alternative financing.   <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: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">PNC implemented a $1,000,000 loan availability block.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">PNC required an EBITDA hurdle greater than or equal to $400,000 for the third quarter ending December 31, 2019 and requires EBITDA of $0 for the six months ending March 31, 2020 and $(83,000) for the twelve months ending March 31, 2020.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.</td></tr> </table>   As of December 31, 2019 the Company did not meet the required EBITDA hurdle of greater than or equal to $400,000 for the third quarter ended December 31, 2019 and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility has no outstanding balance and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.   For the nine months ended December 31, 2019, the Company incurred a net loss of approximately $1,003,000 compared to net income of approximately $1,473,000 for the nine months ended December 31, 2018. The Company expects cash flows from operations as well as other financing resources to be adequate to satisfy working capital requirements for at least the next twelve months from the date the accompanying condensed consolidated financial statements are issued. The Company plans to supplement cash flows from operations from several activities and resources including the following:   <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: 24px"> </td> <td style="width: 24px">●</td> <td>Reduce operating expenses.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Continue to negotiate renewal of the existing Revolving Credit Facility with PNC Bank prior to its expiration on July 15, 2020.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Continuing discussions for alternative financing arrangements with several financial institutions.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Utilize “dynamic discount” programs offered by several of the Company’s major customers which allow for accelerated payment of invoices in exchange for an early pay discount.</td></tr> </table>    There can be no assurances that any of the above actions can be accomplished or that financing will be available on acceptable terms. 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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 and up to 90% of eligible foreign credit insured accounts 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) 60% of the cost of eligible inventory or (b) 85% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus. Applicable reserves including a dilution reserve equal to 100% of the Company's advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.

In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC 'forbears' taking action it would be entitled to under a default through March 31, 2020 and would continue forbearance actions provided the Company continued to meet compliance with certain conditions

Upon execution of the Forbearance Agreement there was a pricing rate increase of .5% on the .75% per annum rate and the PNC LIBOR Rate plus 2.75%

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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 $375,000 per year.

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815367 802659 Total number of options outstanding as of March 31, 2019 includes 460,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan. Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

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Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Reserve for Sales Returns - Schedule of Reserve for Sales Returns (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Refunds Due to Customers (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Employee Benefit Plans (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Concentrations of Credit and Sales Risk (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 smdm-20191231_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 smdm-20191231_def.xml XBRL DEFINITION FILE EX-101.LAB 10 smdm-20191231_lab.xml XBRL LABEL FILE Related Party [Axis] Winglight Pacific Ltd [Member] Starlight Electronics Co., Ltd [Member] Starlight R&D, Ltd. [Member] Class of Stock [Axis] Common Class B [Member] Equity Components [Axis] Preferred Stock [Member] Common Stock [Member] Additional Paid in Capital [Member] Subscriptions Receivable [Member] Accumulated Deficit [Member] Range [Axis] Minimum [Member] Maximum [Member] Product and Service [Axis] Classic Karaoke Machines [Member] Download Karaoke Machines [Member] SMC Kids Toys [Member] Music and Accessories [Member] Property, Plant and Equipment, Type [Axis] Computer and Office Equipment [Member] Furniture and Fixtures [Member] Warehouse Equipment [Member] Molds and Tooling [Member] Credit Facility [Axis] Revolving Credit Facility [Member] Scenario [Axis] Peak Selling Season Between August 1 and December 31 [Member] Peak Selling Season Between January 1 and July 31 [Member] Debt Instrument [Axis] Subordinated Debt [Member] Prior 30 Days [Member] Exercise Price Range [Axis] Exercise Price Range One [Member] Exercise Price Range Two [Member] Concentration Risk Benchmark [Axis] Accounts Receivable [Member] Customer [Axis] Three Customers [Member] Geographical [Axis] North America [Member] Sales Revenue [Member] Customer One [Member] Customer Two [Member] Customer Three [Member] Subordinate Debt [Member] Real Estate, Type of Property [Axis] Warehouse Facility [Member] Segments [Axis] Europe [Member] Australia [Member] Others [Member] Equity Components [Axis] Stock Option [Member] Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Operating Lease Agreement [Member] Long-Term Capital Leasing Arrangements [Member] Legal Entity [Axis] Wells Fargo Equipment Finance [Member] Financing Arrangement [Member] Dimension Funding, LLC [Member] Title of Individual [Axis] Board of Directors [Member] Five Customers [Member] Cosmo Communications Canada, Inc [Member] Starlight Consumer Electronics Co.Ltd. [Member] Project Consultant [Member] Five Current and Two Former Directors [Member] Employees [Member] PNC Bank National Association [Member] Term Loan [Member] One Major Customer [Member] Forebearance Agreement [Member] Customer Four [Member] Customer Five [Member] Four Customers [Member] 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 Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Assets Current Assets Cash Accounts receivable, net of allowances of $184,120 and $51,096, respectively Due from PNC Bank Accounts receivable related party Insurance claim receivable Inventories, net Prepaid expenses and other current assets Deferred financing costs Total Current Assets Property and equipment, net Deferred financing costs, net of current portion Deferred tax assets Operating Leases - right of use assets Other non-current assets Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts payable Accrued expenses Current portion of bank term note payable Due to related party Refunds due to customers Reserve for sales returns Current portion of finance leases Current portion of installment notes Current portion of operating lease liabilities Current portion of subordinated related party debt - Starlight Marketing Development, Ltd. Total Current Liabilities Finance leases, net of current portion Installment notes, net of current portion Operating lease liabilities, net of current portion Total Liabilities Commitments and Contingencies Shareholders' Equity Common stock, Class B, $0.01 par value; 100,000,000 shares authorized; 38,557,643 and 38,464,753 shares issued and outstanding, respectively Additional paid-in capital Subscriptions receivable Accumulated deficit Total Shareholders' Equity Total Liabilities and Shareholders' Equity Long-term Debt, Type [Axis] Allowance for doubtful accounts receivable, net 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) Income from Operations Other Expenses Interest expense Finance costs Total Other Expenses (Loss) Income Before Income Tax Benefit (Provision) Income Tax Benefit (Provision) Net (Loss) Income Net (Loss) Income per Common Share Basic Diluted Weighted Average Common and Common Equivalent Shares: Basic Diluted Statement of Cash Flows [Abstract] Cash flows from operating activities Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Amortization of deferred financing costs Change in inventory reserve Change in allowance for bad debts Stock based compensation Change in net deferred tax assets Changes in operating assets and liabilities: Accounts receivable Due from PNC Bank Accounts receivable - related parties Insurance receivable Inventories Prepaid expenses and other current assets Other non-current assets Accounts payable Accrued expenses Due to related parties Refunds due to customers Reserve for sales returns Operating lease liabilities, net of operating leases - right of use assets Net cash provided by (used in) operating activities Cash flows from investing activities Purchase of property and equipment EX-101.PRE 11 smdm-20191231_pre.xml XBRL PRESENTATION FILE XML 12 R32.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Net Sales	$ 15,519,516	$ 19,452,450	$ 40,410,398	$ 45,593,906
Classic Karaoke Machines [Member]
Net Sales	10,336,078	10,740,373	29,067,908	28,014,115
Download Karaoke Machines [Member]
Net Sales	3,636,057	7,343,426	5,534,065	12,750,096
SMC Kids Toys [Member]
Net Sales	339,577	334,150	967,939	2,036,623
Music and Accessories [Member]
Net Sales	$ 1,207,804	$ 1,034,501	$ 4,840,486	$ 2,793,072

XML 13 R36.htm IDEA: XBRL DOCUMENT

Bank Financing (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
Bank Financing (Details Narrative) - USD ($)	Jun. 22, 2017	Nov. 30, 2019	Aug. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Mar. 31, 2019
Line of Credit Facility [Line Items]
Line of credit facility, expiration date						Jul. 15, 2020
Revolving line of credit				$ 0		$ 0			$ 0
Line of credit facility, description						PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.
First priority security ownership interest percentage				100.00%		100.00%
Line of credit facility, collateral amount				$ 803,000		$ 803,000
Amortization of deferred financing costs				3,334	$ 3,333	10,000	$ 10,000
Subordinated Debt [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum amount outstanding during period						$ 815,000
Line of credit facility, interest rate during period						6.00%
Incurred interest expense			$ 12,500
Repayments of lines of credit						$ 815,000
Line of credit facility, periodic payment				123,000		123,000
Outstanding balance			12,500	123,000		123,000
Payment of debt			$ 25,000
Interest expense, related party				0	7,000	0	20,000
Line of credit, remaining borrowing capacity				$ 803,000		$ 803,000			$ 815,000
Maximum [Member]
Line of Credit Facility [Line Items]
First priority lien percentage				65.00%		65.00%
Prior 30 Days [Member] \| Subordinated Debt [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum amount outstanding during period						$ 1,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument, term	3 years
Line of credit facility, expiration date	Jul. 15, 2020
Line of credit facility borrowing capacity				$ 15,000,000		$ 15,000,000
Line of credit facility, description						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 and up to 90% of eligible foreign credit insured accounts 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) 60% of the cost of eligible inventory or (b) 85% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus. Applicable reserves including a dilution reserve equal to 100% 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 $5,000,000. $500,000 eligible in-transit inventory sublimit within the $5,000,000 total inventory. 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 $375,000 per year.
Line of credit facility, interest rate during period						0.75%
Line of credit facility, LIBOR Rate plus rate				2.75%		2.75%
Line of credit facility default rate						2.00%
Line of credit facility, unused capacity, commitment fee percentage						0.375%
Incurred interest expense				$ 86,000	100,000	$ 119,000	155,000
Incurred unused facility fee amount				10,000	8,000	30,000	23,000
Cost associated with Revolving credit facility deferred						40,000
Amortization of deferred financing costs				3,000	$ 3,000	$ 10,000	$ 10,000
Revolving Credit Facility [Member] \| Forebearance Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, description		In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC 'forbears' taking action it would be entitled to under a default through March 31, 2020 and would continue forbearance actions provided the Company continued to meet compliance with certain conditions				Upon execution of the Forbearance Agreement there was a pricing rate increase of .5% on the .75% per annum rate and the PNC LIBOR Rate plus 2.75%
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 line of credit				$ 5,000,000		5,000,000
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
PNC Bank National Association [Member] \| Term Loan [Member]
Line of Credit Facility [Line Items]
Repayments of lines of credit								$ 125,000
PNC Bank National Association [Member] \| Forebearance Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, expiration date		Mar. 31, 2020

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Refunds Due to Customers
9 Months Ended

Dec. 31, 2019

Refunds Due To Customers

Refunds Due to Customers

NOTE 13 – REFUNDS DUE TO CUSTOMERS

As of December 31, 2019 and March 31, 2019 the amount of refunds due to customers was approximately $510,000 and $31,000, respectively Refunds due to customers at December 31, 2019 are due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,181,000 that the customer has deducted on payment remittances to the Company as of December 31, 2019. (See Note 2 – LIQUIDITY).

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Common Stock Issuances
9 Months Ended

Dec. 31, 2019

Equity [Abstract]

Common Stock Issuances

NOTE 9 – COMMON STOCK ISSUANCES

On June 12, 2019, the Company issued 32,890 shares of its common stock to its Board of Directors valued at $0.38 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2019. The Company recorded director compensation of $0 and $12,500 during the three and nine months ended December 31, 2019, respectively.

