0001493152-21-004401.txt : 20210219 0001493152-21-004401.hdr.sgml : 20210219 20210219155716 ACCESSION NUMBER: 0001493152-21-004401 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20210219 DATE AS OF CHANGE: 20210219 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-24968 FILM NUMBER: 21655489 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/A 1 form10-qa.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q/A

(Amendment No. 1)

 

(Mark One)

 

  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For quarter ended June 30, 2020
     
  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from ________to ________.

 

Commission File Number 0 – 24968

 

THE SINGING MACHINE COMPANY, INC.

(Exact Name of Registrant as Specified in its Charter)

 

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

 

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

(Address of principal executive offices)

 

(954) 596-1000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading Symbol(s)

  

Name of each exchange on which registered

Common Stock, Par value $0.01 per share   SMDM   OTCQX Market

 

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

 

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

 

Large accelerated filer [  ] Accelerated filer [  ] Non-accelerated filer [  ] Smaller Reporting Company [X] 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 August 17, 2020

 

 

 

 
 

 

EXPLANATORY NOTE

 

As described in Form 8K filed on January 29, 2021, the Audit Committee of the Board of Directors of The Singing Machine Company, Inc. (the “Company”) and management, in consultation with the Company’s independent registered public accounting firm, EisnerAmper LLP, has concluded that the following previously issued consolidated financial statements and related disclosures of the Company should no longer be relied upon due to misstatements contained in such financial statements:

 

  i. The audited consolidated financial statements for the fiscal years ended March 31, 2020 and 2019;
  ii. The unaudited condensed consolidated financial statements as of and for each of the interim periods ended September 30, 2020 and 2019, June 30, 2020 and 2019 and December 31, 2019 (the “Restated Periods”)

 

The management of the Company has determined that in accordance with FASB ASC Topic 606 section 10-32-26, the Company incorrectly accounted for the cost of cooperative (“co-op”) promotion allowances (previously referred to as “cooperative advertising”), as selling expenses instead of a reduction of the transaction prices recorded in net sales for each of the Restated Periods.

 

Pursuant to FASB ASC Topic 606 section 10-32-26, if cooperative allowances payable to a customer is a payment for a distinct good or service from the customer, then an entity shall account for the purchase of the good or service in the same way that it accounts for other purchases from suppliers. If the amount of consideration payable to the customer exceeds the fair value of the distinct good or service that the entity receives from the customer, then the entity shall account for such an excess as a reduction of the transaction price. If the entity cannot reasonably estimate the fair value of the good or service received from the customer, it shall account for all of the consideration payable to the customer as a reduction of the transaction price.

 

Effects of the Misstatements

 

The effects of this accounting error do not impact the consolidated balance sheets, statements of cash flows and statements of shareholders’ equity for any current or past reporting period. The effects are confined to the consolidated statements of operations, MD&A discussions, notes to consolidated financial statements, and management’s assessment of internal control of the Restated Periods. The net income or loss reported in the aforementioned reporting periods has not changed. The impact of this error on the audited consolidated financial statements is as follows:

 

● For the three months ended June 30, 2020 reported net sales are reduced by $271,560, representing an approximate eight percent reduction. Total net sales for the three months ended June 30, 2020 as originally reported were $3,323,543 and will be restated to $3,051,983 reducing the gross profit percentage from 37.1% to 31.5%. Correspondingly, for the three months ended June 30, 2020 reported total operating expenses will be reduced by $271,560 representing a 14% reduction. Total operating expenses as originally reported of $2,004,950 will be restated to $1,733,390 for the three months ended June 30, 2020. Net loss of $206,804 for the three months ended June 30, 2020, as previously reported, is not changed by these restatements.
 
● For the three months ended June 30, 2019 reported net sales are reduced by $168,802, representing an approximate four percent reduction. Total net sales for the three months ended June 30, 2019 as originally reported were $4,809,040 and will be restated to $4,640,238 reducing the gross profit percentage from 20.5% to 17.6%. Correspondingly, for the three months ended June 30, 2019 reported total operating expenses will be reduced by $168,802 representing an 8% reduction. Total operating expenses as originally reported of $2,089,810 will be restated to $1,921,008 for the three months ended June 30, 2019. Net loss of $869,581 for the three months ended June 30, 2019, as previously reported, is not changed by these restatements.

 

 
 

 

Internal Controls Over Financial Reporting

 

As a result of the misstatements, management also concluded that we had a material weakness in our control over financial reporting. For more information regarding management’s assessment of internal control over financial reporting and disclosure controls and procedures, as well as the related remediation actions, refer to Item 4 “Controls and Procedures” in this Interim Report on Form 10-Q/A.

 

This Form 10-Q/A amends and restates the entire contents of the original Form 10-Q. The Part I portions of this Form 10-Q/A that have been revised to give effect to the restatements and matters related thereto are as follows:

 

●Item 1. Financial Statements
●Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
●Item 4. Controls and Procedures

 

In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this filing in connection with this Form 10-Q/A Part II Item 6 Exhibits 31.1, 31.2, 32.1 and 32.2.

 

Except as described above, no other changes have been made to the Company’s Interim Report on Form 10-Q for the three months ended June 30, 2020 (the “Original Filing”). This Form 10-Q/A speaks as of the date of the Original Filing and does not reflect events that may have occurred after the date of the Original Filing or modify or update any disclosures that may have been affected by subsequent events.

 

The Company will be amending the previous Form 10-K reports covering the audited consolidated financial statements as of and for each of the years ended March 31, 2020 and 2019, and the Form 10-Q report covering the unaudited condensed consolidated financial statements as of and for each of the interim periods ended September 30, 2020 and 2019, through separate filings of Forms 10-K/A and 10-Q/A, respectively. The interim period covering December 31, 2019 will be restated in connection with our filing of the December 31, 2020 Form 10-Q.

 

 
 

 

THE SINGING MACHINE COMPANY, INC. AND SUBSIDIARIES

 

INDEX

 

    Page No.
     
  PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements  
     
  Condensed Consolidated Balance Sheets – June 30, 2020 (Unaudited)and March 31, 2020 3
     
  Condensed Consolidated Statements of Operations – Three months ended June 30, 2020 and 2019 (Unaudited and As Restated) 4
     
  Condensed Consolidated Statements of Cash Flows - Three months ended June 30, 2020 and 2019 (Unaudited) 5
     
  Condensed Consolidated Statements of Shareholders’ Equity – Three months ended June 30, 2020 and 2019 (Unaudited) 6
     
  Notes to Condensed Consolidated Financial Statements - June 30, 2020 (Unaudited and As Restated) 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 23
     
 

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

 

2

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

The Singing Machine Company, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS

 

   June 30, 2020   March 31, 2020 
   (Unaudited)     
Assets          
Current Assets          
Cash  $1,804,593   $345,200 
Accounts receivable, net of allowances of $299,939 and $337,461, respectively   1,773,300    1,860,500 
Due from banks   267,664    2,388,438 
Accounts receivable related party - Winglight Pacific, Ltd   -    100,000 
Insurance claim receivable   -    1,268,463 
Inventories, net   6,870,220    7,601,277 
Prepaid expenses and other current assets   214,157    252,473 
Deferred financing costs   70,653    3,333 
Total Current Assets   11,000,587    13,819,684 
           
Property and equipment, net   745,556    771,349 
Deferred tax assets   1,364,558    1,285,721 
Operating Leases - right of use assets   2,618,513    573,874 
Other non-current assets   114,422    150,509 
Total Assets  $15,843,636   $16,601,137 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable  $2,518,487   $5,041,610 
Accrued expenses   1,008,161    1,529,168 
Due to related party - Starlight Consumer Electronics Co., Ltd.   14,400    14,400 
Due to related party - Starlight Electronics Co., Ltd   272,300    372,300 
Due to related party - Starlight R&D, Ltd.   115,016    115,016 
Revolving line of credit - Iron Horse Credit   1,400,000    - 
Refunds due to customers   391,088    806,475 
Reserve for sales returns   380,183    1,224,000 
Current portion of finance leases   13,812    14,953 
Current portion of installment notes   64,279    63,098 
Current portion of note payable - Paycheck Protection Plan   172,685    - 
Current portion of operating lease liabilities   758,910    321,389 
Total Current Liabilities   7,109,321    9,502,409 
           
Finance leases, net of current portion   -    2,550 
Installment notes, net of current portion   263,531    283,193 
Note payable - Payroll Protection Plan, net of current portion   271,945    - 
Operating lease liabilities   1,914,921    322,263 
Subordinated related party debt - Starlight Marketing Development, Ltd.   802,659    802,659 
Total Liabilities   10,362,377    10,913,074 
           
Commitments and Contingencies
          
           
Shareholders’ Equity          
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding   -    - 
Common stock, Class A, $0.01 par value; 100,000 shares authorized; no shares issued and outstanding   -    - 
Common stock, Class B, $0.01 par value; 100,000,000 shares authorized; 38,557,643 shares issued and outstanding   385,576    385,576 
Additional paid-in capital   19,729,043    19,729,043 
Accumulated deficit   (14,633,360)   (14,426,556)
Total Shareholders’ Equity   5,481,259    5,688,063 
Total Liabilities and Shareholders’ Equity  $15,843,636   $16,601,137 

 

See notes to the condensed consolidated financial statements

 

3

 

 

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For the Three Months Ended 
   June 30, 2020   June 30, 2019 
   (as restated)   (as restated) 
         
Net Sales  $3,051,983   $4,640,238 
           
Cost of Goods Sold   2,089,531    3,821,334 
           
Gross Profit   962,452    818,904 
           
Operating Expenses          
Selling expenses   298,993    490,491 
General and administrative expenses   1,363,290    1,371,056 
Depreciation   71,107    59,461 
Total Operating Expenses   1,733,390    1,921,008 
           
Loss from Operations   (770,938)   (1,102,104)
           
Other Income (Expenses)          
Gain from damaged goods insurance claim   131,292    - 
Gain from extinguishment of accounts payable   390,000    - 
Interest expense   (29,590)   (2,875)
Finance costs   (6,405)   (3,333)
Total Other Income (Expenses), net   485,297    (6,208)
           
Loss Before Income Tax Benefit   (285,641)   (1,108,312)
           
Income Tax Benefit   78,837    238,731 
           
Net Loss  $(206,804)  $(869,581)
           
Net Loss per Common Share          
Basic and Diluted  $(0.01)  $(0.02)
           
Weighted Average Common and Common Equivalent Shares:          
Basic and Diluted   38,557,643    38,469,813 

 

See notes to the condensed consolidated financial statements

 

4

 

 

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the Three Months Ended 
   June 30, 2020   June 30, 2019 
         
Cash flows from operating activities          
Net loss  $(206,804)  $(869,581)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:          
Depreciation   71,107    59,461 
Amortization of deferred financing costs   6,405    3,333 
Change in inventory reserve   32,696    - 
Change in allowance for bad debts   (37,522)   10,852 
Stock based compensation   -    17,502 
Change in net deferred tax assets   (78,837)   (238,731)
Gain from extinguishment of accounts payable   390,000    - 
Changes in operating assets and liabilities:          
Accounts receivable   124,722    (3,103,409)
Due from banks   2,120,774    2,236,779 
Accounts receivable - related parties   100,000    (78,432)
Insurance receivable   1,268,463    - 
Inventories   698,361    (2,535,439)
Prepaid expenses and other current assets   38,316    (543,489)
Other non-current assets   36,087    45,786 
Accounts payable   (2,913,123)   5,102,073 
Accrued expenses   (521,007)   (192,221)
Due to related parties   (100,000)   100,499 
Customer deposits   -    203,175 
Refunds due to customers   (415,387)   268,982 
Reserve for sales returns   (843,817)   (448,477)
Operating lease liabilities, net of operating leases - right of use assets   (14,460)   (13,667)
Net cash (used in) provided by operating activities   (244,026)   24,996 
Cash flows from investing activities          
Purchase of property and equipment   (45,314)   (159,586)
Net cash used in investing activities   (45,314)   (159,586)
Cash flows from financing activities          
Net proceeds from revolving line of credit - PNC Bank   -    627,007 
Net proceeds from revolving line of credit - Iron Horse Credit   1,400,000    - 
Proceeds from note payable - Payroll Protection Program   444,630    - 
Payment of bank term note   -    (125,000)
Payment of deferred financing costs   (73,725)   - 
Payments on installment notes   (18,481)   - 
Proceeds from subscription receivable   -    2,200 
Payments on finance leases   (3,691)   (3,549)
Net cash provided by financing activities   1,748,733    500,658 
Net change in cash   1,459,393    366,068 
           
Cash at beginning of period   345,200    211,408 
Cash at end of period  $1,804,593   $577,476 
           
Supplemental disclosures of cash flow information:          
Cash paid for interest  $12,971   $1,701 
Operating leases - right of use assets initial adoption  $-   $1,108,330 
Operating lease liabilities - initial adoption  $-   $1,234,368 
Operating leases - right of use assets and lease liabilities at inception of lease  $2,184,105   $- 

 

See notes to the condensed consolidated financial statements

 

5

 

 

The Singing Machine Company, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the three months ended June 30, 2020 and 2019

(Unaudited)

 

   Common Stock  

Additional

Paid in

   Subscriptions   Accumulated     
   Shares   Amount   Capital   Receivable   Deficit   Total 
                         
Balance at March 31, 2020   38,557,643   $385,576   $19,729,043   $-   $(14,426,556)  $5,688,063 
                               
Net loss   -    -    -    -    (206,804)   (206,804)
                               
Balance at June 30, 2020   38,557,643   $385,576   $19,729,043   $-   $(14,633,360)  $5,481,259 
                               
Balance at March 31, 2019   38,464,753   $384,648   $19,687,263   $(2,200)  $(11,569,556)   8,500,155 
                               
Net loss   -    -    -    -    (869,581)   (869,581)
Employee compensation-stock option   -    -    5,002    -    -    5,002 
Collection of subscription receivable   -    -    -    2,200    -    2,200 
Issuance of common stock - directors   32,890    329    12,171    -    -    12,500 
                               
Balance at June 30, 2019   38,497,643   $384,977   $19,704,436   $-   $(12,439,137)  $7,650,276 

 

See notes to the condensed consolidated financial statements.

 

6

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 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 – RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

 

The Company has determined that in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, the Company incorrectly accounted for the cost of its co-op promotion allowances (previously referred to as “cooperative advertising”) with its customers as selling expenses instead of a reduction in net sales for each of the three months ended June 30, 2020 and 2019, as these co-op promotion allowances are not a distinct good or service and the Company cannot reasonably estimate the fair value of the benefit it receives from these arrangements.