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Property and Equipment
9 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 – PROPERTY AND EQUIPMENT

A summary of property and equipment is as follows:

USEFUL December 31, March 31,

LIFE 2019 2019

Computer and office equipment 5 years $ 444,935 $ 140,575

Furniture and fixtures 7 years 98,410 98,410

Warehouse equipment 7 years 195,401 209,419

Molds and tooling 3-5 years 1,680,022 1,466,837

2,418,768 1,915,241

Less: Accumulated depreciation 1,574,522 1,392,331

$ 844,246 $ 522,910

Depreciation expense for the three months ended December 31, 2019 and 2018 was approximately $77,000 and $64,000, respectively. Depreciation expense for the nine months ended December 31, 2019 and 2018 was approximately $196,000 and $200,000, respectively.

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Income Statement [Abstract]

Net Sales $ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

Cost of Goods Sold 11,486,520 13,826,176 29,747,376 34,369,467

Gross Profit 4,032,996 5,626,274 10,663,022 11,224,439

Operating Expenses

Selling expenses 3,402,717 2,236,777 6,550,139 4,698,141

General and administrative expenses 1,442,192 1,524,810 5,048,517 4,185,579

Depreciation 77,161 64,357 196,210 200,138

Total Operating Expenses 4,922,070 3,825,944 11,794,866 9,083,858

(Loss) Income from Operations (889,074) 1,800,330 (1,131,844) 2,140,581

Other Expenses

Interest expense (105,583) (139,729) (156,097) (235,290)

Finance costs (3,334) (3,333) (10,000) (10,000)

Total Other Expenses (108,917) (143,062) (166,097) (245,290)

(Loss) Income Before Income Tax Benefit (Provision) (997,991) 1,657,268 (1,297,941) 1,895,291

Income Tax Benefit (Provision) 240,042 (367,255) 294,633 (422,000)

Net (Loss) Income $ (757,949) $ 1,290,013 $ (1,003,308) $ 1,473,291

Net (Loss) Income per Common Share

Basic $ (0.02) $ 0.03 $ (0.03) $ 0.04

Diluted $ (0.02) $ 0.03 $ (0.03) $ 0.04

Weighted Average Common and Common Equivalent Shares:

Basic 38,557,643 38,384,753 38,524,698 38,315,395

Diluted 38,557,643 39,459,369 38,524,698 39,397,875

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XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Liquidity
9 Months Ended

Dec. 31, 2019

Liquidity

Liquidity

NOTE 2 – LIQUIDITY

In August 2019, we received notification from a major customer that several containers of goods from multiple vessels purchased direct import by the customer had arrived severely water damaged. Upon inspection of the damaged goods by insurance surveyors it was their opinion that the source of the damage was due to moisture in the pallets provided by the factory which caused significant condensation and consequently water damage to the merchandise. Actual damage to the goods occurred while the goods were in transit. We have filed insurance claims on our cargo insurance policy which does provide for recovery of the sales value plus additional expenses associated with the damaged goods. For the three months ended December 31, 2019, the customer charged us back a total of approximately $48,000 for damaged goods consisting of sales value of approximately $46,000 which was recorded as a reduction in net sales and approximately $2,000 in survey fees which were expensed as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. For the nine months ended December 31, 2019, the customer charged us back a total of approximately $1,691,000 for damaged goods consisting of sales value of approximately $1,580,000 which was recorded as a reduction in net sales, approximately $109,000 in freight charges which were expensed as a component of sales and marketing expenses and approximately $2,000 in survey fees which were expensed as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. For the three and nine months ended December 31, 2019 we have incurred additional related expenses of approximately $127,000 and $346,000, respectively that were included as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. We continue to gather the relevant information required to complete the insurance claims, however due to the significant extent of the damage more time will be required by the underwriter to determine the final claim settlement. As such, we have recorded a refund due to the customer of approximately $510,000 which reflects approximately $1,691,000 of chargebacks by the customer less approximately $1,181,000 the customer has deducted on payment remittances to the Company as of December 31, 2019. We recognized an insurance claim receivable of approximately $1,286,000 (the approximate cost of the damaged goods returned that will be destroyed) on the accompanying condensed consolidated balance sheet at December 31, 2019. The timing of the collection of this insurance claim receivable remains uncertain at this time.

As of December 31, 2019 the Company was in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and expenses associated with the damaged goods discussed above as well as a loss from operations. In November 2019, the Company entered into a Forbearance Agreement with PNC Bank, National Association (“PNC”) whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 at which time we would renegotiate renewal of the Revolving Credit Facility or obtain alternative financing.

● PNC implemented a $1,000,000 loan availability block.

● PNC required an EBITDA hurdle greater than or equal to $400,000 for the third quarter ending December 31, 2019 and requires EBITDA of $0 for the six months ending March 31, 2020 and $(83,000) for the twelve months ending March 31, 2020.

● PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.

As of December 31, 2019 the Company did not meet the required EBITDA hurdle of greater than or equal to $400,000 for the third quarter ended December 31, 2019 and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility has no outstanding balance and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.

For the nine months ended December 31, 2019, the Company incurred a net loss of approximately $1,003,000 compared to net income of approximately $1,473,000 for the nine months ended December 31, 2018. The Company expects cash flows from operations as well as other financing resources to be adequate to satisfy working capital requirements for at least the next twelve months from the date the accompanying condensed consolidated financial statements are issued. The Company plans to supplement cash flows from operations from several activities and resources including the following:

● Reduce operating expenses.

● Continue to negotiate renewal of the existing Revolving Credit Facility with PNC Bank prior to its expiration on July 15, 2020.

● Continuing discussions for alternative financing arrangements with several financial institutions.

● Utilize “dynamic discount” programs offered by several of the Company’s major customers which allow for accelerated payment of invoices in exchange for an early pay discount.



There can be no assurances that any of the above actions can be accomplished or that financing will be available on acceptable terms. If the Company is unable to obtain financing or continues to experience sustained losses from operations this would have a material adverse effect on its ability to meet its financial obligations when due.

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Stock Options (Details Narrative)
9 Months Ended

Dec. 31, 2019

USD ($)

$ / shares

shares

Share-based Payment Arrangement [Abstract]

Number of stock options shares issued | shares 100,000

Stock options exercise price per share | $ / shares $ .38

Expected dividend yield 0.00%

Risk-free interest rate 2.08%

Volatility 112.30%

Expected term 3 years

Unrecognized expense $ 5,000

Unrecognized expense, options vesting period 3 months

Intrinsic value of vested options $ 134,000

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Common Stock Issuances (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Jun. 12, 2019

Dec. 31, 2019

Dec. 31, 2019

Number of common stock shares issued, value $ 12,500

Board of Directors [Member]

Number of common stock shares issued 32,890

Shares issued price per share $ 0.38

Number of common stock shares issued, value $ 0 $ 12,500

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Stock Options (Tables)
9 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended December 31, 2019 is summarized below:

December 31, 2019

Number of Options Weighted Average Exercise
Price

Stock Options:

Balance at beginning of period 2,210,000 $ 0.25

Granted 100,000 $ 0.38

Exercised (60,000 ) $ 0.17

Balance at end of period 2,250,000 $ 0.26

Options exercisable at end of period 2,150,000 $ 0.25

Schedule of Employee Stock Options Outstanding

The following table summarizes information about employee stock options outstanding at December 31, 2019:

Range of Exercise Price Number
Outstanding at
December 31, 2019 Weighted Average Remaining Contractural Life Weighted Average Exercise Price Number
Exercisable at
December 31, 2019
Weighted Average

Exercise Price

$.03 - $.32 1,570,000 3.5 $ 0.16 1,570,000 $ 0.16

$.38 - $.55 680,000 8.1 $ 0.42 580,000 $ 0.50

* 2,250,000 2,150,000

* Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

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Summary of Accounting Policies (Tables)
9 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:

Revenue by Product Line

Three Months Ended Nine Months Ended

Product Line 12/31/2019 12/31/2018 12/31/2019 12/31/2018

Classic Karaoke Machines $ 10,336,078 $ 10,740,373 $ 29,067,908 $ 28,014,115

Download Karaoke Machines 3,636,057 7,343,426 5,534,065 12,750,096

SMC Kids Toys 339,577 334,150 967,939 2,036,623

Music and Accessories 1,207,804 1,034,501 4,840,486 2,793,072

Total Net Sales $ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

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Summary of Accounting Policies
9 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Accounting Policies

NOTE 3 - 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 and nine months ended December 31, 2019 and 2018 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 Securities and Exchange Commission. 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, 2019 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019. 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.

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.

The Company is subject to chargebacks from customers for cooperative marketing programs, defective returns, return freight and handling charges that are deducted from open invoices and reduce collectability of open invoices.

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.

FOREIGN CURRENCY TRANSLATION

The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiary 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 are recorded in the condensed consolidated statement of operations and translations are recorded in a separate component of shareholders’ equity. Any such amounts were not material during the periods presented.

CONCENTRATION OF CREDIT RISK

At times, the Company maintains cash in United States bank accounts that are more than the Federal Deposit Insurance Corporation insured amounts. The Company also maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at December 31, 2019 and March 31, 2019 are approximately $426,000 and $211,000, respectively.

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of accounts receivable.

INVENTORY

Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or net realizable value, as determined using the first in, first out method. Inventories also include an estimate for the net realizable value of expected future inventory returns due to warranty and allowance programs. As of December 31, 2019 and March 31, 2019 the estimated amounts for these future inventory returns were approximately $2,444,000 and $599,000, respectively. The Company 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. As of December 31, 2019 and March 31, 2019 the Company had inventory reserves of approximately $404,000 and $254,000 respectively for estimated excess and obsolete inventory.



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, refunds due to customers and due to/from related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the subordinated debt to Starlight Marketing Development, Ltd. (related party) and finance leases approximate fair value due to the relatively short period to maturity and related interest accrued at a rate similar to market rates. The carrying amount on the revolving line of credit approximates fair value due to the relatively short period to maturity and related interest accrued at market rates.

REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS

The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). Revenue is recognized when the goods are delivered and control of the goods sold is transferred to the customer. The Company’s contracts have no financing elements, payment terms are less than 120 days and have no further contract asset or liability obligations once control of goods is transferred to the customer. Revenue is recorded in the amount of consideration the Company expects to receive for the sale of these goods.

Costs incurred in fulfilling contracts with customers include administrative costs associated with the procurement of goods are included in general and administrative expenses, in-bound freight costs are included in the cost of goods sold and accrued sales representative commissions are included in selling expenses in the accompanying condensed consolidated statements of operations.

The Company disaggregates revenues by product line and major geographic region as most of its revenue is generated by the sales of karaoke hardware and the Company has no other material business segments (See NOTE 10).

The Company generally does not allow products to be returned other than return allowance programs for goods returned to the customer for various reasons and accordingly records a sales return reserve based on historic return amounts, events as identified and management estimates.

The Company’s reserve for sales returns were approximately $4,546,000 and $896,000 as of December 31, 2019 and March 31, 2019, respectively.



Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:

Revenue by Product Line

Three Months Ended Nine Months Ended

Product Line 12/31/2019 12/31/2018 12/31/2019 12/31/2018

Classic Karaoke Machines $ 10,336,078 $ 10,740,373 $ 29,067,908 $ 28,014,115

Download Karaoke Machines 3,636,057 7,343,426 5,534,065 12,750,096

SMC Kids Toys 339,577 334,150 967,939 2,036,623

Music and Accessories 1,207,804 1,034,501 4,840,486 2,793,072

Total Net Sales $ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

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 and nine months ended December 31, 2019 and 2018 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 December 31, 2019 and 2018, the stock option expense was approximately $5,000 and $10,000, respectively. For the nine months ended December 31, 2019 and 2018, the stock option expense was $15,000 and $30,000, 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 indicate that the customer must spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 1% to 13% of the purchase. The customers must 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, which is included as a component of selling expenses on the accompanying condensed consolidated statements of operations, for the three months ended December 31, 2019 and 2018 was approximately $2,040,000 and $1,328,000, respectively. Advertising expense for the nine months ended December 31, 2019 and 2018 was approximately $3,820,000 and $2,877,000, respectively. As of December 31, 2019 and March 31, 2019 there was an accrual for cooperative advertising allowances of $1,689,000 and $185,000, 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 general and administrative expenses in the condensed consolidated statements of operations. For the three months ended December 31, 2019 and 2018, these amounts totaled approximately $13,000 and $27,000, respectively. For the nine months ended December 31, 2019 and 2018, these amounts totaled approximately $36,000 and $64,000 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. For the nine months ended December 31, 2019 and 2018 we estimated our effective tax rate to be approximately 22%. As of December 31, 2019 and March 31, 2019, the Company had gross deferred tax assets of approximately $1,053,000 and $758,000, respectively. The Company recorded an income tax benefit of approximately $240,000 and an income tax provision of approximately $367,000 for the three months ended December 31, 2019 and 2018, respectively. The Company recorded an income tax benefit of approximately $295,000 and an income tax provision of $422,000 for the nine months ended December 31, 2019 and 2018, respectively.

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 December 31, 2019, 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.

COMPUTATION OF EARNINGS (LOSS) PER SHARE

Income (loss) per common share is computed by dividing net income (loss) by the weighted average of common shares outstanding during the period. As of December 31, 2019 and 2018 total potential dilutive shares from common stock options amounted to approximately 2,250,000 and 2,350,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three and nine months ended December 31, 2019 because their effect was anti-dilutive. These shares were included in the computation of diluted earnings per share for the three and nine months ended December 31, 2018.

ADOPTION OF NEW ACCOUNTING STANDARDS

In February 2016, the FASB issued ASU 2016-02, Topic 842, as amended, “Leases”. The ASU requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On April 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its disclosures for the comparative periods. (See Note 7– LEASES).

The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date. The liability is equal to the present value of the remaining minimum lease payments. The asset is based on the liability, subject to certain adjustments. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard) while finance leases result in a front-loaded expense pattern (similar to capital leases under the prior accounting standard). As the interest rate implicit in the Company’s operating leases is not readily determinable, the Company utilizes its incremental borrowing rate to discount the lease payments. The Company utilizes the implicit rate for its finance leases.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740). Among several issues addressed in this ASU, there was one area that may potentially affect the Company’s calculations of interim income tax provision or benefit. The guidance specifies that an entity should apply the annual effective tax rate to the year-to date income or loss as long as the tax benefits for any losses are expected to be realized during the year or would be recognizable as a deferred tax asset at the end of the year eliminating the requirement of a valuation allowance for that interim period. There is specific guidance for circumstances in which an entity incurs a loss on a year-to-date basis that exceeds the anticipated ordinary loss for the year, which is an exception to the general guidance in Subtopic 740-270. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses” (Topic 326). This ASU represents a significant change in the current accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which delayed recognition of expected losses that might not yet have met the threshold of being probable. The amendments in ASU 2016-03 for smaller reporting companies are effective for fiscal years beginning after April 1, 2023 including interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended

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Dec. 31, 2018

Cash flows from operating activities

Net (loss) income $ (1,003,308) $ 1,473,291

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

Depreciation 196,210 200,138

Amortization of deferred financing costs 10,000 10,000

Change in inventory reserve 150,000 (56,780)

Change in allowance for bad debts 133,024 162,198

Stock based compensation 27,506 42,879

Change in net deferred tax assets (294,633) 422,001

Changes in operating assets and liabilities:

Accounts receivable (6,125,452) (9,697,203)

Due from PNC Bank (211,089) 6,212

Accounts receivable - related parties (895,217) (515,580)

Insurance receivable (1,286,158)

Inventories (2,228,603) 2,475,145

Prepaid expenses and other current assets 134,598 25,587

Other non-current assets 67,023 (516)

Accounts payable 5,742,186 1,744,862

Accrued expenses 1,780,393 1,036,699

Due to related parties 399,672 293,717

Refunds due to customers 479,758 (445,484)

Reserve for sales returns 3,650,163 1,324,486

Operating lease liabilities, net of operating leases - right of use assets (41,797)

Net cash provided by (used in) operating activities 684,275 (1,498,348)

Cash flows from investing activities

Purchase of property and equipment (517,546) (288,740)

Net cash used in investing activities (517,546) (288,740)

Cash flows from financing activities

Net proceeds from revolving line of credit 2,931,118

Proceeds from installment notes 283,840

Payments on installment notes (7,304)

Proceeds from subscription receivable 2,200

Proceeds from exercise of stock options 10,200 6,400

Payment of bank term note (125,000) (375,000)

Payment on subordinated debt - related party (12,708)

Payments on finance leases (10,757) (8,093)

Net cash provided by financing activities 140,471 2,554,425

Net change in cash 307,200 767,337

Cash at beginning of period 211,408 813,908

Cash at end of period 518,608 1,581,245

Supplemental disclosures of cash flow information:

Cash paid for interest 167,954 215,501

Equipment purchased under capital lease 43,527

Operating leases - right of use assets initial adoption 1,108,330

Operating lease liabilities - initial adoption $ 1,234,368

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Stock Options - Summary of Stock Option Activity (Details)
9 Months Ended

Dec. 31, 2019

$ / shares

shares

Number of Options Granted | shares 100,000

Weighted Average Exercise Price Granted | $ / shares $ .38

Stock Option [Member]

Number of Options, Balance at Beginning of Period | shares 2,210,000 ^[1]

Number of Options Granted | shares 100,000

Number of Options Exercised | shares (60,000)

Number of Options, Balance at End of Period | shares 2,250,000

Number of Options, Exercisable at End of Period | shares 2,150,000

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Weighted Average Exercise Price Exercised | $ / shares 0.17

Weighted Average Exercise Price, Balance at End of Period | $ / shares 0.26

Weighted Average Exercise Price, Options Exercisable at End of Period | $ / shares $ 0.25

[1] Total number of options outstanding as of March 31, 2019 includes 460,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

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Geographical Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
3 Months Ended 9 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Net Sales $ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

North America [Member]

Segment Reporting Information [Line Items]

Net Sales 14,087,271 18,627,982 34,964,607 41,704,128

Europe [Member]

Segment Reporting Information [Line Items]

Net Sales 1,396,148 679,499 4,935,548 3,657,429

Australia [Member]

Segment Reporting Information [Line Items]

Net Sales 36,097 100,768 510,243 179,923

Others [Member]

Segment Reporting Information [Line Items]

Net Sales $ 44,201 $ 52,426

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Commitments and Contingencies (Tables)
9 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Supplemental Information Related to Leases

Supplemental balance sheet information related to leases as of December 31, 2019 is as follows:

Assets:

Operating lease - right-of-use assets $ 710,961

Finance leases as a component of property and equipment, net of accumulated depreciation of $10,363 33,163

Liabilities

Current

Current portion of operating leases $ 445,322

Current portion of finance leases 14,816

Noncurrent

Operating lease liabilities, net of current portion $ 349,880

Finance leases, net of current portion 6,340

Supplemental statement of operations information related to leases for the three and nine months ended December 31, 2019 is as follows:

Three Months Ended Nine Months
Ended

December 31 2019 December 31 2019

Operating lease expense as a component of general and administrative expenses $ 148,725 $ 446,173

Finance lease cost

Depreciation of leased assets as a component of depreciation $ 1,554 $ 4,664

Interest on lease liabilities as a component of interest expense $ 217 $ 750

Supplemental cash flow information related to leases for the nine months ended December 31, 2019 is as follows:

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flow paid for operating leases $ 487,971

Financing cash flow paid for finance leases $ 10,757

Schedule of Lease term and Discount Rate

Lease term and Discount Rate

Weighted average remaining lease term (months) 32.6

Operating leases 17.0

Finance leases

Weighted average discount rate

Operating leases 6.25 %

Finance leases 3.68 %

Schedule of Future Minimum Rental Payments for Operating and Finance Leases

Scheduled maturities of operating and finance lease liabilities outstanding as of December 31, 2019 are as follows:

Year Operating Leases Finance Leases

2020, for the remaining 3 months $ 163,179 $ 3,837

2021 348,531 15,347

2022 115,812 2,558

2023 117,638 -

2024 121,167 -

Total Minimum Future Payments 866,327 21,741

Less: Imputed Interest 71,125 585

Present Value of Lease Liabilities $ 795,202 $ 21,156

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Summary of Accounting Policies (Policies)
9 Months Ended

Dec. 31, 2019

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 and nine months ended December 31, 2019 and 2018 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 Securities and Exchange Commission. 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, 2019 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019. 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.

Collectibility 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.

The Company is subject to chargebacks from customers for cooperative marketing programs, defective returns, return freight and handling charges that are deducted from open invoices and reduce collectability of open invoices.

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.

Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION

The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiary 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 are recorded in the condensed consolidated statement of operations and translations are recorded in a separate component of shareholders’ equity. Any such amounts 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 more than the Federal Deposit Insurance Corporation insured amounts. The Company also maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at December 31, 2019 and March 31, 2019 are approximately $426,000 and $211,000, respectively.

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of accounts receivable.

Inventory

INVENTORY

Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or net realizable value, as determined using the first in, first out method. Inventories also include an estimate for the net realizable value of expected future inventory returns due to warranty and allowance programs. As of December 31, 2019 and March 31, 2019 the estimated amounts for these future inventory returns were approximately $2,444,000 and $599,000, respectively. The Company 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. As of December 31, 2019 and March 31, 2019 the Company had inventory reserves of approximately $404,000 and $254,000 respectively for estimated excess and obsolete inventory.

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, refunds due to customers and due to/from related parties approximates fair value due to the relatively short period to maturity for these instruments. The carrying amounts on the subordinated debt to Starlight Marketing Development, Ltd. (related party) and finance leases approximate fair value due to the relatively short period to maturity and related interest accrued at a rate similar to market rates. The carrying amount on the revolving line of credit approximates fair value due to the relatively short period to maturity and related interest accrued at market rates.

Revenue Recognition and Reserve for Sales Returns

REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS

The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). Revenue is recognized when the goods are delivered and control of the goods sold is transferred to the customer. The Company’s contracts have no financing elements, payment terms are less than 120 days and have no further contract asset or liability obligations once control of goods is transferred to the customer. Revenue is recorded in the amount of consideration the Company expects to receive for the sale of these goods.