 

The effects of this accounting error do not impact the condensed consolidated balance sheets, statements of cash flows and statements of shareholders’ equity. The effects are confined to the condensed consolidated statements of operations, and these notes to condensed consolidated financial statements. The tables below set forth the condensed consolidated statements of operations, including the balances as originally reported, adjustments and the as restated balances for each of the periods affected:

 

   Originally Reported For the
Three Months Ended June 30, 2020		   Adjustment   As Restated For the
Three Months Ended June, 30, 2020		 
             
Net Sales  $3,323,543   $(271,560)  $3,051,983 
                
Cost of Goods Sold   2,089,531    -    2,089,531 
                
Gross Profit   1,234,012    (271,560)   962,452 
                
Operating Expenses               
Selling expenses   570,553    (271,560)   298,993 
General and administrative expenses   1,363,290    -    1,363,290 
Depreciation   71,107    -    71,107 
Total Operating Expenses   2,004,950    (271,560)   1,733,390 
                
Loss from Operations   (770,938)   -    (770,938)
                
Other Income (Expenses)               
Gain from damaged goods insurance claim   131,292    -    131,292 
Gain from extinguishment of accounts payable   390,000    -    390,000 
Interest Expense   (29,590)   -    (29,590)
Finance Costs   (6,405)   -    (6,405)
Total Other Income (Expenses), net   485,297    -    485,297 
                
Loss Before Income Tax Benefit   (285,641)   -    (285,641)
                
Income Tax Benefit   78,837    -    78,837 
                
Net Loss  $(206,804)  $-   $(206,804)

 

   Originally Reported For the
Three Months Ended June 30, 2019		   Adjustment   As Restated For the
Three Months Ended June, 30, 2019		 
             
Net Sales  $4,809,040   $(168,802)  $4,640,238 
                
Cost of Goods Sold   3,821,334    -    3,821,334 
                
Gross Profit   987,706    (168,802)   818,904 
                
Operating Expenses               
Selling expenses   659,293    (168,802)   490,491 
General and administrative expenses   1,371,056    -    1,371,056 
Depreciation   59,461    -    59,461 
Total Operating Expenses   2,089,810    (168,802)   1,921,008 
                
Loss from Operations   (1,102,104)   -    (1,102,104)
                
Other Expenses               
Interest Expense   (2,875)   -    (2,875)
Finance Costs   (3,333)   -    (3,333)
Total Other Expenses   (6,208)   -    (6,208)
                
Loss Before Income Tax Benefit   (1,108,312)   -    (1,108,312)
                
Income Tax Benefit   238,731    -    238,731 
                
Net Loss  $(869,581)  $-   $(869,581)

 

7

 

 

NOTE 3 – LIQUIDITY

 

The Company reported a net loss of approximately $207,000 for the three months ended June 30, 2020 as compared to a net loss of approximately $870,000 for the three months ended June 30, 2019. In August 2019, a major customer received goods that were significantly water damaged due to excess moisture absorbed in pallets shipped by the factory. As a result we incurred a loss in cash flow of approximately $1,559,000 in revenue and approximately $849,000 in additional out of pocket expenses to retrieve, inspect, warehouse and properly destroy the goods during Fiscal 2020. As of this filing we have we have recovered approximately $2,245,000 from our cargo insurance coverage consisting of settlement of approximately $1,268,000 in insurance claim receivable, approximately $131,000 reflected as gain from damaged goods insurance claim in the condensed consolidated statement of operations for the three months ended June 30, 2020 with the remaining gain on recovery of approximately $846,000 subsequently received in July 2020 which will be recognized as a gain from damaged goods insurance claim in the next quarter ending September 30, 2020. We also secured vendor invoice credits of $390,000 from the factory that caused the damage which is reflected as gain from extinguishment of accounts payable in the condensed consolidated statement of operations for the three months ended June 30, 2020. On June 16, 2020, the Company executed an Intercreditor Revolving Credit Facility on eligible accounts receivable and inventory which replaced a revolving credit facility with PNC bank that was terminated on June 16, 2020. The Company signed a two-year Loan and Security Agreement for a $10,000,000 financing facility (“Crestmark Facility”) with Crestmark Bank (“Crestmark”) on eligible accounts receivable. Further, the Company also executed a two-year Loan and Security Agreement (“IHC Facility”) with Iron Horse Credit (“IHC”) for up to $2,500,000 in inventory financing. The Intercreditor Revolving Loan Facility will expire on June 15, 2022. The Company has adequate cash on hand and cash available on its Intercreditor Revolving Credit Facility (approximately $2,600,000 as of the date of this filing) to meet all obligations during this off-peak season. On May 5, 2020, the Company received loan proceeds from Crestmark in the amount of approximately $444,000 under the Paycheck Protection Program (“PPP”). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest may be forgivable to the extent the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. Management is confident that the availability of cash from our Intercreditor Revolving Credit Facility, proceeds from the insurance claim settlement, proceeds from the PPP loan and our projections to reduce excess inventory during the next year will be adequate to meet the Company’s liquidity requirements for at least the next twelve months.

 

NOTE 4 – 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 condensed financial statements for the three months ended June 30, 2020 and 2019 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, 2020 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K/A for the year ended March 31, 2020. 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.

 

8

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

COLLECTABILITY OF ACCOUNTS RECEIVABLE

 

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

 

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

 

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 June 30, 2020 and March 31, 2020 are approximately $70,000 and $217,000, 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 June 30, 2020 and March 31, 2020 the estimated amounts for these future inventory returns were approximately $784,000 and $1,367,000, 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 June 30, 2020 and March 31, 2020 the Company had inventory reserves of approximately $467,000 and approximately $434,000, respectively for estimated excess and obsolete inventory.

 

DEFERRED FINANCING COSTS

 

The Company classifies deferred financing costs incurred when obtaining or renewing revolving credit facilities as assets in the accompanying condensed consolidated balance sheets as it is likely that during certain periods during non-peak season there will be no balance due on these credit facilities to offset the deferred financing costs. In June 2020, the Company incurred approximately $74,000 in deferred financing costs associated with the closing of the Crestmark Facility and the IHC Facility which are being amortized over the term of the agreement and were classified as current assets on the accompanying condensed consolidated balance sheets.

 

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.”

 

LEASES

 

The Company follows FASB ASC 842, “Leases”. The ASC requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The 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 are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. (See Note 8– 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.

 

9

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

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), 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 lines of credit approximate fair value due the relatively short period to maturity and related interest accrued at market rates. The carrying amount on the PPP note payable of credit approximate fair value due the relatively short period to maturity as management intends to apply for total forgiveness of the loan in the current fiscal year.

 

REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS

 

The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. All revenue is generated from contracts with customers. The Company recognizes revenue when the goods are delivered and control of the goods sold is transferred to the customer, in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation.

 

The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). 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.

 

The Company selectively participates in a retailer’s co-op promotion initiatives to maximize sales of the Company’s products on the retail floor or to assist in developing consumer awareness of new product launches, by providing marketing fund allowances to our customers. As these co-op promotion initiatives are not a distinct good or service and the Company cannot reasonably estimate the fair value of the benefit it receives from these arrangements, the cost of these allowances at the time they are offered to the customers are recorded as a reduction to net sales. Co-op promotion allowances were approximately $272,000 and $169,000for the three months ended June 30, 2020 and 2019, respectively. 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 as our underlying customer agreements are less than one year.

 

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 – GEOGRAPHICAL INFORMATION).

 

While the Company generally does not allow products to be returned, the Company does provide for variable consideration contingent upon the occurrence of uncertain future events. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company estimates variable consideration under our return allowance programs for goods returned to the customer for various reasons, whereby a sales return reserve is recorded based on historic return amounts, specific events as identified and management estimates.

 

The Company’s reserve for sales returns were approximately $380,000 and $1,224,000 as of June 30, 2020 and March 31, 2020, respectively.

 

10

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

Revenue is derived from four different major product lines. Disaggregated approximate revenue from these product lines for the three months ended June 30, 2020 and 2019 consisted of the following:

 

   Three Months Ended 
   June 30, 2020   June 30, 2019 
Product Line  (as restated)   (as restated) 
Classic Karaoke Machines  $1,979,000   $4,011,000 
Download Karaoke Machines   362,000    136,000 
SMC Kids Toys   123,000    135,000 
Music and Accessories   588,000    358,000 
           
Total Net Sales  $3,052,000   $4,640,000 

 

SHIPPING AND HANDLING COSTS

 

Shipping and handling costs are performed by both the Company and third-party logistics companies. Shipping and handling activities are performed before the customer obtains control of the goods sold to them and are considered activities to fulfill the Company’s promise to transfer the goods. For the three months ended June 30, 2020 and 2019 shipping and handling expenses were approximately $83,000 and $89,000, respectively. These expenses are classified as a component of selling expenses in the accompanying condensed consolidated statements of operations.

 

STOCK BASED COMPENSATION

 

The Company follows the provisions of the FASB ASC 718-20, “Compensation – Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2020 and 2019 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2020 and 2019, the stock option expense was approximately $0 and $5,000, respectively.

 

RESEARCH AND DEVELOPMENT COSTS

 

Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of income. For the three months ended June 30, 2020 and 2019, these amounts totaled approximately $13,000 and $5,000, 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. As of June 30 2020 and March 31, 2020 the Company recognized a valuation reserve of approximately $88,000 for deferred tax assets relating to net operating loss carryforwards that the Company will more than likely not be able to realize prior to their expiration.

 

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 three months ended June 30, 2020 and 2019 we estimated our effective tax rate to be approximately 27.6% and 21.5%, respectively. As of June 30, 2020, and March 31, 2020, the Singing Machine had net deferred tax assets of approximately $1,365,000 and $1,286,000, respectively. The Company recorded an income tax benefit of approximately $79,000 and $239,000 for the three months ended June 30, 2020 and 2019, respectively.

 

11

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 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 June 30, 2020, 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 LOSS PER COMMON SHARE

 

Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2020 and 2019 total potential dilutive shares from common stock options amounted to 2,230,000 and 2,310,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2020 and 2019 because their effect was anti-dilutive.

 

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 condensed 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 condensed consolidated financial statements and related disclosures.

 

NOTE 5 - INVENTORIES, NET

 

Inventories are comprised of the following components:

 

   June 30, 2020   March 31, 2020 
         
Finished Goods  $5,869,000   $6,595,000 
Inventory in Transit   684,000    73,000 
Estimated Cost of Future Returns   784,000    1,367,000 
Subtotal   7,337,000    8,035,000 
Less:Inventory Reserve   467,000    434,000 
           
Inventories, net  $6,870,000   $7,601,000 

 

12

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

NOTE 6 – PROPERTY AND EQUIPMENT

 

A summary of property and equipment is as follows:

 

   USEFUL LIFE   June 30, 2020   March 31, 2020 
Computer and office equipment   5-7 years   $445,000   $445,000 
Furniture and fixtures   7 years    98,000    98,000 
Warehouse equipment   7 years    195,000    195,000 
Molds and tooling   3-5 years    1,726,000    1,680,000 
         2,464,000    2,418,000 
Less: Accumulated depreciation        1,718,000    1,647,000 
        $746,000   $771,000 

 

Depreciation expense for the three months ended June 30, 2020 and 2019 was approximately $71,000 and $59,000, respectively.

 

NOTE 7 – BANK FINANCING

 

Intercreditor Revolving Credit Facility Crestmark Bank and Iron Horse Credit

 

On June 16, 2020, the Company executed an Intercreditor Revolving Credit Facility on eligible accounts receivable and inventory which replaced the Company’s previous revolving credit facility with PNC Bank which was terminated on June 16, 2020. The Company signed a two-year Loan and Security Agreement for a $10.0 million financing facility with Crestmark Bank on eligible accounts receivable. The outstanding loan balance cannot exceed $10.0 million during peak selling season between July 1 and December 31and is reduced to a maximum of $5.0 million between January 1 and July 31. Costs associated with closing of the Intercreditor Revolving Credit Facility of approximately $74,000 are deferred and are being amortized over the term of the agreement. During the three months ended June 30, 2020 the Company incurred amortization expense of approximately $3,000 associated with the amortization of deferred financing costs from the Intercreditor Revolving Credit Facility.

 

Under the Crestmark Facility:

 

  ● Advance rate shall not exceed 70% of Eligible Accounts Receivable aged less than 90 days from invoice date.
  ● Crestmark shall maintain a base dilution reserve of 1% for each 1% of dilution over 15%.
  ● Crestmark will implement an availability block of 20% of amounts due on Iron Horse Intercreditor Revolving Line of Credit.
  ● Mandatory pay-down of the loan to zero in January and February each year.

 

The Crestmark Facility is secured by a security interest in all assets including a first security interest in Accounts Receivable and Inventory. Notwithstanding the foregoing, Crestmark shall subordinate its first security interest in inventory to IHC as agreed between all parties. The Crestmark Facility bears interest at the Wall Street Journal Prime Rate plus 5.50% with a floor of 8.75%. Interest and Maintenance Fees shall be calculated on the higher of the actual average monthly loan balance from the prior month or a minimum average loan balance of $2,000,000. There was no interest expense on the Crestmark Facility for the three months ended June 30, 2020 and 2019. The Crestmark Facility expires on June 15, 2022. There was no outstanding balance on the Crestmark Facility as of June 30, 2020.

 

In addition, the Company also executed a two-year Loan and Security Agreement with IHC for up to $2,500,000 in inventory financing. Under the IHC Facility:

 

  ● Advance rate shall not exceed the lower of (a) 70% of the inventory cost or (b) 85% of Net Orderly Liquidation Value (NOLV) as determined by an independent third-party appraiser engaged by Iron Horse.
  ● The Company must maintain a fixed charge coverage ratio test of 1:1 times measured on a rolling 12-month 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. This financial covenant has been waived for the first six months of the IHC Facility.

 

The IHC Facility is secured by a perfected security interest in the Company’s inventory. The IHC Facility bears interest at 1.292% per month or 15.51% annually. Interest shall be calculated on the higher of the actual average monthly loan balance from the prior month or a minimum average loan balance of $1,000,000. Interest expense for the three months ended June 30, 2020 and 2019 was approximately $8,000 and $0, respectively. The IHC Facility expires on June 15, 2022. As of June 30, 2020 and March 31, 2020 there was an outstanding balance of $1,400,000 and $0, respectively.

 

13

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

Revolving Credit Facility PNC Bank

 

On June 22, 2017, the Company renewed the existing revolving credit facility (the “PNC Revolving Credit Facility”) with PNC Bank, National Association (“PNC”) for an additional three years which was terminated on June 16, 2020 and replaced by the Intercreditor Revolving Credit Facility with Crestmark and IHC. In September 2019 the Company defaulted on the PNC Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio requirement. In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC delayed taking action it would have been be entitled to under a default through March 31, 2020. The Company remained in default of the Forbearance Agreement up until termination of the Revolving Credit Facility on June 16, 2020 at which time the Company entered into the Intercreditor Revolving Credit Facility with Crestmark and IHC. At June 30, 2020 and March 31, 2020 there were no amounts due on the PNC Revolving Credit Facility. During the three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $0 and $1,000, respectively, on amounts borrowed against the PNC Revolving Credit Facility.

 

Note Payable Payroll Protection Plan

 

On May 5, 2020, the Company received loan proceeds from Crestmark in the amount of approximately $444,000 under the Paycheck Protection Program (“PPP”). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest may be forgivable to the extent the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness may be reduced if the borrower terminates employees or reduces salaries during the eligible period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments until a forgiveness application has been accepted and reviewed by the SBA, and the SBA has provided Crestmark with the loan forgiveness amount. For the three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $1,000 and $0, respectively. The Company currently expects to apply for forgiveness of the entire loan balance.

 

Installment Notes Payable

 

On June 18, 2019, the Company entered into a financing arrangement with Dimension Funding, LLC (“Dimension”) to finance the entire ERP System project over a term of 60 months at a cost of approximately $365,000. As of June 30, 2020 the Company executed three installment notes totaling approximately $365,000 for payments issued to the project vendor. The installment notes have 60 month terms with interest rates of 7.58%, 8.55% and 9.25%, respectively. The installment notes are payable in monthly installments of $7,459 which include principal and interest. As of June 30, 2020 and March 31, 2020 there was an outstanding balance on the installment notes of approximately $328,000 and $346,000, respectively. For three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $7,000 and $0 respectively.

 

Subordinated Debt/Note Payable to Related Party

 

In conjunction with the PNC Revolving Credit Facility there was a subordination agreement on related party debt due to Starlight Marketing Development, Ltd. of approximately $803,000. On June 1, 2020 the remaining amount due on the subordinated debt of approximately $803,000 was converted to a note payable (“subordinated note payable”) which bears interest at 6%. As part of the agreement to convert the subordinated debt to a note payable it was agreed that interest expense would be accrued at the same 6% interest rate on the unpaid principal retroactively from the date that previously scheduled payments had been missed. During the three months ended June 30, 2020 and 2019 interest expense was approximately $12,000 and $2,000, respectively on the subordinated note payable and the related party subordinated debt, respectively.