Costs incurred in fulfilling contracts with customers include administrative costs associated with the procurement of goods are included in general and administrative expenses, in-bound freight costs are included in the cost of goods sold and accrued sales representative commissions are included in selling expenses in the accompanying condensed consolidated statements of operations.

The Company disaggregates revenues by product line and major geographic region as most of its revenue is generated by the sales of karaoke hardware and the Company has no other material business segments (See NOTE 10).

The Company generally does not allow products to be returned other than return allowance programs for goods returned to the customer for various reasons and accordingly records a sales return reserve based on historic return amounts, events as identified and management estimates.

The Company’s reserve for sales returns were approximately $4,546,000 and $896,000 as of December 31, 2019 and March 31, 2019, respectively.



Revenue is derived from four different major product lines. Disaggregated revenue from these product lines for the three and nine months ended December 31, 2019 and 2018 consisted of the following:

Revenue by Product Line

Three Months Ended Nine Months Ended

Product Line 12/31/2019 12/31/2018 12/31/2019 12/31/2018

Classic Karaoke Machines $ 10,336,078 $ 10,740,373 $ 29,067,908 $ 28,014,115

Download Karaoke Machines 3,636,057 7,343,426 5,534,065 12,750,096

SMC Kids Toys 339,577 334,150 967,939 2,036,623

Music and Accessories 1,207,804 1,034,501 4,840,486 2,793,072

Total Net Sales $ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

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 and nine months ended December 31, 2019 and 2018 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 December 31, 2019 and 2018, the stock option expense was approximately $5,000 and $10,000, respectively. For the nine months ended December 31, 2019 and 2018, the stock option expense was $15,000 and $30,000, 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 indicate that the customer must spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 1% to 13% of the purchase. The customers must 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, which is included as a component of selling expenses on the accompanying condensed consolidated statements of operations, for the three months ended December 31, 2019 and 2018 was approximately $2,040,000 and $1,328,000, respectively. Advertising expense for the nine months ended December 31, 2019 and 2018 was approximately $3,820,000 and $2,877,000, respectively. As of December 31, 2019 and March 31, 2019 there was an accrual for cooperative advertising allowances of $1,689,000 and $185,000, 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 general and administrative expenses in the condensed consolidated statements of operations. For the three months ended December 31, 2019 and 2018, these amounts totaled approximately $13,000 and $27,000, respectively. For the nine months ended December 31, 2019 and 2018, these amounts totaled approximately $36,000 and $64,000 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. For the nine months ended December 31, 2019 and 2018 we estimated our effective tax rate to be approximately 22%. As of December 31, 2019 and March 31, 2019, the Company had gross deferred tax assets of approximately $1,053,000 and $758,000, respectively. The Company recorded an income tax benefit of approximately $240,000 and an income tax provision of approximately $367,000 for the three months ended December 31, 2019 and 2018, respectively. The Company recorded an income tax benefit of approximately $295,000 and an income tax provision of $422,000 for the nine months ended December 31, 2019 and 2018, respectively.

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 December 31, 2019, 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.

Computation of Earnings (Loss) Per Share

COMPUTATION OF EARNINGS (LOSS) PER SHARE

Income (loss) per common share is computed by dividing net income (loss) by the weighted average of common shares outstanding during the period. As of December 31, 2019 and 2018 total potential dilutive shares from common stock options amounted to approximately 2,250,000 and 2,350,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three and nine months ended December 31, 2019 because their effect was anti-dilutive. These shares were included in the computation of diluted earnings per share for the three and nine months ended December 31, 2018.

Adoption of New Accounting Standards

ADOPTION OF NEW ACCOUNTING STANDARDS

In February 2016, the FASB issued ASU 2016-02, Topic 842, as amended, “Leases”. The ASU requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On April 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its disclosures for the comparative periods. (See Note 7– LEASES).

The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date. The liability is equal to the present value of the remaining minimum lease payments. The asset is based on the liability, subject to certain adjustments. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard) while finance leases result in a front-loaded expense pattern (similar to capital leases under the prior accounting standard). As the interest rate implicit in the Company’s operating leases is not readily determinable, the Company utilizes its incremental borrowing rate to discount the lease payments. The Company utilizes the implicit rate for its finance leases.

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740). Among several issues addressed in this ASU, there was one area that may potentially affect the Company’s calculations of interim income tax provision or benefit. The guidance specifies that an entity should apply the annual effective tax rate to the year-to date income or loss as long as the tax benefits for any losses are expected to be realized during the year or would be recognizable as a deferred tax asset at the end of the year eliminating the requirement of a valuation allowance for that interim period. There is specific guidance for circumstances in which an entity incurs a loss on a year-to-date basis that exceeds the anticipated ordinary loss for the year, which is an exception to the general guidance in Subtopic 740-270. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses” (Topic 326). This ASU represents a significant change in the current accounting model by requiring immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which delayed recognition of expected losses that might not yet have met the threshold of being probable. The amendments in ASU 2016-03 for smaller reporting companies are effective for fiscal years beginning after April 1, 2023 including interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the potential effects of this updated guidance on our consolidated financial statements and related disclosures.

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Finished Goods $ 6,062,661 $ 5,679,245

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Commitments and Contingencies (Details Narrative)
3 Months Ended 9 Months Ended

Jun. 18, 2019

USD ($)

Jun. 04, 2018

USD ($)

May 25, 2018

USD ($)

May 01, 2018

USD ($)

ft²

Oct. 01, 2017

USD ($)

ft²

Jun. 01, 2013

USD ($)

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USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Mar. 31, 2019

USD ($)

Commitments And Contingencies [Line Items]

Monthly lease payments $ 10,757

Current portion of installment notes 49,016 49,016

Installment notes, net of current portion 227,520 227,520

Interest expense on installment note 105,583 $ 139,729 156,097 $ 235,290

Dimension Funding, LLC [Member]

Commitments And Contingencies [Line Items]

Principal amount of installment notes 276,000 276,000

Current portion of installment notes 49,000 49,000

Installment notes, net of current portion 227,000 227,000

Interest expense on installment note 3,000 10,000

Dimension Funding, LLC [Member] | Project Consultant [Member]

Commitments And Contingencies [Line Items]

Advance financing payments $ 108,000 $ 284,000

Operating Lease Agreement [Member]

Commitments And Contingencies [Line Items]

Operating lease space for office | ft² 424 6,500 86,000

Lease expiration date Apr. 30, 2021 Mar. 31, 2024 Aug. 31, 2020

Rent expense $ 1,600 $ 8,800 $ 43,700

Lease term 87 months

Lease extend term The lease provides for a renewal option to extend the lease term for 5 years at the fair market value at the time of renewal.

Long-Term Capital Leasing Arrangements [Member] | Wells Fargo Equipment Finance [Member]

Commitments And Contingencies [Line Items]

Financing lease costs $ 44,000 $ 44,000

Monthly lease payments $ 1,279 $ 1,279

Financing lease term 36 months 36 months

Effective interest rate 4.50% 4.50%

Financing Arrangement [Member] | Dimension Funding, LLC [Member]

Commitments And Contingencies [Line Items]

Financing lease costs $ 375,000

Monthly lease payments $ 5,785

Financing lease term 60 months

Effective interest rate 8.20%

Security interest 100.00%

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Stock Options
9 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock Options

NOTE 8 - STOCK OPTIONS

During the nine months ended December 31, 2019 the Company issued 100,000 stock options at an exercise price of $.38 to directors as compensation for their service.

The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the assumptions outlined below. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. The following inputs were used to value each option grant:

● For nine months ended December 31, 2019: expected dividend yield of 0%, risk-free interest rate of 2.08%, volatility of 112.3% and an expected term of three years.

A summary of stock option activity for the nine months ended December 31, 2019 is summarized below:

December 31, 2019

Number of Options Weighted Average Exercise
Price

Stock Options:

Balance at beginning of period 2,210,000 $ 0.25

Granted 100,000 $ 0.38

Exercised (60,000 ) $ 0.17

Balance at end of period 2,250,000 $ 0.26

Options exercisable at end of period 2,150,000 $ 0.25

The following table summarizes information about employee stock options outstanding at December 31, 2019:

Range of Exercise Price Number
Outstanding at
December 31, 2019 Weighted Average Remaining Contractural Life Weighted Average Exercise Price Number
Exercisable at
December 31, 2019
Weighted Average

Exercise Price

$.03 - $.32 1,570,000 3.5 $ 0.16 1,570,000 $ 0.16

$.38 - $.55 680,000 8.1 $ 0.42 580,000 $ 0.50

* 2,250,000 2,150,000

* Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

As of December 31, 2019 there was unrecognized expense of approximately $5,000 remaining on options currently vesting over time with approximately three months remaining until these options are fully vested.

The intrinsic value of vested options as of December 31, 2019 was approximately $134,000.

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Inventories, Net
9 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories, Net

NOTE 4 - INVENTORIES, NET

Inventories are comprised of the following components:

December 31, 2019 March 31, 2019

Finished Goods $ 6,062,661 $ 5,679,245

Estimated Amount of Future Returns 2,444,253 599,066

Subtotal 8,506,914 6,278,311

Less:Inventory Reserve 404,000 254,000

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Reserve for Sales Returns
9 Months Ended

Dec. 31, 2019

Reserve For Sales Returns

Reserve for Sales Returns

NOTE 12 – RESERVE FOR SALES RETURNS

A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months). The Company does make occasional exceptions to this return policy and accordingly records a sales return reserve based on historic return amounts, specific exceptions as identified and management estimates.

The Company records a sales reserve for its return goods programs at the time of sale for estimated sales returns that may occur. The liability for defective goods is included in the reserve for sales returns on the condensed consolidated balance sheets.

Changes in the Company’s reserve for sales returns are presented in the following table:

December 31, 2019 December 31, 2018

Reserve for sales returns at beginning of the period $ 896,154 $ 726,000

Provision for estimated sales returns 6,757,115 3,235,305

Sales returns received (3,106,951 ) (1,910,819 )

Reserve for sales returns at end of the period $ 4,546,317 $ 2,050,486

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Concentrations of Credit and Sales Risk (Details Narrative)
3 Months Ended 9 Months Ended 12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Mar. 31, 2019

Accounts Receivable [Member] | Five Customers [Member]

Concentration of sales risk, percentage 10.00%

Accounts Receivable [Member] | Five Customers [Member] | North America [Member]

Concentration of sales risk, percentage 74.00%

Accounts Receivable [Member] | Three Customers [Member]

Concentration of sales risk, percentage 10.00%

Accounts Receivable [Member] | Three Customers [Member] | North America [Member]

Concentration of sales risk, percentage 62.00%

Sales Revenue [Member] | Five Customers [Member]

Concentration of sales risk, percentage 10.00% 10.00%

Sales Revenue [Member] | Three Customers [Member]

Concentration of sales risk, percentage 10.00%

Sales Revenue [Member] | Four Customers [Member]

Concentration of sales risk, percentage 10.00%

Sales Revenue [Member] | Customer One [Member]

Concentration of sales risk, percentage 27.00% 34.00% 39.00% 37.00%

Sales Revenue [Member] | Customer Two [Member]

Concentration of sales risk, percentage 17.00% 17.00% 13.00% 14.00%

Sales Revenue [Member] | Customer Three [Member]

Concentration of sales risk, percentage 13.00% 16.00% 10.00% 13.00%

Sales Revenue [Member] | Customer Four [Member]

Concentration of sales risk, percentage 12.00% 13.00% 12.00%

Sales Revenue [Member] | Customer Five [Member]

Concentration of sales risk, percentage 13.00% 10.00%

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Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating and Finance Leases (Details)

Dec. 31, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Operating Leases, 2020, for the remaining 3 months $ 163,179

Operating Leases, 2021 348,531

Operating Leases, 2022 115,812

Operating Leases, 2023 117,638

Operating Leases, 2024 121,167

Operating Leases, Total Minimum Future Payments 866,327

Operating Leases, Less: Imputed Interest 71,125

Operating Leases, Present Value of Lease Liabilities 795,202

Finance Leases, 2020, for the remaining 3 months 3,837

Finance Leases, 2021 15,347

Finance Leases, 2022 2,558

Finance Leases, 2023

Finance Leases, 2024

Finance Leases, Total Minimum Future Payments 21,741

Finance Leases, Less: Imputed Interest 585

Finance Leases, Present Value of Lease Liabilities $ 21,156

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shares

Five Current and Two Former Directors [Member]

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Stock options outstanding 1,150,000

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Reserve for Sales Returns - Schedule of Reserve for Sales Returns (Details) - USD ($)
9 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Reserve For Sales Returns

Reserve for sales returns at beginning of the period $ 896,154 $ 726,000

Provision for estimated sales returns 6,757,115 3,235,305

Sales returns received (3,106,951) (1,910,819)

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)

Dec. 31, 2019

Mar. 31, 2019

Allowance for doubtful accounts receivable, net $ 184,120 $ 51,096

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 38,557,643 38,464,753

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Basis of Presentation
9 Months Ended

Dec. 31, 2019

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.

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The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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Geographical Information (Tables)
9 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Sales by geographic region for the periods presented are as follows:

FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED

December 31, December 31,

2019 2018 2019 2018

North America $ 14,087,271 $ 18,627,982 $ 34,964,607 $ 41,704,128

Europe 1,396,148 679,499 4,935,548 3,657,429

Australia 36,097 100,768 510,243 179,923

Others - 44,201 - 52,426

$ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

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Inventories, Net (Tables)
9 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories are comprised of the following components:

December 31, 2019 March 31, 2019

Finished Goods $ 6,062,661 $ 5,679,245

Estimated Amount of Future Returns 2,444,253 599,066

Subtotal 8,506,914 6,278,311

Less:Inventory Reserve 404,000 254,000

Inventories, net $ 8,102,914 $ 6,024,311

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Employee Benefit Plans
9 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE 14 - 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 months ended December 31, 2019 and 2018 totaled approximately $15,000 and $18,000, respectively. The amounts charged to operations for contributions to this plan and administrative costs during the nine months ended December 31, 2019 and 2018 totaled approximately $47,000 and $51,000, respectively. The amounts are included as a component of general and administrative expense in the accompanying condensed consolidated statements of operations. The Company does not provide any post-employment benefits to retirees.

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Geographical Information
9 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Geographical Information

NOTE 10 - GEOGRAPHICAL INFORMATION

Sales to customers outside of the United States for the three and nine months ended December 31, 2019 and 2018 were primarily made by the Macau Subsidiary in US dollars. Sales by geographic region for the periods presented are as follows:

FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED

December 31, December 31,

2019 2018 2019 2018

North America $ 14,087,271 $ 18,627,982 $ 34,964,607 $ 41,704,128

Europe 1,396,148 679,499 4,935,548 3,657,429

Australia 36,097 100,768 510,243 179,923

Others - 44,201 - 52,426

$ 15,519,516 $ 19,452,450 $ 40,410,398 $ 45,593,906

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Bank Financing
9 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Bank Financing

NOTE 6 – BANK FINANCING

Revolving Credit Facility

On June 22, 2017, the Company renewed the existing revolving credit facility (the “Revolving Credit Facility”) with PNC for an additional three years expiring on July 15, 2020. The outstanding loan balance cannot exceed $15,000,000 during peak selling season between August 1 and December 31 (with the ability of the Company to request an additional $5,000,000 of availability during peak selling season if required) and is reduced to a maximum of $7,500,000 between January 1 and July 31. At December 31, 2019 and March 31, 2019, the outstanding balance was approximately $0 and $0, respectively, on the Revolving Credit Facility. As of December 31, 2019, there was approximately $15,000,000 available to borrow on the Revolving Credit Facility, assuming compliance with the limits and covenants as discussed below. 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 and up to 90% of eligible foreign credit insured accounts 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) 60% of the cost of eligible inventory or (b) 85% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus

● Applicable reserves including a dilution reserve equal to 100% 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 $5,000,000.

● $500,000 eligible in-transit inventory sublimit within the $5,000,000 total inventory.

● 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 $375,000 per year.



As of December 31, 2019 the Company remained in default on the Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio in part due to the loss of margin and related expenses associated with the damaged goods received by one major customer in August, 2019. In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC “forbears” taking action it would be entitled to under a default through March 31, 2020 and would continue forbearance actions provided the Company continued to meet compliance with certain conditions (See Note 2 – LIQUIDITY).

As of December 31, 2019 the Company did not meet the required conditions of the Forbearance Agreement and is unlikely to meet the remaining hurdles of the Forbearance Agreement for the fiscal year ending March 31, 2020. As of December 31, 2019 the Revolving Credit Facility has no outstanding balance and there have been no further actions by PNC to exercise any of their options afforded to them as per the terms of the Revolving Credit Facility.

Prior the Forbearance Agreement interest on the Revolving Line of Credit was accrued at .75% 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 2.75% per annum with a default rate of 2% over the applicable rate. Upon execution of the Forbearance Agreement there was a pricing rate increase of .5% on the .75% per annum rate and the PNC LIBOR Rate plus 2.75% (See Note 2 – LIQUIDITY). 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 December 31, 2019 and 2018 the Company incurred interest expense of approximately $86,000 and $100,000, respectively, on amounts borrowed against the Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $119,000 and $155,000, respectively on amounts borrowed against the Revolving Credit Facility. During the three months ended December 31, 2019 and 2018, the Company incurred an unused facility fee of approximately $10,000 and $8,000, respectively on the unused portion of the Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018, the Company incurred an unused facility fee of approximately $30,000 and $23,000, 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’ foreign 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 approximately $803,000. Costs associated with renewal of the Revolving Credit Facility of approximately $40,000 were deferred and are being amortized over the term of the agreement. During the three months ended December 31, 2019 and 2018, the Company incurred amortization expense of approximately $3,000 associated with the amortization of deferred financing costs from the original Revolving Credit Facility. During the nine months ended December 31, 2019 and 2018 the Company incurred amortization expense of approximately $10,000 associated with the amortization of deferred financing costs from the original Revolving Credit Facility.

Subordinated Related Party Debt

The subordination agreement was amended reducing the amount of related party subordinated debt to the remaining amount due of approximately $815,000. Provision has also been made to allow repayment of the remaining $815,000 in quarterly installments of $123,000 including interest accrued at 6% per annum commencing September 30, 2017 and ending on the debt maturity date of June 30, 2019. There are no provisions to continue accruing interest on the outstanding principal amount due as of June 30, 2019. Payments of $123,000 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. As part of the Conditions to Installment Payment of the subordinated debt, payments not made under this note that cannot be made as a result of the foregoing prohibition, including payments after the scheduled maturity date, shall not be deemed an Event of Default and can be made as soon as the Company is able to demonstrate that it meets the liquidity requirements defined above. Quarterly installment payments of $123,000 due on the last day of each fiscal quarter have not been made since September 2017 due to the Company not meeting these requirements; a payment of $123,000 which includes principal and interest, was not made during the three months ended December 31, 2019. A payment of $25,000 was made in August 2019 with approximately $12,500 paying down the principal and approximately $12,500 paying interest due. During the three months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $0 and $7,000 respectively on the related party subordinated debt. During the nine months ended December 31, 2019 and 2018, the Company incurred interest expense of approximately $0 and $20,000, respectively on the related party subordinated debt. As of December 31, 2019 and March 31, 2019, the remaining amount due on the subordinated related party debt was approximately $803,000 and $815,000, respectively.

Bank Term Note

The Company repaid the final $125,000 installment of a term loan with PNC which originated in fiscal year 2018.

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Summary of Accounting Policies (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Mar. 31, 2019

Mar. 31, 2018

Accounting Policies [Line Items]

Percentage of reserves for customers 100.00%

Foreign financial institutions actual deposits $ 426,000 $ 426,000 $ 211,000

Future inventory returns 2,444,000 2,444,000 599,000

Inventory reserves 404,000 404,000 254,000

Reserve for sales returns 4,546,317 $ 2,050,486 4,546,317 $ 2,050,486 896,154 $ 726,000

Stock option expense 5,000 10,000 15,000 30,000

Advertising expense 2,040,000 1,328,000 3,820,000 2,877,000

Accrued cooperative advertising allowances 1,689,000 1,689,000 185,000

Research and development costs 13,000 27,000 $ 36,000 $ 64,000

Effective tax rate 22.00% 22.00%

Net deferred tax assets 1,053,000 $ 1,053,000 $ 758,000

Income Tax (provision) benefit $ 240,042 $ (367,255) $ 294,633 $ (422,000)

Percentage of tax benefits recognized likelihood of being realized greater than 50%

Total potential dilutive shares from common stock options 2,250,000 2,350,000

Minimum [Member]

Accounting Policies [Line Items]

Cooperative advertising allowance, percentage 1.00%

Maximum [Member]

Accounting Policies [Line Items]

Cooperative advertising allowance, percentage 13.00%

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Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
9 Months Ended

Dec. 31, 2019

Mar. 31, 2019

Property, Plant and Equipment [Line Items]

Property and equipment, gross $ 2,418,768 $ 1,915,241

Less: Accumulated depreciation 1,574,522 1,392,331

Property and equipment, net $ 844,246 522,910

Computer and Office Equipment [Member]

Property, Plant and Equipment [Line Items]

Average useful life (in years) 5 years

Property and equipment, gross $ 444,935 140,575

Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

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Property and equipment, gross $ 98,410 98,410

Warehouse Equipment [Member]

Property, Plant and Equipment [Line Items]

Average useful life (in years) 7 years

Property and equipment, gross $ 195,401 209,419

Molds and Tooling [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross $ 1,680,022 $ 1,466,837

Molds and Tooling [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

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Commitments and Contingencies - Schedule of Supplemental Information Related to Leases (Details) (Parenthetical)

Dec. 31, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Finance leases Property and equipment accumulated depreciation $ 10,363

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Refunds Due to Customers (Details Narrative) - USD ($)

Dec. 31, 2019

Mar. 31, 2019

Refund due to customer $ 510,833 $ 31,075

One Major Customer [Member]

Refund due to customer 1,691,000

Deducted on payment remittances $ 1,181,000

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Related Party Transactions
9 Months Ended

Dec. 31, 2019

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 11 –RELATED PARTY TRANSACTIONS

All transactions listed below are related to the Company as they are all with affiliates of our Chairman of the Board, Mr. Phillip Lau.