 

In connection with the Intercreditor Revolving Credit Facility the Company was required to subordinate the subordinated note payable. Both Crestmark and IHC facility agreements allow for the repayment of the subordinated note payable provided any amounts borrowed against these credit facilities are paid in full, the Company maintains a 1 : 1 debt coverage ratio and exhibits sufficient cash liquidity to support on-going operations. There is no set schedule with regards to repayment of the note and as such the subordinated note payable has been classified as a non- current liability as of June 30, 2020 and March 31, 2020 on the condensed consolidated balance sheets. As of June 30, 2020 and March 31, 2020 the remaining amount due on the subordinated debt was approximately $803,000.

 

NOTE 8 - COMMITMENTS AND CONTINGENCIES

 

LEGAL MATTERS

 

As of August 19, 2020 management is not aware of any legal proceedings other than matters that arise in the ordinary course of business.

 

14

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

LEASES

 

Operating Leases

 

We have operating lease agreements for offices and a warehouse facility in Florida, California and Macau 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. On June 15, 2020 we executed a three-year lease extension which will expire on August 31, 2023. The renewal base rent payment will be $65,300 with a 3% increase every 12 months for the remaining term of the extension.

 

We entered into an operating lease agreement, effective May 1, 2018, for 424 square feet of office space in Macau. 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. As of June 30, 2020 and March 31, 2020 the remaining amounts due on these capital leasing arrangements was approximately $14,000 and $18,000, respectively. For the three months ended June 30, 2020 and 2019 the Company incurred interest expense of $154 and $274, respectively.

 

Supplemental balance sheet information related to leases as of June 30, 2020 is as follows:

 

Assets    
Operating lease - Right-of-use assets  $2,618,513 
Finance leases as a component of Property and equipment, net of accumulated depreciation of $13,472   30,054 
      
Liabilities     
Current     
Current portion of operating leases  $758,910 
Current portion of finance leases   13,812 
Noncurrent     
Operating lease liabilities, net of current portion  $1,914,921 

 

Supplemental statement of income information related to leases for the three months ended June 30, 2020 is as follows:

 

Operating lease expense as a component of general and administrative expenses  $148,724 
Finance lease cost     
Depreciation of leased assets as a component of Depreciation  $1,555 
Interest on lease liabilities as a component of Interest Expense   154 

 

Supplemental cash flow information related to leases for the three months ended June 30, 2020 is as follows:

 

Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flow paid for operating leases  $163,187 
Financing cash flow paid for finance leases   3,691 

 

Lease term and Discount Rate

 

Weighted average remaining lease term (months)    
Operating leases   36.1 
Finance leases   11.0 
      
Weighted average discount rate     
Operating leases   6.66%
Finance leases   3.68%

 

15

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

Scheduled maturities of operating and finance lease liabilities outstanding as of June 30, 2020 are as follows:

 

Year  Operating Leases   Finance Leases 
         
2020, for the remaining 6 months  $413,620   $7,673 
2021   911,204    6,394 
2022   931,949    - 
2023   674,488    - 
2024   30,739    - 
Total Minimum Future Payments   2,962,000    14,067 
           
Less: Imputed Interest   288,169    255 
           
Present Value of Lease Liabilities  $2,673,831   $13,812 

 

NOTE 9 - STOCK OPTIONS

 

During the three months ended June 30, 2020 and 2019 the Company issued 0 and 100,000 stock options, respectively at an exercise price of $0 and $.38, respectively; 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.

 

A summary of stock option activity for the three months ended June 30, 2020 is summarized below:

 

   June 30, 2020 
  

Number of Options

   Weighted Average Exercise Price 
Stock Options:          
Balance at beginning of period   2,230,000   $0.26 
Granted   -    - 
Exercised   -    - 
Forfeited  -    - 
Balance at end of period   2,230,000   $0.26 
           
Options exercisable at end of period   2,230,000   $0.26 

 

The following table summarizes information about employee stock options outstanding at June 30, 2020

 

Range of Exercise Price   Number Outstanding at June 30, 2020   Weighted Average Remaining Contractual Life   Weighted Average Exercise Price   Number Exercisable at June 30, 2020   Weighted Average Exercise Price 
$.04 - $.38    1,650,000    4.1    0.17    1,650,000    0.17 
$.47 - $.55    580,000    7.6    0.50    580,000    0.50 
 *    2,230,000              2,230,000      

 

* Total number of options outstanding as of June 30, 2020 includes 1,080,000 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.

 

16

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

NOTE 10 - GEOGRAPHICAL INFORMATION

 

Sales to customers outside of the United States for the three months ended June 30, 2020 and 2019 were primarily made by the Macau Subsidiary in US dollars. Sales by geographic region for the periods presented are as follows:

 

   THREE MONTHS ENDED 
   June 30, 2020   June 30, 2019 
   (as restated)   (as restated) 
North America  $2,816,000   $4,445,000 
Europe   183,000    99,000 
Australia   53,000    96,000 
           
Total Net Sales  $3,052,000   $4,640,000 

 

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

 

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 June 30, 2020 and March 31, 2020, the Company had amounts due to related parties in the amounts of approximately $402,000 and $502,000, respectively for services provided by these companies and licensing fees for use of pedestal model molds and tools owned by the parent company. On June 30, 2020 and March 31, 2020, the Company had $0 and $100,000 due from a related party for goods sold to this company.

 

TRADE

 

During the three months ended June 30, 2020 and June 30, 2019 the Company sold approximately $0 and $74,000 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 June 30, 2020 and 2019 was 0% and 21.7%, 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 at that time. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

During the three months ended June 30, 2020 and 2019 the Company sold approximately $0 and $71,000, 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.

 

On July 30, 2020, the Company and Cosmo reached agreement that Cosmo would no longer be the Company’s Canadian distributor and the Company became the sole and exclusive distributor of the Company’s products in Canada. As part of the agreement, the companies executed a Purchase and Sales agreement whereby the Company acquired all of Cosmo’s karaoke inventory for approximately $685,000.

 

The Company incurred service expenses from Starlight Electronics Co, Ltd, (“SLE”) a related party. The services from SLE for the three month ended June 30, 2020 and 2019 were approximately $91,000 and $101,000, 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.

 

17

 

 

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020 and 2019

(Unaudited)

 

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

 

   Three Months Ended 
   June 30, 2020   June 30, 2019 
Reserve for sales returns at beginning of the year  $1,224,000   $896,154 
Provision for estimated sales returns   284,362    415,234 
Sales returns received   (1,128,179)   (863,711)
           
Reserve for sales returns at end of the period  $380,183   $447,677 

 

NOTE 13 – REFUNDS DUE TO CUSTOMERS

 

As of June 30, 2020 and March 31, 2020 the amount of refunds due to customers was approximately $391,000 and $807,000, respectively. Refunds due to customers at June 30, 2020 were primarily due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,381,000 that the customer had deducted on payment remittances to the Company as of June 30, 2020. The remaining $81,000 was primarily due to amounts due to another major customer for overstock returns. Refunds due to customers at March 31, 2020 were primarily due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,181,000 that the customer had deducted on payment remittances to the Company as of March 31, 2020. The remaining $297,000 was primarily due to amounts due to two major customers for overstock returns. (See Note 3 – 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 June 30, 2020 and 2019 totaled approximately $14,000. 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 June 30, 2020, 74% of accounts receivable were due from three customers in North America that individually owed over 10% of total accounts receivable. At March 31, 2020, 82% of accounts receivable were due from four 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 June 30, 2020, 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 43%, 18% and 11%, respectively. For the three months ended June 30, 2019, there were two customers who individually accounted for 10% or more of the company’s net sales. Revenue derived from these customers as a percentage of net product sales were 85% and 13%, respectively.

 

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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/A, this Quarterly Report on 10-Q/A, 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.

 

RESTATEMENT AND REVISION OF THE CONSOLIDATED FINANCIAL STATEMENTS

 

As discussed in the Explanatory Note, this Amendment to Form 10-Q, amends and restates the Company’s condensed consolidated financial statements and related disclosures in Part I, Item 1. “Financial Statements” as of and for the three months ended June 30, 2020 and 2019, in order to correct an error in our accounting for co-op promotion allowances in our previously issued financial statements. The impact of the accounting correction is further illustrated in Note 2 of the “Notes to the Condensed Consolidated Financial Statements”. Accordingly, the Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth below are revised for the effects of these restatements.

 

OVERVIEW

 

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

 

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

 

Representative customers include Amazon, 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 85% and 94% of net sales in fiscal 2020 and 2019, respectively.

 

The COVID-19 pandemic has significantly affected U.S. consumer shopping patterns and caused the health of the U.S. economy to deteriorate. We cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of its impact on our business and our financial results. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations, financial condition, and liquidity may be materially and adversely affected as a result of prolonged disruptions in consumer spending, a lack of demand for our products, forced retail store closures and other factors that we cannot foresee. The extent to which COVID-19 will impact our business and our financial results will depend on future developments which are highly uncertain and cannot be predicted.

 

19

 

 

RESULTS OF OPERATIONS

 

The following table sets forth, for the periods indicated, certain items related to our consolidated statements of operations as a percentage of net sales for the three months ended June 30, 2020 and 2019:

 

   For Three Months Ended 
   June 30, 2020   June 30, 2019 
   (as restated)   (as restated) 
         
Net Sales   100.0%   100.0%
           
Cost of Goods Sold   68.5%   82.4%
           
Gross Profit   31.5%   17.6%
           
Operating Expenses          
Selling expenses   9.8%   10.6%
General and administrative expenses   44.7%   29.5%
Depreciation and amortization   2.3%   1.3%
           
Total Operating Expenses   56.8%   41.4%
           
Loss from Operations   -25.3%   -23.8%
           
Other Income (Expenses)          
Gain from damaged goods insurance claim   4.3%   0.0%
Gain from vendor credit for damaged goods   12.8%   0.0%
Interest expense   -1.0%   -0.1%
Financing costs   -0.2%   -0.1%
           
Total Other Income (Expenses), net   15.9%   -0.2%
           
Loss Before Income Tax Benefit   -9.4%   -24.0%
           
Income Tax Benefit   2.6%   5.1%
           
Net Loss   -6.8%   -18.9%

 

QUARTER ENDED JUNE 30, 2020 COMPARED TO THE QUARTER ENDED JUNE 30, 2019

 

NET SALES

 

Net sales for the quarter ended June 30, 2020 decreased to approximately $3,052,000 from $4,640,000, a decrease of $1,588,000 as compared to the same period ended June 30, 2019. The primary reason for the decrease was due to a large Black Friday shipment of approximately $3,334,000 which shipped to one major customer last year compared to this year as the factory was delayed in ramping up its capacity and the customer delayed commitments and release of purchase orders due to COVID-19. There was an increase of approximately $103,000 in co-op promotion expense. These decreases were offset by an increase of approximately $1,670,000 in sales to two major customers who ordered replenishment goods due to increased demand for karaoke products during the pandemic. The remaining variance of approximately $179,000 was due to an increase in sales to various other customers.

 

20

 

 

GROSS PROFIT

 

Gross profit for the quarter ended June 30, 2020 increased to approximately $962,000 from $819,000 an increase of $143,000 as compared to the same period in the prior year. There was an increase in gross profit of 13.9 margin points or approximately $510,000 due to a higher yielding mix of sales at full margin as compared to last year’s sales of primarily Black Friday promotional goods which yielded significantly lower margin. There was an increase in co-op promotion allowances of approximately $103,000. This increase in gross profit margin was offset by a decrease of approximately $264,000 in gross profit due to the decrease in net sales.

 

OPERATING EXPENSES

 

For the quarter ended June 30, 2020, total operating expenses decreased to approximately $1,733,000 compared to approximately $1,921,000 from the same period in the prior year. This represents a decrease in total operating expenses of approximately $188,000 from the quarter ended June 30, 2019. Selling expenses decreased by approximately $191,000 of which approximately $142,000 was due to a decrease in discretionary marketing expenses associated with the rollout of the Carpool Karaoke product spent during the same period in the prior year. The remaining difference was due to a decrease in variable selling expenses commensurate with the decrease in net sales.

 

LOSS FROM OPERATIONS

 

Loss from operations decreased approximately $331,000 this quarter to approximately $771,000 for the three months ended June 30, 2020 compared to a loss from operations of approximately $1,102,000 for the same period ended June 30, 2019. There was an increase in gross profit of approximately $143,000 as explained in Net Sales and Gross Profit. There was a decrease of approximately $188,000 in operating expenses as explained in Operating Expenses.

 

INCOME TAXES

 

For the three months ended June 30, 2020 and 2019 the Company recognized an income tax benefit of approximately $79,000 and $239,000, respectively, due to management’s best estimate of the Company’s full year effective tax rate of approximately 27.6% and 21.5%, respectively.

 

OTHER INCOME (EXPENSES)

 

Other income and (expenses) increased by approximately $491,000 to approximately $485,000 in other income, net for the three months ended June 30, 2020 compared to approximately $6,000 in other expenses for the same period ended June 30, 2019 primarily due to the recovery of approximately $521,000 in out-of-pocket expenses relating a prior fiscal year damaged goods insurance claim and a vendor extinguishing accounts payable of $390,000 from the factory that caused the damage. (See – Liquidity and Capital Resources).

 

NET LOSS

 

For the three months ended June 30, 2020 net loss decreased to approximately $207,000 compared to a net loss of approximately $870,000 for the same period a year ago. The increase in net loss was primarily due to the same reasons discussed in Loss from Operations, Income Taxes and Other Income (Expenses).

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of June 30, 2020, Singing Machine had cash on hand of approximately $1,805,000 as compared to cash on hand of approximately $345,000 on June 30, 2019. We had working capital of approximately $3,891,000 as of June 30, 2020. Net cash used in operating activities was approximately $244,000 for the three months ended June 30, 2020, as compared to approximately $25,000 provided by operating activities for the same period a year ago. During the three months ended June 30, 2020 there was a decrease in accounts payable of approximately $2,913,000 as the Company paid past due invoices to the vendor that caused the damaged goods incident as explained below. There was a seasonal decrease in reserves for sales returns of approximately $844,000, a decrease in accrued expenses of approximately $521,000 and a decrease in refunds due to customers of approximately $415,000 primarily due to repayment of chargebacks to one customer for damaged goods received as explained below. These decreases in cash used in operating activities were offset by a decrease in amounts due from PNC Bank and Crestmark for collections on accounts receivable that exceeded amounts due on the PNC and Crestmark Revolving Credit Facilities of approximately $2,121,000, a decrease in insurance receivable of approximately $1,269,000 primarily due to proceeds received from the damaged goods insurance claim as explained below. Inventories decreased by approximately $698,000 primarily due to one major customer buying goods for a summer program due to the increased demand for karaoke products.

 

21

 

 

Net cash provided by operating activities was approximately $25,000 for the three months ended June 30, 2019. During the three months ended June 30, 2019 there was an decrease in amounts due from PNC bank for collections on accounts receivable that exceeded amounts due on the PNC Revolving Credit Facility of approximately $2,237,000, an increase in accounts payable of approximately $5,102,000 due to seasonal purchases of product for the upcoming season and an increase in customer deposits of approximately $203,000. These increases in cash provided by operating activities were offset by a net loss of approximately $870,000, an increase in accounts receivable of approximately $3,103,000 primarily due to shipment of Black Friday goods to one major customer, and an increase in inventories of approximately $2,535,000 due to seasonal increase in products purchased for the upcoming season. There was an increase in prepaid expenses of approximately $543,000 due to prepaid royalties, licenses and promotion expenses primarily associated with the launch of the new Carpool Karaoke product in July 2019 and a seasonal decrease in reserve of sales returns of approximately $448,000.

 

Net cash used in investing activities for the three months ended June 30, 2020 was approximately $45,000 as compared to approximately $160,000 for the same period ended a year ago and consisted primarily of purchases of molds and tooling for new products.

 

Net cash provided by financing activities for the three months ended June 30, 2020 was approximately $1,749,000. We borrowed $1,400,000 for our IHC Facility and received loan proceeds from Crestmark in the amount of approximately $444,000 million under the Paycheck Protection Program. These financing activities were offset by payments made on deferred finance charges associated with the closing of the Crestmark and IHC Facilities of approximately $74,000 with the remaining difference used to pay scheduled installments on installment notes and finance leases.

 

Net cash provided by financing activities for the three-month period ended June 30, 2019 was approximately $501,000 We borrowed approximately $627,000 from our PNC Revolving Credit Facility for working capital which was offset by payments of finance leases and the bank term note of approximately $129,000.

 

On June 16, 2020, the Company executed an Intercreditor Revolving Credit Facility with Crestmark and IHC on eligible accounts receivable and inventory which replaced the Company’s previous revolving credit facility with PNC Bank which was terminated on June 16, 2020 (See Note 7 – Bank Financing). As of this filing, we have borrowed $1,400,000 on the IHC Facility, which provides for a maximum loan amount of $2,500,000 on eligible inventory and plan on borrowing on our Crestmark Facility which will make available up to $10,000,000 of eligible accounts receivable as the fiscal year progresses. As of this filing the Company has approximately $2,500,000 currently available from these two credit facilities.

 

In August 2019, a major customer received goods that were significantly water damaged due to excess moisture absorbed in pallets shipped by the factory. As a result we incurred a loss in cash flow of approximately $1,559,000 in revenue and approximately $849,000 in additional out of pocket expenses to retrieve, inspect, warehouse and properly destroy the goods. As of this filing we have we have recovered approximately $2,245,000 from our cargo insurance coverage consisting of settlement of approximately $1,268,000 in insurance claim receivable, approximately $131,000 reflected as gain from damaged goods insurance claim in the condensed consolidated statement of operations for the three months ended June 30, 2020 with the remaining gain on recovery of approximately $846,000 subsequently received in July 2020 which will be recognized as a gain from damaged goods insurance claim in the next quarter ending September 30, 2020. We also secured vendor invoice credits of $390,000 from the factory that caused the damage which is reflected as gain from extinguishment of accounts payable in the condensed consolidated statement of operations for the three months ended June 30, 2020.

 

On May 5, 2020, the Company received loan proceeds from Crestmark Bank in the amount of approximately $440,000 under the Paycheck Protection Program (“PPP”). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest may be forgivable to the extent the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness may be reduced if the borrower terminates employees or reduces salaries during the eligible period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments until a forgiveness application has been accepted and reviewed by the SBA, and the SBA has provided Crestmark with the loan forgiveness amount. For the three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $1,000 and $0, respectively. The Company currently expects to apply for forgiveness of the entire loan balance.

 

We believe that the availability of cash from our Intercreditor Revolving Credit Facility, proceeds from the insurance claim settlement, proceeds from the PPP loan and our projections to reduce excess inventory during the next year will be adequate to meet the Company’s liquidity requirements for at least the next twelve months. We believe the Intercreditor Revolving Credit Facility will be adequate to maintain and grow our business during the two-year term of the agreement. If we are unable to comply with the financial covenants defined in the financing agreement and default on the credit facility, it may have a material adverse effect on our ability to meet our financial obligations.

 

22

 

 

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 85% and 94% of net sales in fiscal 2020 and 2019, 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 2020 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 due to the material weakness described below, our disclosure controls and procedures were not effective at a reasonable assurance level as of the end of the period covered by this Report.

 

Following the initial filing of our Form 10-K for the year ended March 31, 2020, our Forms 10-Q for the three months ended June 30, 2020 and the six months ended September 30, 2020, management identified a material weakness in our internal controls over financial reporting that existed as of the dates of those filings related to the design and implementation of control activities intended to mitigate the risk that transactions be incorrectly accounted for in accordance with generally accepted accounting principles. Specifically, we did not maintain effective internal controls over the accounting for costs related to our co-op promotion allowances, pursuant to ASC 606, Revenue from Contract with Customers, as we incorrectly recorded these allowances as selling expenses when they should be recorded as a reduction in net sales. This material weakness resulted in material misstatements to the consolidated statements of operations for the aforementioned periods. The consolidated balance sheets, statement of cash flows, statement of shareholders’ equity, net income or loss for the affected periods remained unaffected.

 

Plan for Material Weakness in Internal Control over Financial Reporting

 

The Company’s management has begun to design and implement certain remediation measures to address the above-described material weakness and enhance the Company’s internal control in order to remediate this material weakness. As part of our remediation measures, the Company has identified and will implement plans to enhance the Company’s process and controls including ensuring adequate resources and use of accounting experts with respect to review of new accounting standards.

 

(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.

 

23

 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

As of August 19, 2020, 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

 

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

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

31.1 Certification of Gary Atkinson, Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*
   
31.2 Certification of Lionel Marquis, Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*
   
32.1 Certifying Statement of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act.*
   
32.2 Certifying Statement of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act.*

 

*Filed herewith

 

24

 

 

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 19, 2021 By: /s/ Gary Atkinson
    Gary Atkinson
    Chief Executive Officer
     
    /s/ Lionel Marquis
    Lionel Marquis
    Chief Financial Officer

 

25

 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/A of The Singing Machine Company, Inc. for the period ended June 30, 2020;

 

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 19, 2021

 

 
 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/A of The Singing Machine Company, Inc. for the period ended June 30, 2020;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

  /s/ Lionel Marquis
  Lionel Marquis
  Chief Financial Officer
  (Principal Accounting and Financial Officer)
   
  Date: February 19, 2021

 

 
 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/A for the period ended June 30, 2020 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 19, 2021

 

 

 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/A for the period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lionel Marquis, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

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

 

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

 

  /s/ Lionel Marquis
  Lionel Marquis
  Chief Financial Officer
 

(Principal Accounting and Financial Officer)

   
  Date: February 19, 2021

 

 

 

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right-of-use assets Finance leases as a component of property and equipment, net of accumulated depreciation of $13,472 Current portion of operating leases Operating lease liabilities, net of current portion Operating lease expense as a component of general and administrative expenses Finance lease cost Depreciation of leased assets as a component of depreciation Finance lease cost Interest on lease liabilities as a component of interest expense Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow paid for operating leases Cash paid for amounts included in the measurement of lease liabilities: Financing cash flow paid for finance leases Finance leases Property and equipment accumulated depreciation Weighted average remaining lease term (months), Operating leases Weighted average remaining lease term (months), Finance leases Weighted average discount rate, Operating leases Weighted average discount rate, Finance leases Operating Leases, 2020 for the remaining 6 months Operating Leases, 2021 Operating Leases, 2022 Operating Leases, 2023 Operating Leases, 2024 Operating Leases, Total Minimum Future Payments Operating Leases, Less: Imputed Interest Operating Leases, Present Value of Lease Liabilities Finance Leases, 2020 for the remaining 6 months Finance Leases, 2021 Finance Leases, 2022 Finance Leases, 2023 Finance Leases, 2024 Finance Leases, Total Minimum Future Payments Finance Leases, Less: Imputed Interest Finance Leases, Present Value of Lease Liabilities Number of stock option issued during period Stock option of exercise price Financial Instrument [Axis] Number of Options, Balance at Beginning of Period Number of Options, Granted Number of Options, Exercised Number of Options, Forfeited Number of Options, Balance at End of Period Number of Options, Exercisable at End of Period Weighted Average Exercise Price, Balance at Beginning of Period Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Exercised Weighted Average Exercise Price, Forfeited Weighted Average Exercise Price, Balance at End of Period Weighted Average Exercise Price, Options Exercisable at End of Period Stock Options Outstanding Exercise Price, Lower Range Limit Stock Options Outstanding Exercise Price, Upper Range Limit Stock Options Number Outstanding Stock Option Outstanding Weighted Average Remaining Contractual Life Stock Option Outstanding Weighted Average Exercise Price Stock Option Number Exercisable Stock Option Exercisable Weighted Average Exercise Price Stock options outstanding Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Due to related parties Due from related parties Revenue from related parties Related party gross margin percentage Inventory Service expenses Reserve for sales returns at beginning of the year Provision for estimated sales returns Sales returns received Reserve for sales returns at end of the period Refund due to customer Deducted on payment remittances Defined contribution plan, administrative expenses Concentration of sales risk, percentage custom:AccountingPoliciesLineItems custom:AccountingPoliciesTable Board of Directors [Member] Carpool Karaoke Product [Member] Change in allowance for bad debts. Classic Karaoke Machines [Member] custom:CommitmentsAndContingenciesLineItems custom:CommitmentsAndContingenciesTable Computer and Office Equipment [Member] Cosmo Communications Canada, Inc [Member]. Cost associated with Revolving credit facility deferred. Current Director [Member] Customer Five [Member]. Customer Four [Member]. Customer One [Member] Customer Three [Member] Customer Two [Member] Deducted on payment remittances. Dimension Funding, LLC [Member] Download Karaoke Machines [Member] Employees [Member]. Estimated cost of future returns. Exercise Price Range One [Member] Exercise Price Range Two [Member] Federal Tax [Member] Finance lease cost Depreciation of leased assets as a component of Depreciation. Finance leases Property and equipment accumulated depreciation. Financing Arrangement [Member] Fiscal 2018 [Member] Five Current and Two Former Directors [Member]. Five Current Directors and Two Former Directors [Member] Five Customers [Member] Forebearance Agreement [Member]. Former Director [Member] Four Customers [Member]. Future inventory returns. Operating lease liabilities, net of operating leases - right of use assets. Increase decrease in reserve for sales returns. Current portion of installment note. Installment note, net of current portion. Insurance claim receivable. Intecreditor revolving credit facility. Inventory financing. January 2019 [Member] June 1, 2019 [Member] June 1, 2021 [Member] June 1, 2022 [Member] Key Employees [Member]. Koncepts International Limited and Treasure Green [Member] koncepts International Limited [Member] LIBOR Rate [Member] Effective interest rate used by lessee to determine present value of finance lease payments. Licensed Product [Member] Liquidity text block. Long-Term Capital Leasing Arrangements [Member] Macau Subsidiary [Member] May 2019 [Member] Merrygain Holding Co. Ltd [Member] Molds and tooling [Member] Music and Accessories [Member] One Major Customer [Member] Operating Lease Agreement [Member] Operating lease liabilities - initial adoption. Operating leases - right of use assets initial adoption. PNC Bank National Association [Member]. Payments on installment notes. custom:PeakSellingSeasonBetweenAugust1AndDecember31Member custom:PeakSellingSeasonBetweenJanuary1AndJuly31Member Percentage of reserves for customers in bankruptcy and other reserves. Pocket expenses. Prior 30 Days [Member] Proceeds from subscription receivable. Project Consultant [Member]. Provision for estimated sales returns. Refunds Due to Customers [Text Block] The average gross profit margin on sales to related party. Remaining capital lease arrangements. Reserve for sales returns. Reserve for sales returns [Text Block] SMC Kids Toys [Member] Sales returns received. Schedule of Future Minimum Rental Payments for Operating and Finance Leases [Table Text Block] Schedule of Lease term and Discount Rate [Table Text Block] Schedule of Reserve for Sales Returns [Table Text Block] Schedule of Supplemental Information Related to Leases [Table Text Block] Shipping and handling expenses. Sinostar Group [Member] Starlight Consumer Elecronics Co.Ltd. [Member]. Starlight Consumer Electronics USA, Inc [Member] Starlight Electronics Co., Ltd [Member] Starlight Marketing Development, Ltd [Member] Starlight R&amp;amp;amp;amp;D, Ltd. [Member] Statel Tax [Member] Collection of subscription receivable. Subordinate Debt [Member]. Tac Cut and Jobs Act [Member] Term Loan [Member] Term Note [Member] Three Customers [Member] Toys R Us [Member] Toys R Us bankruptcy's [Member] Treasure Green Holdings Ltd [Member] Two Customers [Member] Two-Year Loan and Security Agreement [Member] Two Year Term Note [Member] Warehouse Equipment [Member] Wells Fargo Equipment Finance [Member] Winglight Pacific, Ltd [Member] IRS Section 382 [Member] Customers [Member] Republic of China [Member] Purchase and Sale Agreement [Member] Two Major Customer [Member] Paycheck Protection Program [Member] Crestmark Bank [Member] Intercreditor Revolving Credit Facility [Member] Disclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs. Revolving line of credit. Gain from damaged goods insurance claim. Net proceeds from revolving line of credit. Payment of deferred financing charges. Operating leases - right of use assets and lease liabilities at inception of lease. Principles of consolidation and basis of presentation [Policy text block] Recovered from insurance coverage settlement. Remaining gain on recovery of claim. Secured vendor invoice credits, value. Secured Vendor Invoice Credits [Member] Deferred financing costs. Crestmark Facility and IHC Facility [Member] Minimum average loan balance. Peak Selling Season Between July 1 and December 31 [Member] Peak Selling Season Between January 1 and July 31 [Member] Revolving Credit Facility [Member] Amortized Over One Year [Member] IHC Facility [Member] Interest Rate Per Month [Member] Interest Rate Per Annually [Member] PNC Bank [Member] Financing Agreement [Member] Installment Note One [Member] Installment Note Two [Member] Installment Note Three [Member] Monthly Payments of Notes Payble with Principal and Interest [Member] Subordination Agreement [Member] Subordinated Notes Payable [Member] Three Year Lease Extension Agreement [Member] Service expenses. Customers One [Member] Customers Two [Member] Customers Three [Member] Increase decrease in customer deposits. Deferred financing costs [Policy text block] Stock Options [Member] Individual [Member] Purchase and Sales Agreement [Member] Another Major Customer [Member] Restatement of previously issued consolidated financial statements [Text Block] The increase decrease in refunds due to customers. Summary of Restatement of Consolidated Financial Statements [Table Text Block] Weighted average remaining lease term (months), Operating leases. RevolvingCreditFacilitiesMember Assets, Current Assets [Default Label] Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Interest Expense, Debt, Excluding Amortization Weighted Average Number of Shares Outstanding, Basic and Diluted Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Accounts Receivable Increase (Decrease) Due from Affiliates Increase (Decrease) in Accounts Receivable, Related Parties Increase (Decrease) in Insurance Settlements Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Other Noncurrent Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities IncreaseDecreaseInRefundsDueToCustomers IncreaseDecreaseInReserveForSalesReturns Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Bank Debt PaymentOfDeferredFinancingCharges PaymentsOnInstallmentNote Repayments of Debt and Lease Obligation Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Shares, Outstanding LiquidityTextBlock Commitments and Contingencies Disclosure [Text Block] Property, Plant and Equipment, Policy [Policy Text Block] DeferredFinancingCosts Inventory, Gross Lessee, Operating Lease, Liability, to be Paid Finance Lease, Liability, Payment, Due Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Due to Related Parties EX-101.PRE 11 smdm-20200630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.20.4
Document And Entity Information - shares
 3 Months Ended
Jun. 30, 2020
Aug. 17, 2020
Cover [Abstract]    
Entity Registrant Name SINGING MACHINE CO INC  
Entity Central Index Key 0000923601  
Document Type 10-Q/A  
Document Period End Date Jun. 30, 2020  
Amendment Flag true  
Amendment Description Amendment No. 1  
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 Q1  
Document Fiscal Year Focus 2021  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Mar. 31, 2020
Current Assets    
Cash $ 1,804,593 $ 345,200
Accounts receivable, net of allowances of $299,939 and $337,461, respectively 1,773,300 1,860,500
Due from banks 267,664 2,388,438
Accounts receivable related party - Winglight Pacific, Ltd 100,000
Insurance claim receivable 1,268,463
Inventories, net 6,870,220 7,601,277
Prepaid expenses and other current assets 214,157 252,473
Deferred financing costs 70,653 3,333
Total Current Assets 11,000,587 13,819,684
Property and equipment, net 745,556 771,349
Deferred tax assets 1,364,558 1,285,721
Operating Leases - right of use assets 2,618,513 573,874
Other non-current assets 114,422 150,509
Total Assets 15,843,636 16,601,137
Current Liabilities    
Accounts payable 2,518,487 5,041,610
Accrued expenses 1,008,161 1,529,168
Revolving line of credit - Iron Horse Credit 1,400,000
Refunds due to customers 391,088 806,475
Reserve for sales returns 380,183 1,224,000
Current portion of finance leases 13,812 14,953
Current portion of installment notes 64,279 63,098
Current portion of note payable - Paycheck Protection Plan 172,685
Current portion of operating lease liabilities 758,910 321,389
Total Current Liabilities 7,109,321 9,502,409
Finance leases, net of current portion 2,550
Installment notes, net of current portion 263,531 283,193
Note payable - Payroll Protection Plan, net of current portion 271,945
Operating lease liabilities 1,914,921 322,263
Subordinated related party debt - Starlight Marketing Development, Ltd. 802,659 802,659
Total Liabilities 10,362,377 10,913,074
Commitments and Contingencies
Shareholders' Equity    
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital 19,729,043 19,729,043
Accumulated deficit (14,633,360) (14,426,556)
Total Shareholders' Equity 5,481,259 5,688,063
Total Liabilities and Shareholders' Equity 15,843,636 16,601,137
Common Class A [Member]    
Shareholders' Equity    
Common stock value
Common Class B [Member]    
Shareholders' Equity    
Common stock value 385,576 385,576
Starlight Consumer Electronics Co.Ltd. [Member]    
Current Liabilities    
Due to related party 14,400 14,400
Starlight Electronics Co., Ltd [Member]    
Current Liabilities    
Due to related party 272,300 372,300
Starlight R&D, Ltd. [Member]    
Current Liabilities    
Due to related party $ 115,016 $ 115,016
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2020
Mar. 31, 2020
Allowance for doubtful accounts receivable, net $ 299,939 $ 337,461
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common Class A [Member]    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 100,000 100,000
Common stock, shares issued
Common stock, shares outstanding
Common Class B [Member]    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 38,557,643 38,557,643
Common stock, shares outstanding 38,557,643 38,557,643
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]    
Net Sales $ 3,051,983 $ 4,640,238
Cost of Goods Sold 2,089,531 3,821,334
Gross Profit 962,452 818,904
Operating Expenses    
Selling expenses 298,993 490,491
General and administrative expenses 1,363,290 1,371,056
Depreciation 71,107 59,461
Total Operating Expenses 1,733,390 1,921,008
Loss from Operations (770,938) (1,102,104)
Other Income (Expenses)    
Gain from damaged goods insurance claim 131,292
Gain from extinguishment of accounts payable 390,000
Interest expense (29,590) (2,875)
Finance costs (6,405) (3,333)
Total Other Income (Expenses), net 485,297 (6,208)
Loss Before Income Tax Benefit (285,641) (1,108,312)
Income Tax Benefit 78,837 238,731
Net Loss $ (206,804) $ (869,581)
Net Loss per Common Share    
Basic and Diluted $ (0.01) $ (0.02)
Weighted Average Common and Common Equivalent Shares:    
Basic and Diluted 38,557,643 38,469,813
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (206,804) $ (869,581)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 71,107 59,461
Amortization of deferred financing costs 6,405 3,333
Change in inventory reserve 32,696
Change in allowance for bad debts (37,522) 10,852
Stock based compensation 17,502
Change in net deferred tax assets (78,837) (238,731)
Gain from extinguishment of accounts payable 390,000
Changes in operating assets and liabilities:    
Accounts receivable 124,722 (3,103,409)
Due from banks 2,120,774 2,236,779
Accounts receivable - related parties 100,000 (78,432)
Insurance receivable 1,268,463
Inventories 698,361 (2,535,439)
Prepaid expenses and other current assets 38,316 (543,489)
Other non-current assets 36,087 45,786
Accounts payable (2,913,123) 5,102,073
Accrued expenses (521,007) (192,221)
Due to related parties (100,000) 100,499
Customer deposits 203,175
Refunds due to customers (415,387) 268,982
Reserve for sales returns (843,817) (448,477)
Operating lease liabilities, net of operating leases - right of use assets (14,460) (13,667)
Net cash (used in) provided by operating activities (244,026) 24,996
Cash flows from investing activities    
Purchase of property and equipment (45,314) (159,586)
Net cash used in investing activities (45,314) (159,586)
Cash flows from financing activities    
Net proceeds from revolving line of credit - PNC Bank 627,007
Net proceeds from revolving line of credit - Iron Horse Credit 1,400,000
Proceeds from note payable - Payroll Protection Program 444,630
Payment of bank term note (125,000)
Payment of deferred financing costs (73,725)
Payments on installment notes (18,481)
Proceeds from subscription receivable 2,200
Payments on finance leases (3,691) (3,549)
Net cash provided by financing activities 1,748,733 500,658
Net change in cash 1,459,393 366,068
Cash at beginning of period 345,200 211,408
Cash at end of period 1,804,593 577,476
Supplemental disclosures of cash flow information:    
Cash paid for interest 12,971 1,701
Operating leases - right of use assets initial adoption 1,108,330
Operating lease liabilities - initial adoption 1,234,368
Operating leases - right of use assets and lease liabilities at inception of lease $ 2,184,105
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.4
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, 2019 $ 384,648 $ 19,687,263 $ (2,200) $ (11,569,556) $ 8,500,155
Balance, shares at Mar. 31, 2019 38,464,753        
Net loss (869,581) (869,581)
Employee compensation-stock option 5,002 5,002
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 Jun. 30, 2019 $ 384,977 19,704,436 (12,439,137) 7,650,276
Balance, shares at Jun. 30, 2019 38,497,643        
Balance at Mar. 31, 2020 $ 385,576 19,729,043 (14,426,556) 5,688,063
Balance, shares at Mar. 31, 2020 38,557,643        
Net loss (206,804) (206,804)
Balance at Jun. 30, 2020 $ 385,576 $ 19,729,043 $ (14,633,360) $ 5,481,259
Balance, shares at Jun. 30, 2020 38,557,643        
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Basis of Presentation
 3 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