DUE TO/FROM RELATED PARTIES

On December 31, 2019 and March 31, 2019, in the aggregate the Company had approximately $1,184,000 and $289,000, respectively, due from related parties for goods and services sold to these companies.

On December 31, 2019 and March 31, 2019, the Company had amounts due to related parties in the amounts of approximately $400,000 and $0 for facility fees, storage and administrative services provided to the Company by these related parties.

Subordinated Related Party Debt

In connection with the Revolving Credit Facility the Company was required to subordinate related party debt to Starlight Marketing Development, Ltd. (“subordinated debt”). The subordinated debt of approximately $924,000 bears interest at 6% and is scheduled to be paid in quarterly installments of $123,000 which include interest and commenced September 30, 2017 and ending on the debt maturity date of June 30, 2019. There are no provisions to continue accruing interest on the outstanding amount due as of June 30, 2019. The remaining amount due on the subordinated debt of approximately $803,000 and $815,000 were classified as a current liability as of December 31, 2019 and March 31, 2019, respectively on the condensed consolidated balance sheets. Quarterly installment payments of $123,000 due on the last day of each fiscal quarter have not been made since September 2017; however a payment of $25,000 which includes principal and interest, was made during the nine months ended December 31, 2019. During the three months ended December 31, 2019 and 2018 the Company incurred interest expense of approximately $0 and $4,000 respectively on the related party subordinated debt. During the nine months ended December 31, 2019 and 2018 the Company incurred interest expense of approximately $0 and $20,000, respectively on the related party subordinated debt.

TRADE

During the three months ended December 31, 2019 and 2018 the Company sold approximately $0 and $33,000, 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 December 31, 2019 and 2018 was NA and 23.9%, respectively. The product was shipped to Cosmo Communications of Canada (“Cosmo”), another related company and 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 December 31, 2019 and 2018 the Company sold approximately $45,000 and $16,000 respectively of product directly 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.

During the nine months ended December 31, 2019 and 2018 the Company sold approximately $852,000 and $1,183,000, respectively to Winglight 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 nine months ended December 31, 2019 and 2018 was 23.7% and 30.0%, respectively. The product was shipped to Cosmo. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

During the nine months ended December 31, 2019 and 2018 the Company sold approximately $284,000 and $655,000, respectively of product directly 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 incurred service expenses from Starlight Electronics Co, Ltd, (“SLE”) a related party. The services from SLE for the three months ended December 31, 2019 and 2018 were approximately $91,000, and $87,000 respectively. The services from SLE for the nine months ended December 31, 2019 and 2018 were approximately $282,000 and $268,000 respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

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Commitments and Contingencies
9 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 7 - COMMITMENTS AND CONTINGENCIES

LEASES

Operating Leases

We have operating lease agreements for offices and a warehouse facility in Florida, California and Hong Kong expiring in various years through 2024.

We entered into an operating lease agreement, effective October 1, 2017, for the corporate headquarters located in Fort Lauderdale, Florida where we lease approximately 6,500 square feet of office space. The lease expires on March 31, 2024. The base rent payment is approximately $8,800 per month, subject to annual adjustments.

We entered into an operating lease agreement, effective June 1, 2013, for 86,000 square feet of warehouse space in Ontario, California for our logistics operations. The lease expires on August 31, 2020 (original lease term of 87 months). The base rent payment is approximately $43,700

per month for the remaining term of the lease. The lease provides for a renewal option to extend the lease term for 5 years at the fair market value at the time of renewal.

We entered into an operating lease agreement, effective May 1, 2018, for 424 square feet of office space in Macau, Hong Kong. The rent is fixed at approximately $1,600 per month for the duration of the lease which expires on April 30, 2021. The lease provides for a renewal option to extend the lease.

Lease expense for our operating leases is recognized on a straight-line basis over the lease terms.

Finance Leases

On May 25, 2018 and June 4, 2018, we entered into two long-term capital leasing arrangements with Wells Fargo Equipment Finance (“Wells Fargo”) to finance the leasing of two used forklift vehicles in the amount of approximately $44,000. The leases require monthly payments in the amount of $1,279 per month over a total lease term of 36 months which commenced on June 1, 2018. The agreement has an effective interest rate of 4.5% and the Company has the option to purchase the equipment at the end of the lease term for one dollar.

Supplemental balance sheet information related to leases as of December 31, 2019 is as follows:

Assets:

Operating lease - right-of-use assets $ 710,961

Finance leases as a component of property and equipment, net of accumulated depreciation of $10,363 33,163

Liabilities

Current

Current portion of operating leases $ 445,322

Current portion of finance leases 14,816

Noncurrent

Operating lease liabilities, net of current portion $ 349,880

Finance leases, net of current portion 6,340

Supplemental statement of operations information related to leases for the three and nine months ended December 31, 2019 is as follows:

Three Months Ended Nine Months
Ended

December 31 2019 December 31 2019

Operating lease expense as a component of general and administrative expenses $ 148,725 $ 446,173

Finance lease cost

Depreciation of leased assets as a component of depreciation $ 1,554 $ 4,664

Interest on lease liabilities as a component of interest expense $ 217 $ 750

Supplemental cash flow information related to leases for the nine months ended December 31, 2019 is as follows:

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flow paid for operating leases $ 487,971

Financing cash flow paid for finance leases $ 10,757

Lease term and Discount Rate

Weighted average remaining lease term (months) 32.6

Operating leases 17.0

Finance leases

Weighted average discount rate

Operating leases 6.25 %

Finance leases 3.68 %

Scheduled maturities of operating and finance lease liabilities outstanding as of December 31, 2019 are as follows:

Year Operating Leases Finance Leases

2020, for the remaining 3 months $ 163,179 $ 3,837

2021 348,531 15,347

2022 115,812 2,558

2023 117,638 -

2024 121,167 -

Total Minimum Future Payments 866,327 21,741

Less: Imputed Interest 71,125 585

Present Value of Lease Liabilities $ 795,202 $ 21,156

Installment Notes

On June 18, 2019, the Company entered into a financing arrangement with Dimension Funding, LLC (“Dimension”) to finance a new Enterprise Resource Planning (“ERP”) System project over a term of 60 months at a cost of approximately $375,000. Dimension has a 100% security interest in the licensed software being financed. We estimate the system to be placed in service on April 1, 2020. Upon approval by Company management, Dimension released progress payments directly to the project consultants as specific project milestones were met.

Total progress payments will be made to the vendor over a period of approximately nine months and the Company will be charged financing costs on the amounts preapproved for the project. Payments advanced by Dimension to the project consultant during the three months ended December 31, 2019 totaled approximately $108,000. Payments advanced by Dimension to the project consultant during the nine months ended December 31, 2019 totaled approximately $284,000. As of December 31, 2019 these advances were converted to installment notes which call for estimated monthly installment payments of approximately $5,785 (including principal and interest) over a 60 month period and bear interest of approximately 8.2%. As of December 31, 2019 the total principal amount outstanding on the installment notes was approximately $276,000 of which approximately $49,000 is classified as a current liability and approximately $227,000 is classified as a long-term liability on the accompanying condensed consolidated balance sheet. Total interest expense on the installment notes was approximately $3,000, and $10,000 for the three and nine months ended December 31, 2019.

LEGAL MATTERS

Management is not aware of any legal proceedings other than matters that arise in the ordinary course of business.

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Commitments and Contingencies - Schedule of Supplemental Information Related to Leases (Details) - USD ($)
3 Months Ended 9 Months Ended

Dec. 31, 2019

Dec. 31, 2019

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Operating lease - right-of-use assets $ 710,961 $ 710,961

Finance leases as a component of property and equipment, net of accumulated depreciation of $10,363 33,163 33,163

Current portion of operating leases 445,322 445,322

Current portion of finance leases 14,816 14,816 14,414

Operating lease liabilities, net of current portion 349,880 349,880

Finance leases, net of current portion 6,340 6,340 $ 17,499

Operating lease expense as a component of general and administrative expenses 148,725 446,173

Finance lease cost Depreciation of leased assets as a component of depreciation 1,554 4,664

Finance lease cost Interest on lease liabilities as a component of interest expense 217 750

Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow paid for operating leases 487,971

Cash paid for amounts included in the measurement of lease liabilities: Financing cash flow paid for finance leases $ 10,757

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Liquidity (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended

Nov. 30, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Mar. 31, 2019

Damaged goods $ 48,000 $ 1,691,000

Reduction of net sales 46,000 1,580,000

Survey fees 2,000 2,000

Freight charges 109,000

Additional related expenses 127,000 346,000

Refund due to customer 510,833 510,833 $ 31,075

Payment of chargebacks by customer 1,691,000 1,691,000

Payment remittances 1,181,000 1,181,000

Insurance claim receivable 1,286,158 $ 1,286,158

Revolving credit facility expiration date Jul. 15, 2020

Line of credit description PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.

Net income loss $ (757,949) $ 1,290,013 $ (1,003,308) $ 1,473,291

Forebearance Agreement [Member] | PNC Bank National Association [Member]

Revolving credit facility expiration date Mar. 31, 2020

Line of credit facility $ 1,000,000

Ebitda, third quarter ending december 31, 2019 400,000

Ebitda, six months ending march 31, 2020 0

Ebitda, twelve months ending march 31, 2020 $ (83,000)

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3 Months Ended 9 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Depreciation expense $ 77,161 $ 64,357 $ 196,210 $ 200,138

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Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Retirement Benefits [Abstract]

Defined contribution plan, administrative expenses $ 15,000 $ 18,000 $ 47,000 $ 51,000

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Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Mar. 31, 2019

Related Party Transaction [Line Items]

Due from related parties, current $ 1,184,000 $ 1,184,000 $ 289,000

Due to related parties 400,000 400,000 0

Warehouse Facility [Member]

Related Party Transaction [Line Items]

Revenue from related parties 45,000 $ 16,000 284,000 $ 655,000

Winglight Pacific Ltd [Member]

Related Party Transaction [Line Items]

Revenue from related parties $ 0 $ 33,000 $ 852,000 $ 1,183,000

Related party gross margin percentage 0.00% 23.90% 23.70% 30.00%

Starlight Electronics Co., Ltd [Member]

Related Party Transaction [Line Items]

Incurred service expenses from related party $ 91,000 $ 87,000 $ 282,000 $ 268,000

Revolving Credit Facility [Member]

Related Party Transaction [Line Items]

Line of credit facility interest rate 0.75%

Revolving Credit Facility [Member] | Subordinate Debt [Member]

Related Party Transaction [Line Items]

Line of credit facility, maximum amount outstanding during period $ 924,000

Line of credit facility interest rate 6.00%

Line of credit facility, periodic payment $ 123,000

Debt maturity date Jun. 30, 2019

Line of credit outstanding 803,000 $ 803,000 $ 815,000

Repayments of lines of credit 123,000

Payment of debt 25,000

Interest expense, related party $ 0 $ 4,000 $ 0 $ 20,000

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Commitments and Contingencies - Schedule of Lease term and Discount Rate (Details)

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Weighted average remaining lease term (months), Operating leases 32 years 7 months 6 days

Weighted average remaining lease term (months), Finance leases 17 years

Weighted average discount rate, Operating leases 6.25%

Weighted average discount rate, Finance leases 3.68%

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Stock Options - Schedule of Employee Stock Options Outstanding (Details)
9 Months Ended

Dec. 31, 2019

$ / shares

shares

Stock Options Number Outstanding | shares 2,250,000 ^[1]

Stock Option Number Exercisable | shares 2,150,000 ^[1]

Exercise Price Range One [Member]

Stock Options Outstanding Exercise Price, Lower Range Limit $ .03

Stock Options Outstanding Exercise Price, Upper Range Limit $ .32

Stock Options Number Outstanding | shares 1,570,000

Stock Option Outstanding Weighted Average Remaining Contractual Life 3 years 6 months

Stock Option Outstanding Weighted Average Exercise Price $ 0.16

Stock Option Number Exercisable | shares 1,570,000

Stock Option Exercisable Weighted Average Exercise Price $ 0.16

Exercise Price Range Two [Member]

Stock Options Outstanding Exercise Price, Lower Range Limit .38

Stock Options Outstanding Exercise Price, Upper Range Limit $ .55

Stock Options Number Outstanding | shares 680,000

Stock Option Outstanding Weighted Average Remaining Contractual Life 8 years 1 month 6 days

Stock Option Outstanding Weighted Average Exercise Price $ 0.42

Stock Option Number Exercisable | shares 580,000

Stock Option Exercisable Weighted Average Exercise Price $ 0.50

[1] Total number of options outstanding as of December 31, 2019 includes 500,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

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Condensed Consolidated Balance Sheets - USD ($)

Dec. 31, 2019

Mar. 31, 2019

Current Assets

Cash $ 518,608 $ 211,408

Accounts receivable, net of allowances of $184,120 and $51,096, respectively 7,761,832 1,769,404

Due from PNC Bank 2,447,868 2,236,779

Insurance claim receivable 1,286,158

Inventories, net 8,102,914 6,024,311

Prepaid expenses and other current assets 139,680 274,278

Deferred financing costs 6,667 13,333

Total Current Assets 21,447,885 10,818,454

Property and equipment, net 844,246 522,910

Deferred financing costs, net of current portion 3,333

Deferred tax assets 1,052,999 758,366

Operating Leases - right of use assets 710,961

Other non-current assets 23,059 90,082

Total Assets 24,079,150 12,193,145

Current Liabilities

Accounts payable 6,584,894 842,708

Accrued expenses 2,605,128 950,773

Current portion of bank term note payable 125,000

Refunds due to customers 510,833 31,075

Reserve for sales returns 4,546,317 896,154

Current portion of finance leases 14,816 14,414

Current portion of installment notes 49,016

Current portion of operating lease liabilities 445,322

Current portion of subordinated related party debt - Starlight Marketing Development, Ltd. 802,659 815,367

Total Current Liabilities 15,958,657 3,675,491

Finance leases, net of current portion 6,340 17,499

Installment notes, net of current portion 227,520

Operating lease liabilities, net of current portion 349,880

Total Liabilities 16,542,397 3,692,990

Commitments and Contingencies

Shareholders' Equity

Common stock, Class B, $0.01 par value; 100,000,000 shares authorized; 38,557,643 and 38,464,753 shares issued and outstanding, respectively 385,577 384,647

Additional paid-in capital 19,724,040 19,687,264

Subscriptions receivable (2,200)

Accumulated deficit (12,572,864) (11,569,556)

Total Shareholders' Equity 7,536,753 8,500,155

Total Liabilities and Shareholders' Equity 24,079,150 12,193,145

Cosmo Communications Canada, Inc [Member]

Current Assets

Accounts receivable related party 38,962

Winglight Pacific Ltd [Member]

Current Assets

Accounts receivable related party 1,145,196 288,941

Starlight Consumer Electronics Co.Ltd. [Member]

Current Liabilities

Due to related party 14,400

Starlight Electronics Co., Ltd [Member]

Current Liabilities

Due to related party 281,700

Starlight R&D, Ltd. [Member]

Current Liabilities

Due to related party $ 103,572

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Preferred Stock [Member]

Common Stock [Member]

Additional Paid in Capital [Member]

Subscriptions Receivable [Member]

Accumulated Deficit [Member]

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Employee compensation-stock option 30,379 30,379

Exercise of stock options $ 800 5,600 6,400

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Director fees $ 227 12,273 12,500

Director fees, shares 22,725

Balance at Dec. 31, 2018 $ 383,847 19,672,315 (10,727,812) 9,328,350

Balance, shares at Dec. 31, 2018 38,384,753

Balance at Sep. 30, 2018 $ 383,847 19,662,766 (12,017,825) 8,028,788

Balance, shares at Sep. 30, 2018 38,384,753

Net Income loss 1,290,013 1,290,013

Employee compensation-stock option 9,549 9,549

Balance at Dec. 31, 2018 $ 383,847 19,672,315 (10,727,812) 9,328,350

Balance, shares at Dec. 31, 2018 38,384,753

Balance at Mar. 31, 2019 $ 384,648 19,687,263 (2,200) (11,569,556) 8,500,155

Balance, shares at Mar. 31, 2019 38,464,753

Net Income loss (1,003,308) (1,003,308)

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Exercise of stock options $ 600 9,600 10,200

Exercise of stock options, shares 60,000

Collection of subscription receivable 2,200 2,200

Issuance of common stock - directors $ 329 12,171 12,500

Issuance of common stock - directors, shares 32,890

Balance at Dec. 31, 2019 $ 385,577 19,724,040 (12,572,864) 7,536,753

Balance, shares at Dec. 31, 2019 38,557,643

Balance at Sep. 30, 2019 $ 38,557,643 19,719,038 (11,814,915) 8,289,700

Balance, shares at Sep. 30, 2019 385,577

Net Income loss (757,949) (757,949)

Employee compensation-stock option 5,002 5,002

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Property and Equipment (Tables)
9 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

A summary of property and equipment is as follows:

USEFUL December 31, March 31,

LIFE 2019 2019

Computer and office equipment 5 years $ 444,935 $ 140,575

Furniture and fixtures 7 years 98,410 98,410

Warehouse equipment 7 years 195,401 209,419

Molds and tooling 3-5 years 1,680,022 1,466,837

2,418,768 1,915,241

Less: Accumulated depreciation 1,574,522 1,392,331

$ 844,246 $ 522,910

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Concentrations of Credit and Sales Risk
9 Months Ended

Dec. 31, 2019

Risks and Uncertainties [Abstract]

Concentrations of Credit and Sales Risk

NOTE 15 - CONCENTRATIONS OF CREDIT AND SALES RISK

The Company derives a majority of its revenues from retailers of products in the United States. The Company’s allowance for doubtful accounts is based upon management’s estimates and historical experience and reflects the fact that accounts receivable are concentrated with several large customers. At December 31, 2019, 74% of accounts receivable were due from five customers in North America that individually owed over 10% of total accounts receivable. At March 31, 2019, 62% of accounts receivable were due from three customers in North America that individually owed over 10% of total accounts receivable.

The Company generates most of its revenue from retailers of products in the United States with a significant amount of sales concentrated with several large customers the loss of which could have an adverse impact on the financial position of the Company. For the three months ended December 31, 2019, there were four customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 27%, 17%, 13%, and 12% respectively. For the three months ended December 31, 2018, there were five customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 34%, 17%, 16%, 13% and 13%, respectively.

For the nine months ended December 31, 2019, there were three customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 39%, 13% and 10% respectively. For the nine months ended December 31, 2018, there were five customers who individually accounted for 10% or more of the Company’s net sales. Revenue derived from these customers as a percentage of net sales were 37%, 14%, 13%, 12% and 10%, respectively.

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Reserve for Sales Returns (Tables)
9 Months Ended

Dec. 31, 2019

Reserve For Sales Returns

Schedule of Reserve for Sales Returns

Changes in the Company’s reserve for sales returns are presented in the following table:

December 31, 2019 December 31, 2018

Reserve for sales returns at beginning of the period $ 896,154 $ 726,000

Provision for estimated sales returns 6,757,115 3,235,305

Sales returns received (3,106,951 ) (1,910,819 )

Reserve for sales returns at end of the period $ 4,546,317 $ 2,050,486

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Stock Options (Details Narrative)	9 Months Ended
Stock Options (Details Narrative)	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Payment Arrangement [Abstract]
Number of stock options shares issued \| shares	100,000
Stock options exercise price per share \| $ / shares	$ .38
Expected dividend yield	0.00%
Risk-free interest rate	2.08%
Volatility	112.30%
Expected term	3 years
Unrecognized expense	$ 5,000
Unrecognized expense, options vesting period	3 months
Intrinsic value of vested options	$ 134,000

Common Stock Issuances (Details Narrative) - USD ($)		3 Months Ended	9 Months Ended
Common Stock Issuances (Details Narrative) - USD ($)	Jun. 12, 2019	Dec. 31, 2019	Dec. 31, 2019
Number of common stock shares issued, value			$ 12,500
Board of Directors [Member]
Number of common stock shares issued	32,890
Shares issued price per share	$ 0.38
Number of common stock shares issued, value		$ 0	$ 12,500

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2019	Feb. 14, 2020
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	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,557,643
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net (loss) income	$ (1,003,308)	$ 1,473,291
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation	196,210	200,138
Amortization of deferred financing costs	10,000	10,000
Change in inventory reserve	150,000	(56,780)
Change in allowance for bad debts	133,024	162,198
Stock based compensation	27,506	42,879
Change in net deferred tax assets	(294,633)	422,001
Changes in operating assets and liabilities:
Accounts receivable	(6,125,452)	(9,697,203)
Due from PNC Bank	(211,089)	6,212
Accounts receivable - related parties	(895,217)	(515,580)
Insurance receivable	(1,286,158)
Inventories	(2,228,603)	2,475,145
Prepaid expenses and other current assets	134,598	25,587
Other non-current assets	67,023	(516)
Accounts payable	5,742,186	1,744,862
Accrued expenses	1,780,393	1,036,699
Due to related parties	399,672	293,717
Refunds due to customers	479,758	(445,484)
Reserve for sales returns	3,650,163	1,324,486
Operating lease liabilities, net of operating leases - right of use assets	(41,797)
Net cash provided by (used in) operating activities	684,275	(1,498,348)
Cash flows from investing activities
Purchase of property and equipment	(517,546)	(288,740)
Net cash used in investing activities	(517,546)	(288,740)
Cash flows from financing activities
Net proceeds from revolving line of credit		2,931,118
Proceeds from installment notes	283,840
Payments on installment notes	(7,304)
Proceeds from subscription receivable	2,200
Proceeds from exercise of stock options	10,200	6,400
Payment of bank term note	(125,000)	(375,000)
Payment on subordinated debt - related party	(12,708)
Payments on finance leases	(10,757)	(8,093)
Net cash provided by financing activities	140,471	2,554,425
Net change in cash	307,200	767,337
Cash at beginning of period	211,408	813,908
Cash at end of period	518,608	1,581,245
Supplemental disclosures of cash flow information:
Cash paid for interest	167,954	215,501
Equipment purchased under capital lease		43,527
Operating leases - right of use assets initial adoption	1,108,330
Operating lease liabilities - initial adoption	$ 1,234,368