NOTE 1 – BASIS OF PRESENTATION

 

OVERVIEW

 

The Singing Machine Company, Inc., a Delaware corporation (the “Company”, “SMC”, “The Singing Machine”) and its three wholly-owned subsidiaries SMC (Comercial Offshore De Macau) Limitada (“Macau Subsidiary”), SMC Logistics, Inc. (“SMC-L”) and SMC-Music, Inc.(“SMC- M”) are primarily engaged in the development, marketing, and sale of consumer karaoke audio systems, accessories, musical instruments and musical recordings. The products are sold by SMC to retailers and distributors for resale to consumers.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Restatement of Previously Issued Consolidated Financial Statements
 3 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Consolidated Financial Statements

NOTE 2 – RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

 

The Company has determined that in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, the Company incorrectly accounted for the cost of its co-op promotion allowances (previously referred to as “cooperative advertising”) with its customers as selling expenses instead of a reduction in net sales for each of the three months ended June 30, 2020 and 2019, as these co-op promotion allowances are not a distinct good or service and the Company cannot reasonably estimate the fair value of the benefit it receives from these arrangements.

 

The effects of this accounting error do not impact the condensed consolidated balance sheets, statements of cash flows and statements of shareholders’ equity. The effects are confined to the condensed consolidated statements of operations, and these notes to condensed consolidated financial statements. The tables below set forth the condensed consolidated statements of operations, including the balances as originally reported, adjustments and the as restated balances for each of the periods affected:

 

    Originally Reported For the
Three Months Ended June 30, 2020		     Adjustment     As Restated For the
Three Months Ended June, 30, 2020		  
                   
Net Sales   $ 3,323,543     $ (271,560 )   $ 3,051,983  
                         
Cost of Goods Sold     2,089,531       -       2,089,531  
                         
Gross Profit     1,234,012       (271,560 )     962,452  
                         
Operating Expenses                        
Selling expenses     570,553       (271,560 )     298,993  
General and administrative expenses     1,363,290       -       1,363,290  
Depreciation     71,107       -       71,107  
Total Operating Expenses     2,004,950       (271,560 )     1,733,390  
                         
Loss from Operations     (770,938 )     -       (770,938 )
                         
Other Income (Expenses)                        
Gain from damaged goods insurance claim     131,292       -       131,292  
Gain from extinguishment of accounts payable     390,000       -       390,000  
Interest Expense     (29,590 )     -       (29,590 )
Finance Costs     (6,405 )     -       (6,405 )
Total Other Income (Expenses), net     485,297       -       485,297  
                         
Loss Before Income Tax Benefit     (285,641 )     -       (285,641 )
                         
Income Tax Benefit     78,837       -       78,837  
                         
Net Loss   $ (206,804 )   $ -     $ (206,804 )

 

    Originally Reported For the
Three Months Ended June 30, 2019		     Adjustment     As Restated For the
Three Months Ended June, 30, 2019		  
                   
Net Sales   $ 4,809,040     $ (168,802 )   $ 4,640,238  
                         
Cost of Goods Sold     3,821,334       -       3,821,334  
                         
Gross Profit     987,706       (168,802 )     818,904  
                         
Operating Expenses                        
Selling expenses     659,293       (168,802 )     490,491  
General and administrative expenses     1,371,056       -       1,371,056  
Depreciation     59,461       -       59,461  
Total Operating Expenses     2,089,810       (168,802 )     1,921,008  
                         
Loss from Operations     (1,102,104 )     -       (1,102,104 )
                         
Other Expenses                        
Interest Expense     (2,875 )     -       (2,875 )
Finance Costs     (3,333 )     -       (3,333 )
Total Other Expenses     (6,208 )     -       (6,208 )
                         
Loss Before Income Tax Benefit     (1,108,312 )     -       (1,108,312 )
                         
Income Tax Benefit     238,731       -       238,731  
                         
Net Loss   $ (869,581 )   $ -     $ (869,581 )
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.4
Liquidity
 3 Months Ended
Jun. 30, 2020
Liquidity  
Liquidity

NOTE 3 – LIQUIDITY

 

The Company reported a net loss of approximately $207,000 for the three months ended June 30, 2020 as compared to a net loss of approximately $870,000 for the three months ended June 30, 2019. In August 2019, a major customer received goods that were significantly water damaged due to excess moisture absorbed in pallets shipped by the factory. As a result we incurred a loss in cash flow of approximately $1,559,000 in revenue and approximately $849,000 in additional out of pocket expenses to retrieve, inspect, warehouse and properly destroy the goods during Fiscal 2020. As of this filing we have we have recovered approximately $2,245,000 from our cargo insurance coverage consisting of settlement of approximately $1,268,000 in insurance claim receivable, approximately $131,000 reflected as gain from damaged goods insurance claim in the condensed consolidated statement of operations for the three months ended June 30, 2020 with the remaining gain on recovery of approximately $846,000 subsequently received in July 2020 which will be recognized as a gain from damaged goods insurance claim in the next quarter ending September 30, 2020. We also secured vendor invoice credits of $390,000 from the factory that caused the damage which is reflected as gain from extinguishment of accounts payable in the condensed consolidated statement of operations for the three months ended June 30, 2020. On June 16, 2020, the Company executed an Intercreditor Revolving Credit Facility on eligible accounts receivable and inventory which replaced a revolving credit facility with PNC bank that was terminated on June 16, 2020. The Company signed a two-year Loan and Security Agreement for a $10,000,000 financing facility (“Crestmark Facility”) with Crestmark Bank (“Crestmark”) on eligible accounts receivable. Further, the Company also executed a two-year Loan and Security Agreement (“IHC Facility”) with Iron Horse Credit (“IHC”) for up to $2,500,000 in inventory financing. The Intercreditor Revolving Loan Facility will expire on June 15, 2022. The Company has adequate cash on hand and cash available on its Intercreditor Revolving Credit Facility (approximately $2,600,000 as of the date of this filing) to meet all obligations during this off-peak season. On May 5, 2020, the Company received loan proceeds from Crestmark in the amount of approximately $444,000 under the Paycheck Protection Program (“PPP”). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest may be forgivable to the extent the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. Management is confident that the availability of cash from our Intercreditor Revolving Credit Facility, proceeds from the insurance claim settlement, proceeds from the PPP loan and our projections to reduce excess inventory during the next year will be adequate to meet the Company’s liquidity requirements for at least the next twelve months.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Accounting Policies
 3 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Summary of Accounting Policies

NOTE 4 – 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 condensed financial statements for the three months ended June 30, 2020 and 2019 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, 2020 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K/A for the year ended March 31, 2020. 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.

 

COLLECTABILITY OF ACCOUNTS RECEIVABLE

 

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

 

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

 

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 June 30, 2020 and March 31, 2020 are approximately $70,000 and $217,000, 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 June 30, 2020 and March 31, 2020 the estimated amounts for these future inventory returns were approximately $784,000 and $1,367,000, 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 June 30, 2020 and March 31, 2020 the Company had inventory reserves of approximately $467,000 and approximately $434,000, respectively for estimated excess and obsolete inventory.

 

DEFERRED FINANCING COSTS

 

The Company classifies deferred financing costs incurred when obtaining or renewing revolving credit facilities as assets in the accompanying condensed consolidated balance sheets as it is likely that during certain periods during non-peak season there will be no balance due on these credit facilities to offset the deferred financing costs. In June 2020, the Company incurred approximately $74,000 in deferred financing costs associated with the closing of the Crestmark Facility and the IHC Facility which are being amortized over the term of the agreement and were classified as current assets on the accompanying condensed consolidated balance sheets.

 

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.”

 

LEASES

 

The Company follows FASB ASC 842, “Leases”. The ASC requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The 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 are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. (See Note 8– 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.

  

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), 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 lines of credit approximate fair value due the relatively short period to maturity and related interest accrued at market rates. The carrying amount on the PPP note payable of credit approximate fair value due the relatively short period to maturity as management intends to apply for total forgiveness of the loan in the current fiscal year.

 

REVENUE RECOGNITION AND RESERVE FOR SALES RETURNS

 

The Company recognizes revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers”. All revenue is generated from contracts with customers. The Company recognizes revenue when the goods are delivered and control of the goods sold is transferred to the customer, in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation.

 

The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). 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.

 

The Company selectively participates in a retailer’s co-op promotion initiatives to maximize sales of the Company’s products on the retail floor or to assist in developing consumer awareness of new product launches, by providing marketing fund allowances to our customers. As these co-op promotion initiatives are not a distinct good or service and the Company cannot reasonably estimate the fair value of the benefit it receives from these arrangements, the cost of these allowances at the time they are offered to the customers are recorded as a reduction to net sales. Co-op promotion allowances were approximately $272,000 and $169,000for the three months ended June 30, 2020 and 2019, respectively. 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 as our underlying customer agreements are less than one year.

 

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 – GEOGRAPHICAL INFORMATION).

 

While the Company generally does not allow products to be returned, the Company does provide for variable consideration contingent upon the occurrence of uncertain future events. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company estimates variable consideration under our return allowance programs for goods returned to the customer for various reasons, whereby a sales return reserve is recorded based on historic return amounts, specific events as identified and management estimates.

 

The Company’s reserve for sales returns were approximately $380,000 and $1,224,000 as of June 30, 2020 and March 31, 2020, respectively.

  

Revenue is derived from four different major product lines. Disaggregated approximate revenue from these product lines for the three months ended June 30, 2020 and 2019 consisted of the following:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
Product Line   (as restated)     (as restated)  
Classic Karaoke Machines   $ 1,979,000     $ 4,011,000  
Download Karaoke Machines     362,000       136,000  
SMC Kids Toys     123,000       135,000  
Music and Accessories     588,000       358,000  
                 
Total Net Sales   $ 3,052,000     $ 4,640,000  

 

SHIPPING AND HANDLING COSTS

 

Shipping and handling costs are performed by both the Company and third-party logistics companies. Shipping and handling activities are performed before the customer obtains control of the goods sold to them and are considered activities to fulfill the Company’s promise to transfer the goods. For the three months ended June 30, 2020 and 2019 shipping and handling expenses were approximately $83,000 and $89,000, respectively. These expenses are classified as a component of selling expenses in the accompanying condensed consolidated statements of operations.

 

STOCK BASED COMPENSATION

 

The Company follows the provisions of the FASB ASC 718-20, “Compensation – Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2020 and 2019 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2020 and 2019, the stock option expense was approximately $0 and $5,000, respectively.

 

RESEARCH AND DEVELOPMENT COSTS

 

Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of income. For the three months ended June 30, 2020 and 2019, these amounts totaled approximately $13,000 and $5,000, 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. As of June 30 2020 and March 31, 2020 the Company recognized a valuation reserve of approximately $88,000 for deferred tax assets relating to net operating loss carryforwards that the Company will more than likely not be able to realize prior to their expiration.

 

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 three months ended June 30, 2020 and 2019 we estimated our effective tax rate to be approximately 27.6% and 21.5%, respectively. As of June 30, 2020, and March 31, 2020, the Singing Machine had net deferred tax assets of approximately $1,365,000 and $1,286,000, respectively. The Company recorded an income tax benefit of approximately $79,000 and $239,000 for the three months ended June 30, 2020 and 2019, 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 June 30, 2020, 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 LOSS PER COMMON SHARE

 

Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2020 and 2019 total potential dilutive shares from common stock options amounted to 2,230,000 and 2,310,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2020 and 2019 because their effect was anti-dilutive.

 

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 condensed 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 condensed consolidated financial statements and related disclosures.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.4
Inventories, Net
 3 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]  
Inventories, Net

NOTE 5 - INVENTORIES, NET

 

Inventories are comprised of the following components:

 

    June 30, 2020     March 31, 2020  
             
Finished Goods   $ 5,869,000     $ 6,595,000  
Inventory in Transit     684,000       73,000  
Estimated Cost of Future Returns     784,000       1,367,000  
Subtotal     7,337,000       8,035,000  
Less:Inventory Reserve     467,000       434,000  
                 
Inventories, net   $ 6,870,000     $ 7,601,000  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Property and Equipment
 3 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 6 – PROPERTY AND EQUIPMENT

 

A summary of property and equipment is as follows:

 

    USEFUL LIFE     June 30, 2020     March 31, 2020  
Computer and office equipment     5-7 years     $ 445,000     $ 445,000  
Furniture and fixtures     7 years       98,000       98,000  
Warehouse equipment     7 years       195,000       195,000  
Molds and tooling     3-5 years       1,726,000       1,680,000  
              2,464,000       2,418,000  
Less: Accumulated depreciation             1,718,000       1,647,000  
            $ 746,000     $ 771,000  

 

Depreciation expense for the three months ended June 30, 2020 and 2019 was approximately $71,000 and $59,000, respectively.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Bank Financing
 3 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Bank Financing

NOTE 7 – BANK FINANCING

 

Intercreditor Revolving Credit Facility Crestmark Bank and Iron Horse Credit

 

On June 16, 2020, the Company executed an Intercreditor Revolving Credit Facility on eligible accounts receivable and inventory which replaced the Company’s previous revolving credit facility with PNC Bank which was terminated on June 16, 2020. The Company signed a two-year Loan and Security Agreement for a $10.0 million financing facility with Crestmark Bank on eligible accounts receivable. The outstanding loan balance cannot exceed $10.0 million during peak selling season between July 1 and December 31and is reduced to a maximum of $5.0 million between January 1 and July 31. Costs associated with closing of the Intercreditor Revolving Credit Facility of approximately $74,000 are deferred and are being amortized over the term of the agreement. During the three months ended June 30, 2020 the Company incurred amortization expense of approximately $3,000 associated with the amortization of deferred financing costs from the Intercreditor Revolving Credit Facility.

 

Under the Crestmark Facility:

 

  ● Advance rate shall not exceed 70% of Eligible Accounts Receivable aged less than 90 days from invoice date.
  ● Crestmark shall maintain a base dilution reserve of 1% for each 1% of dilution over 15%.
  ● Crestmark will implement an availability block of 20% of amounts due on Iron Horse Intercreditor Revolving Line of Credit.
  ● Mandatory pay-down of the loan to zero in January and February each year.

 

The Crestmark Facility is secured by a security interest in all assets including a first security interest in Accounts Receivable and Inventory. Notwithstanding the foregoing, Crestmark shall subordinate its first security interest in inventory to IHC as agreed between all parties. The Crestmark Facility bears interest at the Wall Street Journal Prime Rate plus 5.50% with a floor of 8.75%. Interest and Maintenance Fees shall be calculated on the higher of the actual average monthly loan balance from the prior month or a minimum average loan balance of $2,000,000. There was no interest expense on the Crestmark Facility for the three months ended June 30, 2020 and 2019. The Crestmark Facility expires on June 15, 2022. There was no outstanding balance on the Crestmark Facility as of June 30, 2020.

 

In addition, the Company also executed a two-year Loan and Security Agreement with IHC for up to $2,500,000 in inventory financing. Under the IHC Facility:

 

  ● Advance rate shall not exceed the lower of (a) 70% of the inventory cost or (b) 85% of Net Orderly Liquidation Value (NOLV) as determined by an independent third-party appraiser engaged by Iron Horse.
  ● The Company must maintain a fixed charge coverage ratio test of 1:1 times measured on a rolling 12-month 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. This financial covenant has been waived for the first six months of the IHC Facility.

 

The IHC Facility is secured by a perfected security interest in the Company’s inventory. The IHC Facility bears interest at 1.292% per month or 15.51% annually. Interest shall be calculated on the higher of the actual average monthly loan balance from the prior month or a minimum average loan balance of $1,000,000. Interest expense for the three months ended June 30, 2020 and 2019 was approximately $8,000 and $0, respectively. The IHC Facility expires on June 15, 2022. As of June 30, 2020 and March 31, 2020 there was an outstanding balance of $1,400,000 and $0, respectively.

 

Revolving Credit Facility PNC Bank

 

On June 22, 2017, the Company renewed the existing revolving credit facility (the “PNC Revolving Credit Facility”) with PNC Bank, National Association (“PNC”) for an additional three years which was terminated on June 16, 2020 and replaced by the Intercreditor Revolving Credit Facility with Crestmark and IHC. In September 2019 the Company defaulted on the PNC Revolving Credit Facility due to non-compliance with the fixed charge coverage ratio requirement. In November 2019, the Company entered into a Forbearance Agreement with PNC whereby PNC delayed taking action it would have been be entitled to under a default through March 31, 2020. The Company remained in default of the Forbearance Agreement up until termination of the Revolving Credit Facility on June 16, 2020 at which time the Company entered into the Intercreditor Revolving Credit Facility with Crestmark and IHC. At June 30, 2020 and March 31, 2020 there were no amounts due on the PNC Revolving Credit Facility. During the three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $0 and $1,000, respectively, on amounts borrowed against the PNC Revolving Credit Facility.

 

Note Payable Payroll Protection Plan

 

On May 5, 2020, the Company received loan proceeds from Crestmark in the amount of approximately $444,000 under the Paycheck Protection Program (“PPP”). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest may be forgivable to the extent the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness may be reduced if the borrower terminates employees or reduces salaries during the eligible period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments until a forgiveness application has been accepted and reviewed by the SBA, and the SBA has provided Crestmark with the loan forgiveness amount. For the three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $1,000 and $0, respectively. The Company currently expects to apply for forgiveness of the entire loan balance.

 

Installment Notes Payable

 

On June 18, 2019, the Company entered into a financing arrangement with Dimension Funding, LLC (“Dimension”) to finance the entire ERP System project over a term of 60 months at a cost of approximately $365,000. As of June 30, 2020 the Company executed three installment notes totaling approximately $365,000 for payments issued to the project vendor. The installment notes have 60 month terms with interest rates of 7.58%, 8.55% and 9.25%, respectively. The installment notes are payable in monthly installments of $7,459 which include principal and interest. As of June 30, 2020 and March 31, 2020 there was an outstanding balance on the installment notes of approximately $328,000 and $346,000, respectively. For three months ended June 30, 2020 and 2019 the Company incurred interest expense of approximately $7,000 and $0 respectively.

 

Subordinated Debt/Note Payable to Related Party

 

In conjunction with the PNC Revolving Credit Facility there was a subordination agreement on related party debt due to Starlight Marketing Development, Ltd. of approximately $803,000. On June 1, 2020 the remaining amount due on the subordinated debt of approximately $803,000 was converted to a note payable (“subordinated note payable”) which bears interest at 6%. As part of the agreement to convert the subordinated debt to a note payable it was agreed that interest expense would be accrued at the same 6% interest rate on the unpaid principal retroactively from the date that previously scheduled payments had been missed. During the three months ended June 30, 2020 and 2019 interest expense was approximately $12,000 and $2,000, respectively on the subordinated note payable and the related party subordinated debt, respectively.

 

In connection with the Intercreditor Revolving Credit Facility the Company was required to subordinate the subordinated note payable. Both Crestmark and IHC facility agreements allow for the repayment of the subordinated note payable provided any amounts borrowed against these credit facilities are paid in full, the Company maintains a 1 : 1 debt coverage ratio and exhibits sufficient cash liquidity to support on-going operations. There is no set schedule with regards to repayment of the note and as such the subordinated note payable has been classified as a non- current liability as of June 30, 2020 and March 31, 2020 on the condensed consolidated balance sheets. As of June 30, 2020 and March 31, 2020 the remaining amount due on the subordinated debt was approximately $803,000.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies
 3 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 8 - COMMITMENTS AND CONTINGENCIES

 

LEGAL MATTERS

 

As of August 19, 2020 management is not aware of any legal proceedings other than matters that arise in the ordinary course of business.

  

LEASES

 

Operating Leases

 

We have operating lease agreements for offices and a warehouse facility in Florida, California and Macau 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. On June 15, 2020 we executed a three-year lease extension which will expire on August 31, 2023. The renewal base rent payment will be $65,300 with a 3% increase every 12 months for the remaining term of the extension.

 

We entered into an operating lease agreement, effective May 1, 2018, for 424 square feet of office space in Macau. 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. As of June 30, 2020 and March 31, 2020 the remaining amounts due on these capital leasing arrangements was approximately $14,000 and $18,000, respectively. For the three months ended June 30, 2020 and 2019 the Company incurred interest expense of $154 and $274, respectively.

 

Supplemental balance sheet information related to leases as of June 30, 2020 is as follows:

 

Assets      
Operating lease - Right-of-use assets   $ 2,618,513  
Finance leases as a component of Property and equipment, net of accumulated depreciation of $13,472     30,054  
         
Liabilities        
Current        
Current portion of operating leases   $ 758,910  
Current portion of finance leases     13,812  
Noncurrent        
Operating lease liabilities, net of current portion   $ 1,914,921  

 

Supplemental statement of income information related to leases for the three months ended June 30, 2020 is as follows:

 

Operating lease expense as a component of general and administrative expenses   $ 148,724  
Finance lease cost        
Depreciation of leased assets as a component of Depreciation   $ 1,555  
Interest on lease liabilities as a component of Interest Expense     154  

 

Supplemental cash flow information related to leases for the three months ended June 30, 2020 is as follows:

 

Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flow paid for operating leases   $ 163,187  
Financing cash flow paid for finance leases     3,691  

 

Lease term and Discount Rate

 

Weighted average remaining lease term (months)      
Operating leases     36.1  
Finance leases     11.0  
         
Weighted average discount rate        
Operating leases     6.66 %
Finance leases     3.68 %

 

Scheduled maturities of operating and finance lease liabilities outstanding as of June 30, 2020 are as follows:

 

Year   Operating Leases     Finance Leases  
             
2020, for the remaining 6 months   $ 413,620     $ 7,673  
2021     911,204       6,394  
2022     931,949       -  
2023     674,488       -  
2024     30,739       -  
Total Minimum Future Payments     2,962,000       14,067  
                 
Less: Imputed Interest     288,169       255  
                 
Present Value of Lease Liabilities   $ 2,673,831     $ 13,812  
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Options
 3 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock Options

NOTE 9 - STOCK OPTIONS

 

During the three months ended June 30, 2020 and 2019 the Company issued 0 and 100,000 stock options, respectively at an exercise price of $0 and $.38, respectively; 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.

 

A summary of stock option activity for the three months ended June 30, 2020 is summarized below:

 

    June 30, 2020  
    Number of Options     Weighted Average Exercise Price  
Stock Options:                
Balance at beginning of period     2,230,000     $ 0.26  
Granted     -       -  
Exercised     -       -  
Forfeited     -       -  
Balance at end of period     2,230,000     $ 0.26  
                 
Options exercisable at end of period     2,230,000     $ 0.26  

 

The following table summarizes information about employee stock options outstanding at June 30, 2020

 

Range of Exercise Price     Number Outstanding at June 30, 2020     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price     Number Exercisable at June 30, 2020     Weighted Average Exercise Price  
$ .04 - $.38       1,650,000       4.1       0.17       1,650,000       0.17  
$ .47 - $.55       580,000       7.6       0.50       580,000       0.50  
  *       2,230,000                       2,230,000          

 

* Total number of options outstanding as of June 30, 2020 includes 1,080,000 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.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.4
Geographical Information
 3 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Geographical Information

NOTE 10 - GEOGRAPHICAL INFORMATION

 

Sales to customers outside of the United States for the three months ended June 30, 2020 and 2019 were primarily made by the Macau Subsidiary in US dollars. Sales by geographic region for the periods presented are as follows:

 

    THREE MONTHS ENDED  
    June 30, 2020     June 30, 2019  
    (as restated)     (as restated)  
North America   $ 2,816,000     $ 4,445,000  
Europe     183,000       99,000  
Australia     53,000       96,000  
                 
Total Net Sales   $ 3,052,000     $ 4,640,000  

 

The geographic area of sales was based on the location where the product is delivered.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Related Party Transactions
 3 Months Ended
Jun. 30, 2020
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 June 30, 2020 and March 31, 2020, the Company had amounts due to related parties in the amounts of approximately $402,000 and $502,000, respectively for services provided by these companies and licensing fees for use of pedestal model molds and tools owned by the parent company. On June 30, 2020 and March 31, 2020, the Company had $0 and $100,000 due from a related party for goods sold to this company.

 

TRADE

 

During the three months ended June 30, 2020 and June 30, 2019 the Company sold approximately $0 and $74,000 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 June 30, 2020 and 2019 was 0% and 21.7%, 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 at that time. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.

 

During the three months ended June 30, 2020 and 2019 the Company sold approximately $0 and $71,000, 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.