Inventories, Net - Schedule of Inventory (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Inventory Disclosure [Abstract]
Finished Goods	$ 6,062,661	$ 5,679,245
Estimated Cost of Future Returns	2,444,253	599,066
Subtotal	8,506,914	6,278,311
Less: Inventory Reserve	404,000	254,000
Total Inventories	$ 8,102,914	$ 6,024,311

Commitments and Contingencies (Details Narrative)							3 Months Ended		9 Months Ended
Commitments and Contingencies (Details Narrative)	Jun. 18, 2019 USD ($)	Jun. 04, 2018 USD ($)	May 25, 2018 USD ($)	May 01, 2018 USD ($) ft²	Oct. 01, 2017 USD ($) ft²	Jun. 01, 2013 USD ($) ft²	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Mar. 31, 2019 USD ($)
Commitments And Contingencies [Line Items]
Monthly lease payments									$ 10,757
Current portion of installment notes							49,016		49,016
Installment notes, net of current portion							227,520		227,520
Interest expense on installment note							105,583	$ 139,729	156,097	$ 235,290
Dimension Funding, LLC [Member]
Commitments And Contingencies [Line Items]
Principal amount of installment notes							276,000		276,000
Current portion of installment notes							49,000		49,000
Installment notes, net of current portion							227,000		227,000
Interest expense on installment note							3,000		10,000
Dimension Funding, LLC [Member] \| Project Consultant [Member]
Commitments And Contingencies [Line Items]
Advance financing payments							$ 108,000		$ 284,000
Operating Lease Agreement [Member]
Commitments And Contingencies [Line Items]
Operating lease space for office \| ft²				424	6,500	86,000
Lease expiration date				Apr. 30, 2021	Mar. 31, 2024	Aug. 31, 2020
Rent expense				$ 1,600	$ 8,800	$ 43,700
Lease term						87 months
Lease extend term						The lease provides for a renewal option to extend the lease term for 5 years at the fair market value at the time of renewal.
Long-Term Capital Leasing Arrangements [Member] \| Wells Fargo Equipment Finance [Member]
Commitments And Contingencies [Line Items]
Financing lease costs		$ 44,000	$ 44,000
Monthly lease payments		$ 1,279	$ 1,279
Financing lease term		36 months	36 months
Effective interest rate		4.50%	4.50%
Financing Arrangement [Member] \| Dimension Funding, LLC [Member]
Commitments And Contingencies [Line Items]
Financing lease costs	$ 375,000
Monthly lease payments	$ 5,785
Financing lease term	60 months
Effective interest rate	8.20%
Security interest	100.00%

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating and Finance Leases (Details)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, 2020, for the remaining 3 months	$ 163,179
Operating Leases, 2021	348,531
Operating Leases, 2022	115,812
Operating Leases, 2023	117,638
Operating Leases, 2024	121,167
Operating Leases, Total Minimum Future Payments	866,327
Operating Leases, Less: Imputed Interest	71,125
Operating Leases, Present Value of Lease Liabilities	795,202
Finance Leases, 2020, for the remaining 3 months	3,837
Finance Leases, 2021	15,347
Finance Leases, 2022	2,558
Finance Leases, 2023
Finance Leases, 2024
Finance Leases, Total Minimum Future Payments	21,741
Finance Leases, Less: Imputed Interest	585
Finance Leases, Present Value of Lease Liabilities	$ 21,156

Stock Options - Schedule of Employee Stock Options Outstanding (Details) (Parenthetical)	Dec. 31, 2019 shares
Five Current and Two Former Directors [Member]
Stock options outstanding	500,000
Employees [Member]
Stock options outstanding	1,150,000

Reserve for Sales Returns - Schedule of Reserve for Sales Returns (Details) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reserve For Sales Returns
Reserve for sales returns at beginning of the period	$ 896,154	$ 726,000
Provision for estimated sales returns	6,757,115	3,235,305
Sales returns received	(3,106,951)	(1,910,819)
Reserve for sales returns at end of the period	$ 4,546,317	$ 2,050,486

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Allowance for doubtful accounts receivable, net	$ 184,120	$ 51,096
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	38,557,643	38,464,753
Common stock, shares outstanding	38,557,643	38,464,753

Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,418,768	$ 1,915,241
Less: Accumulated depreciation	1,574,522	1,392,331
Property and equipment, net	$ 844,246	522,910
Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Average useful life (in years)	5 years
Property and equipment, gross	$ 444,935	140,575
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Average useful life (in years)	7 years
Property and equipment, gross	$ 98,410	98,410
Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Average useful life (in years)	7 years
Property and equipment, gross	$ 195,401	209,419
Molds and Tooling [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,680,022	$ 1,466,837
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

Commitments and Contingencies - Schedule of Supplemental Information Related to Leases (Details) (Parenthetical)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Finance leases Property and equipment accumulated depreciation	$ 10,363

Refunds Due to Customers (Details Narrative) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Refund due to customer	$ 510,833	$ 31,075
One Major Customer [Member]
Refund due to customer	1,691,000
Deducted on payment remittances	$ 1,181,000

Liquidity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Liquidity (Details Narrative) - USD ($)	Nov. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Damaged goods		$ 48,000		$ 1,691,000
Reduction of net sales		46,000		1,580,000
Survey fees		2,000		2,000
Freight charges				109,000
Additional related expenses		127,000		346,000
Refund due to customer		510,833		510,833		$ 31,075
Payment of chargebacks by customer		1,691,000		1,691,000
Payment remittances		1,181,000		1,181,000
Insurance claim receivable		1,286,158		$ 1,286,158
Revolving credit facility expiration date				Jul. 15, 2020
Line of credit description				PNC implemented loan pricing increase of .5% until March 31, 2020 which will continue until the Company achieves compliance with the original fixed charge coverage ratio test of 1.1:1.
Net income loss		$ (757,949)	$ 1,290,013	$ (1,003,308)	$ 1,473,291
Forebearance Agreement [Member] \| PNC Bank National Association [Member]
Revolving credit facility expiration date	Mar. 31, 2020
Line of credit facility	$ 1,000,000
Ebitda, third quarter ending december 31, 2019				400,000
Ebitda, six months ending march 31, 2020				0
Ebitda, twelve months ending march 31, 2020				$ (83,000)

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 77,161	$ 64,357	$ 196,210	$ 200,138

Employee Benefit Plans (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Defined contribution plan, administrative expenses	$ 15,000	$ 18,000	$ 47,000	$ 51,000

Commitments and Contingencies - Schedule of Lease term and Discount Rate (Details)	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (months), Operating leases	32 years 7 months 6 days
Weighted average remaining lease term (months), Finance leases	17 years
Weighted average discount rate, Operating leases	6.25%
Weighted average discount rate, Finance leases	3.68%

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Current Assets
Cash	$ 518,608	$ 211,408
Accounts receivable, net of allowances of $184,120 and $51,096, respectively	7,761,832	1,769,404
Due from PNC Bank	2,447,868	2,236,779
Insurance claim receivable	1,286,158
Inventories, net	8,102,914	6,024,311
Prepaid expenses and other current assets	139,680	274,278
Deferred financing costs	6,667	13,333
Total Current Assets	21,447,885	10,818,454
Property and equipment, net	844,246	522,910
Deferred financing costs, net of current portion		3,333
Deferred tax assets	1,052,999	758,366
Operating Leases - right of use assets	710,961
Other non-current assets	23,059	90,082
Total Assets	24,079,150	12,193,145
Current Liabilities
Accounts payable	6,584,894	842,708
Accrued expenses	2,605,128	950,773
Current portion of bank term note payable		125,000
Refunds due to customers	510,833	31,075
Reserve for sales returns	4,546,317	896,154
Current portion of finance leases	14,816	14,414
Current portion of installment notes	49,016
Current portion of operating lease liabilities	445,322
Current portion of subordinated related party debt - Starlight Marketing Development, Ltd.	802,659	815,367
Total Current Liabilities	15,958,657	3,675,491
Finance leases, net of current portion	6,340	17,499
Installment notes, net of current portion	227,520
Operating lease liabilities, net of current portion	349,880
Total Liabilities	16,542,397	3,692,990
Commitments and Contingencies
Shareholders' Equity
Common stock, Class B, $0.01 par value; 100,000,000 shares authorized; 38,557,643 and 38,464,753 shares issued and outstanding, respectively	385,577	384,647
Additional paid-in capital	19,724,040	19,687,264
Subscriptions receivable		(2,200)
Accumulated deficit	(12,572,864)	(11,569,556)
Total Shareholders' Equity	7,536,753	8,500,155
Total Liabilities and Shareholders' Equity	24,079,150	12,193,145
Cosmo Communications Canada, Inc [Member]
Current Assets
Accounts receivable related party	38,962
Winglight Pacific Ltd [Member]
Current Assets
Accounts receivable related party	1,145,196	288,941
Starlight Consumer Electronics Co.Ltd. [Member]
Current Liabilities
Due to related party	14,400
Starlight Electronics Co., Ltd [Member]
Current Liabilities
Due to related party	281,700
Starlight R&D, Ltd. [Member]
Current Liabilities
Due to related party	$ 103,572

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid in Capital [Member]	Subscriptions Receivable [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2018	$ 382,820	$ 19,624,063		$ (12,201,103)	$ 7,805,780
Balance, shares at Mar. 31, 2018	38,282,028
Net Income loss				1,473,291	1,473,291
Employee compensation-stock option		30,379			30,379
Exercise of stock options	$ 800	5,600			6,400
Exercise of stock options, shares	80,000
Director fees	$ 227	12,273			12,500
Director fees, shares	22,725
Balance at Dec. 31, 2018	$ 383,847	19,672,315		(10,727,812)	9,328,350
Balance, shares at Dec. 31, 2018	38,384,753
Balance at Sep. 30, 2018	$ 383,847	19,662,766		(12,017,825)	8,028,788
Balance, shares at Sep. 30, 2018	38,384,753
Net Income loss				1,290,013	1,290,013
Employee compensation-stock option		9,549			9,549
Balance at Dec. 31, 2018	$ 383,847	19,672,315		(10,727,812)	9,328,350
Balance, shares at Dec. 31, 2018	38,384,753
Balance at Mar. 31, 2019	$ 384,648	19,687,263	(2,200)	(11,569,556)	8,500,155
Balance, shares at Mar. 31, 2019	38,464,753
Net Income loss				(1,003,308)	(1,003,308)
Employee compensation-stock option		15,006			15,006
Exercise of stock options	$ 600	9,600			10,200
Exercise of stock options, shares	60,000
Collection of subscription receivable			2,200		2,200
Issuance of common stock - directors	$ 329	12,171			12,500
Issuance of common stock - directors, shares	32,890
Balance at Dec. 31, 2019	$ 385,577	19,724,040		(12,572,864)	7,536,753
Balance, shares at Dec. 31, 2019	38,557,643
Balance at Sep. 30, 2019	$ 38,557,643	19,719,038		(11,814,915)	8,289,700
Balance, shares at Sep. 30, 2019	385,577
Net Income loss				(757,949)	(757,949)
Employee compensation-stock option		5,002			5,002
Balance at Dec. 31, 2019	$ 385,577	$ 19,724,040		$ (12,572,864)	$ 7,536,753
Balance, shares at Dec. 31, 2019	38,557,643