 

On July 30, 2020, the Company and Cosmo reached agreement that Cosmo would no longer be the Company’s Canadian distributor and the Company became the sole and exclusive distributor of the Company’s products in Canada. As part of the agreement, the companies executed a Purchase and Sales agreement whereby the Company acquired all of Cosmo’s karaoke inventory for approximately $685,000.

 

The Company incurred service expenses from Starlight Electronics Co, Ltd, (“SLE”) a related party. The services from SLE for the three month ended June 30, 2020 and 2019 were approximately $91,000 and $101,000, 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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Reserve for Sales Returns
 3 Months Ended
Jun. 30, 2020
First Priority Lien Percentage  
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:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
Reserve for sales returns at beginning of the year   $ 1,224,000     $ 896,154  
Provision for estimated sales returns     284,362       415,234  
Sales returns received     (1,128,179 )     (863,711 )
                 
Reserve for sales returns at end of the period   $ 380,183     $ 447,677  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.4
Refunds Due to Customers
 3 Months Ended
Jun. 30, 2020
Refunds Due To Customers Abstract  
Refunds Due to Customers

NOTE 13 – REFUNDS DUE TO CUSTOMERS

 

As of June 30, 2020 and March 31, 2020 the amount of refunds due to customers was approximately $391,000 and $807,000, respectively. Refunds due to customers at June 30, 2020 were primarily due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,381,000 that the customer had deducted on payment remittances to the Company as of June 30, 2020. The remaining $81,000 was primarily due to amounts due to another major customer for overstock returns. Refunds due to customers at March 31, 2020 were primarily due to one major customer which reflects approximately $1,691,000 of chargebacks less approximately $1,181,000 that the customer had deducted on payment remittances to the Company as of March 31, 2020. The remaining $297,000 was primarily due to amounts due to two major customers for overstock returns. (See Note 3 – LIQUIDITY).
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2020
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 June 30, 2020 and 2019 totaled approximately $14,000. 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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Concentrations of Credit and Sales Risk
 3 Months Ended
Jun. 30, 2020
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 June 30, 2020, 74% of accounts receivable were due from three customers in North America that individually owed over 10% of total accounts receivable. At March 31, 2020, 82% of accounts receivable were due from four 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 June 30, 2020, 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 43%, 18% and 11%, respectively. For the three months ended June 30, 2019, there were two customers who individually accounted for 10% or more of the company’s net sales. Revenue derived from these customers as a percentage of net product sales were 85% and 13%, respectively.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Accounting Policies (Policies)
 3 Months Ended
Jun. 30, 2020
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 condensed financial statements for the three months ended June 30, 2020 and 2019 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, 2020 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K/A for the year ended March 31, 2020. 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.
Collectability of Accounts Receivable

COLLECTABILITY OF ACCOUNTS RECEIVABLE

 

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

 

The Company is subject to chargebacks from customers for cooperative promotional programs, defective returns, return freight and handling charges that are deducted from open invoices and reduce collectability of open invoices.
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 June 30, 2020 and March 31, 2020 are approximately $70,000 and $217,000, 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 June 30, 2020 and March 31, 2020 the estimated amounts for these future inventory returns were approximately $784,000 and $1,367,000, 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 June 30, 2020 and March 31, 2020 the Company had inventory reserves of approximately $467,000 and approximately $434,000, respectively for estimated excess and obsolete inventory.
Deferred Financing Costs

DEFERRED FINANCING COSTS

 

The Company classifies deferred financing costs incurred when obtaining or renewing revolving credit facilities as assets in the accompanying condensed consolidated balance sheets as it is likely that during certain periods during non-peak season there will be no balance due on these credit facilities to offset the deferred financing costs. In June 2020, the Company incurred approximately $74,000 in deferred financing costs associated with the closing of the Crestmark Facility and the IHC Facility which are being amortized over the term of the agreement and were classified as current assets on the accompanying condensed consolidated balance sheets.
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.”
Leases

LEASES

 

The Company follows FASB ASC 842, “Leases”. The ASC requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The 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 are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. (See Note 8– 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.
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), 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 lines of credit approximate fair value due the relatively short period to maturity and related interest accrued at market rates. The carrying amount on the PPP note payable of credit approximate fair value due the relatively short period to maturity as management intends to apply for total forgiveness of the loan in the current fiscal year.
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”. All revenue is generated from contracts with customers. The Company recognizes revenue when the goods are delivered and control of the goods sold is transferred to the customer, in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation.

 

The Company’s contracts with customers consist of one performance obligation (the sale of the Company’s products). 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.

 

The Company selectively participates in a retailer’s co-op promotion initiatives to maximize sales of the Company’s products on the retail floor or to assist in developing consumer awareness of new product launches, by providing marketing fund allowances to our customers. As these co-op promotion initiatives are not a distinct good or service and the Company cannot reasonably estimate the fair value of the benefit it receives from these arrangements, the cost of these allowances at the time they are offered to the customers are recorded as a reduction to net sales. Co-op promotion allowances were approximately $272,000 and $169,000for the three months ended June 30, 2020 and 2019, respectively. 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 as our underlying customer agreements are less than one year.

 

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 – GEOGRAPHICAL INFORMATION).

 

While the Company generally does not allow products to be returned, the Company does provide for variable consideration contingent upon the occurrence of uncertain future events. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company estimates variable consideration under our return allowance programs for goods returned to the customer for various reasons, whereby a sales return reserve is recorded based on historic return amounts, specific events as identified and management estimates.

 

The Company’s reserve for sales returns were approximately $380,000 and $1,224,000 as of June 30, 2020 and March 31, 2020, respectively.

  

Revenue is derived from four different major product lines. Disaggregated approximate revenue from these product lines for the three months ended June 30, 2020 and 2019 consisted of the following:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
Product Line   (as restated)     (as restated)  
Classic Karaoke Machines   $ 1,979,000     $ 4,011,000  
Download Karaoke Machines     362,000       136,000  
SMC Kids Toys     123,000       135,000  
Music and Accessories     588,000       358,000  
                 
Total Net Sales   $ 3,052,000     $ 4,640,000  
Shipping and Handling Costs

SHIPPING AND HANDLING COSTS

 

Shipping and handling costs are performed by both the Company and third-party logistics companies. Shipping and handling activities are performed before the customer obtains control of the goods sold to them and are considered activities to fulfill the Company’s promise to transfer the goods. For the three months ended June 30, 2020 and 2019 shipping and handling expenses were approximately $83,000 and $89,000, respectively. These expenses are classified as a component of selling expenses in the accompanying condensed consolidated statements of operations.
Stock Based Compensation

STOCK BASED COMPENSATION

 

The Company follows the provisions of the FASB ASC 718-20, “Compensation – Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the condensed consolidated statements of operations over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense for the three months ended June 30, 2020 and 2019 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the three months ended June 30, 2020 and 2019, the stock option expense was approximately $0 and $5,000, respectively.
Research and Development Costs

RESEARCH AND DEVELOPMENT COSTS

 

Research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the condensed consolidated statements of income. For the three months ended June 30, 2020 and 2019, these amounts totaled approximately $13,000 and $5,000, 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. As of June 30 2020 and March 31, 2020 the Company recognized a valuation reserve of approximately $88,000 for deferred tax assets relating to net operating loss carryforwards that the Company will more than likely not be able to realize prior to their expiration.

 

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 three months ended June 30, 2020 and 2019 we estimated our effective tax rate to be approximately 27.6% and 21.5%, respectively. As of June 30, 2020, and March 31, 2020, the Singing Machine had net deferred tax assets of approximately $1,365,000 and $1,286,000, respectively. The Company recorded an income tax benefit of approximately $79,000 and $239,000 for the three months ended June 30, 2020 and 2019, 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 June 30, 2020, 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 Loss per Common Share

COMPUTATION OF LOSS PER COMMON SHARE

 

Loss per common share is computed by dividing the net loss by the weighted average of common shares outstanding during the period. As of June 30, 2020 and 2019 total potential dilutive shares from common stock options amounted to 2,230,000 and 2,310,000 shares, respectively. These shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2020 and 2019 because their effect was anti-dilutive.
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 condensed 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 condensed consolidated financial statements and related disclosures.
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Restatement of Previously Issued Consolidated Financial Statements (Tables)
 3 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
Summary of Restatement of Consolidated Financial Statements

The tables below set forth the condensed consolidated statements of operations, including the balances as originally reported, adjustments and the as restated balances for each of the periods affected:

 

    Originally Reported For the
Three Months Ended June 30, 2020		     Adjustment     As Restated For the
Three Months Ended June, 30, 2020		  
                   
Net Sales   $ 3,323,543     $ (271,560 )   $ 3,051,983  
                         
Cost of Goods Sold     2,089,531       -       2,089,531  
                         
Gross Profit     1,234,012       (271,560 )     962,452  
                         
Operating Expenses                        
Selling expenses     570,553       (271,560 )     298,993  
General and administrative expenses     1,363,290       -       1,363,290  
Depreciation     71,107       -       71,107  
Total Operating Expenses     2,004,950       (271,560 )     1,733,390  
                         
Loss from Operations     (770,938 )     -       (770,938 )
                         
Other Income (Expenses)                        
Gain from damaged goods insurance claim     131,292       -       131,292  
Gain from extinguishment of accounts payable     390,000       -       390,000  
Interest Expense     (29,590 )     -       (29,590 )
Finance Costs     (6,405 )     -       (6,405 )
Total Other Income (Expenses), net     485,297       -       485,297  
                         
Loss Before Income Tax Benefit     (285,641 )     -       (285,641 )
                         
Income Tax Benefit     78,837       -       78,837  
                         
Net Loss   $ (206,804 )   $ -     $ (206,804 )

 

    Originally Reported For the
Three Months Ended June 30, 2019		     Adjustment     As Restated For the
Three Months Ended June, 30, 2019		  
                   
Net Sales   $ 4,809,040     $ (168,802 )   $ 4,640,238  
                         
Cost of Goods Sold     3,821,334       -       3,821,334  
                         
Gross Profit     987,706       (168,802 )     818,904  
                         
Operating Expenses                        
Selling expenses     659,293       (168,802 )     490,491  
General and administrative expenses     1,371,056       -       1,371,056  
Depreciation     59,461       -       59,461  
Total Operating Expenses     2,089,810       (168,802 )     1,921,008  
                         
Loss from Operations     (1,102,104 )     -       (1,102,104 )
                         
Other Expenses                        
Interest Expense     (2,875 )     -       (2,875 )
Finance Costs     (3,333 )     -       (3,333 )
Total Other Expenses     (6,208 )     -       (6,208 )
                         
Loss Before Income Tax Benefit     (1,108,312 )     -       (1,108,312 )
                         
Income Tax Benefit     238,731       -       238,731  
                         
Net Loss   $ (869,581 )   $ -     $ (869,581 )
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Accounting Policies (Tables)
 3 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

Disaggregated approximate revenue from these product lines for the three months ended June 30, 2020 and 2019 consisted of the following:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
Product Line   (as restated)     (as restated)  
Classic Karaoke Machines   $ 1,979,000     $ 4,011,000  
Download Karaoke Machines     362,000       136,000  
SMC Kids Toys     123,000       135,000  
Music and Accessories     588,000       358,000  
                 
Total Net Sales   $ 3,052,000     $ 4,640,000  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Inventories, Net (Tables)
 3 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventories are comprised of the following components:

 

    June 30, 2020     March 31, 2020  
             
Finished Goods   $ 5,869,000     $ 6,595,000  
Inventory in Transit     684,000       73,000  
Estimated Cost of Future Returns     784,000       1,367,000  
Subtotal     7,337,000       8,035,000  
Less:Inventory Reserve     467,000       434,000  
                 
Inventories, net   $ 6,870,000     $ 7,601,000  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Property and Equipment (Tables)
 3 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment

A summary of property and equipment is as follows:

 

    USEFUL LIFE     June 30, 2020     March 31, 2020  
Computer and office equipment     5-7 years     $ 445,000     $ 445,000  
Furniture and fixtures     7 years       98,000       98,000  
Warehouse equipment     7 years       195,000       195,000  
Molds and tooling     3-5 years       1,726,000       1,680,000  
              2,464,000       2,418,000  
Less: Accumulated depreciation             1,718,000       1,647,000  
            $ 746,000     $ 771,000  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies (Tables)
 3 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Supplemental Information Related to Leases

Supplemental balance sheet information related to leases as of June 30, 2020 is as follows:

 

Assets      
Operating lease - Right-of-use assets   $ 2,618,513  
Finance leases as a component of Property and equipment, net of accumulated depreciation of $13,472     30,054  
         
Liabilities        
Current        
Current portion of operating leases   $ 758,910  
Current portion of finance leases     13,812  
Noncurrent        
Operating lease liabilities, net of current portion   $ 1,914,921  
Schedule of Lease term and Discount Rate

Supplemental statement of income information related to leases for the three months ended June 30, 2020 is as follows:

 

Operating lease expense as a component of general and administrative expenses   $ 148,724  
Finance lease cost        
Depreciation of leased assets as a component of Depreciation   $ 1,555  
Interest on lease liabilities as a component of Interest Expense     154  

 

Supplemental cash flow information related to leases for the three months ended June 30, 2020 is as follows:

 

Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flow paid for operating leases   $ 163,187  
Financing cash flow paid for finance leases     3,691  

 

Lease term and Discount Rate

 

Weighted average remaining lease term (months)      
Operating leases     36.1  
Finance leases     11.0  
         
Weighted average discount rate        
Operating leases     6.66 %
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 June 30, 2020 are as follows:

 

Year   Operating Leases     Finance Leases  
             
2020, for the remaining 6 months   $ 413,620     $ 7,673  
2021     911,204       6,394  
2022     931,949       -  
2023     674,488       -  
2024     30,739       -  
Total Minimum Future Payments     2,962,000       14,067  
                 
Less: Imputed Interest     288,169       255  
                 
Present Value of Lease Liabilities   $ 2,673,831     $ 13,812  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Options (Tables)
 3 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity for the three months ended June 30, 2020 is summarized below:

 

    June 30, 2020  
    Number of Options     Weighted Average Exercise Price  
Stock Options:                
Balance at beginning of period     2,230,000     $ 0.26  
Granted     -       -  
Exercised     -       -  
Forfeited     -       -  
Balance at end of period     2,230,000     $ 0.26  
                 
Options exercisable at end of period     2,230,000     $ 0.26  
Schedule of Employee Stock Options Outstanding

The following table summarizes information about employee stock options outstanding at June 30, 2020

 

Range of Exercise Price     Number Outstanding at June 30, 2020     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price     Number Exercisable at June 30, 2020     Weighted Average Exercise Price  
$ .04 - $.38       1,650,000       4.1       0.17       1,650,000       0.17  
$ .47 - $.55       580,000       7.6       0.50       580,000       0.50  
  *       2,230,000                       2,230,000          

 

* Total number of options outstanding as of June 30, 2020 includes 1,080,000 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.
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.4
Geographical Information (Tables)
 3 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Schedule of Revenue by Geographical Region

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

 

    THREE MONTHS ENDED  
    June 30, 2020     June 30, 2019  
    (as restated)     (as restated)  
North America   $ 2,816,000     $ 4,445,000  
Europe     183,000       99,000  
Australia     53,000       96,000  
                 
Total Net Sales   $ 3,052,000     $ 4,640,000  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Reserve for Sales Returns (Tables)
 3 Months Ended
Jun. 30, 2020
First Priority Lien Percentage  
Schedule of Reserve for Sales Returns

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

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
Reserve for sales returns at beginning of the year   $ 1,224,000     $ 896,154  
Provision for estimated sales returns     284,362       415,234  
Sales returns received     (1,128,179 )     (863,711 )
                 
Reserve for sales returns at end of the period   $ 380,183     $ 447,677  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Restatement of Previously Issued Consolidated Financial Statements - Summary of Restatement of Consolidated Financial Statements (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Net Sales $ 3,051,983 $ 4,640,238 $ 1,559,000
Cost of Goods Sold 2,089,531 3,821,334  
Gross Profit 962,452 818,904  
Selling expenses 298,993 490,491  
General and administrative expenses 1,363,290 1,371,056  
Depreciation 71,107 59,461  
Total Operating Expenses 1,733,390 1,921,008  
Loss from Operations (770,938) (1,102,104)  
Gain from damaged goods insurance claim 131,292  
Gain from extinguishment of accounts payable 390,000  
Interest Expense (29,590) (2,875)  
Finance Costs (6,405) (3,333)  
Total Other Income (Expenses), net 485,297 (6,208)  
Loss Before Income Tax Benefit (285,641) (1,108,312)  
Income Tax Benefit 78,837 238,731  
Net Loss (206,804) (869,581)  
Originally Reported [Member]      
Net Sales 3,323,543 4,809,040  
Cost of Goods Sold 2,089,531 3,821,334  
Gross Profit 1,234,012 987,706  
Selling expenses 570,553 659,293  
General and administrative expenses 1,363,290 1,371,056  
Depreciation 71,107 59,461  
Total Operating Expenses 2,004,950 2,089,810  
Loss from Operations (770,938) (1,102,104)  
Gain from damaged goods insurance claim 131,292    
Gain from extinguishment of accounts payable 390,000    
Interest Expense (29,590) (2,875)  
Finance Costs (6,405) (3,333)  
Total Other Income (Expenses), net 485,297 (6,208)  
Loss Before Income Tax Benefit (285,641) (1,108,312)  
Income Tax Benefit 78,837 238,731  
Net Loss (206,804) (869,581)  
Adjustment [Member]      
Net Sales (271,560) (168,802)  
Cost of Goods Sold  
Gross Profit (271,560) (168,802)  
Selling expenses (271,560) (168,802)  
General and administrative expenses  
Depreciation  
Total Operating Expenses (271,560) (168,802)  
Loss from Operations  
Gain from damaged goods insurance claim    
Gain from extinguishment of accounts payable    
Interest Expense  
Finance Costs  
Total Other Income (Expenses), net  
Loss Before Income Tax Benefit  
Income Tax Benefit  
Net Loss  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Liquidity (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 19, 2020
May 05, 2020
Jul. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Net income loss       $ (206,804) $ (869,581)  
Revenue       3,051,983 4,640,238 $ 1,559,000
Pocket expenses           849,000
Insurance claim receivable         $ 1,268,463
Gain from damaged goods insurance claim       131,292  
Secured vendor invoice credits, value       390,000    
Two-Year Loan and Security Agreement [Member]            
Line of credit facility       10,000,000    
Inventory financing       $ 2,500,000    
Revolving credit facility expiration date       Jun. 15, 2022    
Intecreditor revolving credit facility       $ 2,600,000    
Paycheck Protection Program [Member]            
Proceeds from loan   $ 444,000        
Subsequent Event [Member]            
Recovered from insurance coverage settlement $ 2,245,000          
Insurance claim receivable $ 1,268,000          
Remaining gain on recovery of claim     $ 846,000      
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Accounting Policies [Line Items]      
Percentage of reserves for customers 100.00%    
Foreign financial institutions actual deposits $ 70,000   $ 217,000
Future inventory returns 784,000   1,367,000
Inventory reserves 467,000   434,000
Co-op promotion allowances 272,000 $ 169,000  
Reserve for sales returns 391,088   806,475
Shipping and handling expenses 83,000 89,000  
Stock option expense 0 5,000  
Research and development costs 13,000 $ 5,000  
Valuation allowance of deferred tax assets $ 88,000   88,000
Estimated effective tax rate, percentage 27.60% 21.50%  
Net deferred tax assets $ 1,365,000   $ 1,286,000
Income tax provision $ (78,837) $ (238,731)  
Percentage of tax benefits recognized likelihood of being realized Greater than 50%    
Potentially dilutive securities 2,230,000 2,310,000  
Crestmark Facility and IHC Facility [Member]      
Accounting Policies [Line Items]      
Deferred financing costs $ 74,000    
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Total Net Sales $ 3,051,983 $ 4,640,238 $ 1,559,000
Classic Karaoke Machines [Member]      
Total Net Sales 1,979,000 4,011,000  
Download Karaoke Machines [Member]      
Total Net Sales 362,000 136,000  
SMC Kids Toys [Member]      
Total Net Sales 123,000 135,000  
Music and Accessories [Member]      
Total Net Sales $ 588,000 $ 358,000  
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.20.4
Inventories, Net - Schedule of Inventory (Details) - USD ($)
Jun. 30, 2020
Mar. 31, 2020
Inventory Disclosure [Abstract]    
Finished Goods $ 5,869,000 $ 6,595,000
Inventory in Transit 684,000 73,000
Estimated Cost of Future Returns 784,000 1,367,000
Subtotal 7,337,000 8,035,000
Less: Inventory Reserve 467,000 434,000
Inventories, net $ 6,870,220 $ 7,601,277
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Property and Equipment (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 71,107 $ 59,461
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.20.4
Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,464,000 $ 2,418,000
Less: Accumulated depreciation 1,718,000 1,647,000
Property and equipment, net 745,556 771,349
Computer and Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 445,000 $ 445,000
Computer and Office Equipment [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 5 years 5 years
Computer and Office Equipment [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 7 years 7 years
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 7 years 7 years
Property and equipment, gross $ 98,000 $ 98,000
Warehouse Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 7 years 7 years
Property and equipment, gross $ 195,000 $ 195,000
Molds and Tooling [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,726,000 $ 1,680,000
Molds and Tooling [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 3 years 3 years
Molds and Tooling [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Average useful life (in years) 5 years 5 years
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Bank Financing (Details Narrative) - USD ($)
 3 Months Ended
Jun. 16, 2020
May 05, 2020
Jun. 18, 2019
Jun. 30, 2020
Jun. 30, 2019
Jun. 01, 2020
Mar. 31, 2020
Line of Credit Facility [Line Items]              
Amortization of deferred financing costs       $ 6,405 $ 3,333    
Interest expenses       29,590 2,875    
Intercreditor Revolving Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Amortization of deferred financing costs       3,000      
Two-Year Loan and Security Agreement [Member]              
Line of Credit Facility [Line Items]              
Inventory financing       2,500,000      
Paycheck Protection Program [Member]              
Line of Credit Facility [Line Items]              
Interest expenses       1,000 0    
Proceeds from loan   $ 444,000          
Financing Agreement [Member] | Dimension Funding, LLC [Member]              
Line of Credit Facility [Line Items]              
Interest expenses       7,000 0    
Debt instrument, term     60 months        
Notes payable     $ 365,000 328,000     $ 346,000
Financing Agreement [Member] | Dimension Funding, LLC [Member] | Installment Note One [Member]              
Line of Credit Facility [Line Items]              
Debt instrument, interest rate     7.58%        
Financing Agreement [Member] | Dimension Funding, LLC [Member] | Installment Note Two [Member]              
Line of Credit Facility [Line Items]              
Debt instrument, interest rate     8.55%        
Financing Agreement [Member] | Dimension Funding, LLC [Member] | Installment Note Three [Member]              
Line of Credit Facility [Line Items]              
Debt instrument, interest rate     9.25%        
Financing Agreement [Member] | Monthly Payments of Notes Payable with Principal and Interest [Member] | Dimension Funding, LLC [Member]              
Line of Credit Facility [Line Items]              
Repayments of notes payable     $ 7,459        
Subordination Agreement [Member] | StarLight Marketing Development, Ltd [Member]              
Line of Credit Facility [Line Items]              
Notes payable       803,000     803,000
Interest expense, related party       12,000 2,000    
Subordination Agreement [Member] | StarLight Marketing Development, Ltd [Member] | Subordinated Notes Payable [Member]              
Line of Credit Facility [Line Items]              
Debt instrument, interest rate           6.00%  
Revolving Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, maximum amount outstanding during period $ 10,000,000            
Line of credit facility, description Advance rate shall not exceed 70% of Eligible Accounts Receivable aged less than 90 days from invoice date. Crestmark shall maintain a base dilution reserve of 1% for each 1% of dilution over 15%. Crestmark will implement an availability block of 20% of amounts due on Iron Horse Intercreditor Revolving Line of Credit. Mandatory pay-down of the loan to zero in January and February each year.            
Revolving Credit Facility [Member] | Amortized Over One Year [Member]              
Line of Credit Facility [Line Items]              
Cost associated with Revolving credit facility deferred $ 74,000            
Crestmark Bank [Member] | Revolving Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, interest rate during period 5.50%            
Minimum average loan balance $ 2,000,000            
Loan balance       0      
Interest expenses       $ 0 0    
Crestmark Bank [Member] | Revolving Credit Facility [Member] | Interest Rate Floor [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, interest rate during period 8.75%            
Crestmark Bank [Member] | Revolving Credit Facility [Member] | Peak Selling Season Between July 1 and December 31 [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, maximum amount outstanding during period $ 10,000,000            
Crestmark Bank [Member] | 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 $ 5,000,000            
IHC Facility [Member] | Two-Year Loan and Security Agreement [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, description       Advance rate shall not exceed the lower of (a) 70% of the inventory cost or (b) 85% of Net Orderly Liquidation Value (NOLV) as determined by an independent third-party appraiser engaged by Iron Horse. The Company must maintain a fixed charge coverage ratio test of 1:1 times measured on a rolling 12-month 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. This financial covenant has been waived for the first six months of the IHC Facility.      
Minimum average loan balance       $ 1,000,000      
Loan balance       1,400,000     $ 0
Inventory financing       2,500,000      
Interest expenses       $ 8,000 0    
IHC Facility [Member] | Two-Year Loan and Security Agreement [Member] | Interest Rate Per Month [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, interest rate during period       1.292%      
IHC Facility [Member] | Two-Year Loan and Security Agreement [Member] | Interest Rate Per Annually [Member]              
Line of Credit Facility [Line Items]              
Line of credit facility, interest rate during period       15.51%      
PNC Bank [Member] | Revolving Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Interest expenses       $ 0 $ 1,000    
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies (Details Narrative)
 3 Months Ended
Jun. 15, 2020
USD ($)
Jun. 04, 2018
USD ($)
May 25, 2018
USD ($)
May 01, 2018
USD ($)
ft²
Oct. 01, 2017
USD ($)
ft²
Jun. 01, 2013
USD ($)
ft²
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2020
USD ($)
Commitments And Contingencies [Line Items]                  
Monthly lease payments             $ 3,691    
interest expense             29,590 $ 2,875  
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, 2023      
Rent expense       $ 1,600 $ 8,800 $ 43,700      
Lease term           87 months      
Lease extend term           We executed a three-year lease extension which will expire on August 31, 2023. The renewal base rent payment will be $65,300 with a 3% increase every 12 months for the remaining term of the extension.      
Three Year Lease Extension Agreement [Member]                  
Commitments And Contingencies [Line Items]                  
Lease expiration date Aug. 31, 2023                
Rent expense $ 65,300                
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%            
Remaining capital lease arrangements             14,000   $ 32,000
interest expense             $ 154 $ 274  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies - Schedule of Supplemental Information Related to Leases (Details) - USD ($)
 3 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Operating lease - right-of-use assets $ 2,618,513 $ 573,874
Finance leases as a component of property and equipment, net of accumulated depreciation of $13,472 30,054  
Current portion of operating leases 758,910 321,389
Current portion of finance leases 13,812 14,953
Operating lease liabilities, net of current portion 1,914,921 $ 322,263
Operating lease expense as a component of general and administrative expenses 148,724  
Finance lease cost Depreciation of leased assets as a component of depreciation 1,555  
Finance lease cost Interest on lease liabilities as a component of interest expense 154  
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow paid for operating leases 163,187  
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flow paid for finance leases $ 3,691  
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies - Schedule of Supplemental Information Related to Leases (Details) (Parenthetical)
Jun. 30, 2020
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Finance leases Property and equipment accumulated depreciation $ 13,472
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies - Schedule of Lease term and Discount Rate (Details)
 3 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Weighted average remaining lease term (months), Operating leases 36.1 months
Weighted average remaining lease term (months), Finance leases 11 months
Weighted average discount rate, Operating leases 6.66%
Weighted average discount rate, Finance leases 3.68%
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating and Finance Leases (Details)
Jun. 30, 2020
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Operating Leases, 2020 for the remaining 6 months $ 413,620
Operating Leases, 2021 911,204
Operating Leases, 2022 931,949
Operating Leases, 2023 674,488
Operating Leases, 2024 30,739
Operating Leases, Total Minimum Future Payments 2,962,000
Operating Leases, Less: Imputed Interest 288,169
Operating Leases, Present Value of Lease Liabilities 2,673,831
Finance Leases, 2020 for the remaining 6 months 7,673
Finance Leases, 2021 6,394
Finance Leases, 2022
Finance Leases, 2023
Finance Leases, 2024
Finance Leases, Total Minimum Future Payments 14,067
Finance Leases, Less: Imputed Interest 255
Finance Leases, Present Value of Lease Liabilities $ 13,812
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Options (Details Narrative) - $ / shares
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]    
Number of stock option issued during period 0 1,000,000
Stock option of exercise price $ 0 $ 0.38
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Options - Summary of Stock Option Activity (Details) - $ / shares
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Number of Options, Granted 0 1,000,000
Weighted Average Exercise Price, Granted $ 0 $ 0.38
Stock Option [Member]    
Number of Options, Balance at Beginning of Period 2,230,000  
Number of Options, Granted  
Number of Options, Exercised  
Number of Options, Forfeited  
Number of Options, Balance at End of Period 2,230,000  
Number of Options, Exercisable at End of Period 2,230,000  
Weighted Average Exercise Price, Balance at Beginning of Period $ 0.26  
Weighted Average Exercise Price, Granted  
Weighted Average Exercise Price, Exercised  
Weighted Average Exercise Price, Forfeited  
Weighted Average Exercise Price, Balance at End of Period 0.26  
Weighted Average Exercise Price, Options Exercisable at End of Period $ 0.26  
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Options - Schedule of Employee Stock Options Outstanding (Details)
 3 Months Ended
Jun. 30, 2020
$ / shares
shares
Stock Options Number Outstanding | shares 2,230,000 [1]
Stock Option Number Exercisable | shares 2,230,000 [1]
Exercise Price Range One [Member]  
Stock Options Outstanding Exercise Price, Lower Range Limit $ 0.04
Stock Options Outstanding Exercise Price, Upper Range Limit $ 0.38
Stock Options Number Outstanding | shares 1,650,000
Stock Option Outstanding Weighted Average Remaining Contractual Life 4 years 1 month 6 days
Stock Option Outstanding Weighted Average Exercise Price $ 0.17
Stock Option Number Exercisable | shares 1,650,000
Stock Option Exercisable Weighted Average Exercise Price $ 0.17
Exercise Price Range Two [Member]  
Stock Options Outstanding Exercise Price, Lower Range Limit 0.47
Stock Options Outstanding Exercise Price, Upper Range Limit $ 0.55
Stock Options Number Outstanding | shares 580,000
Stock Option Outstanding Weighted Average Remaining Contractual Life 7 years 7 months 6 days
Stock Option Outstanding Weighted Average Exercise Price $ 0.50
Stock Option Number Exercisable | shares 580,000
Stock Option Exercisable Weighted Average Exercise Price $ 0.50
[1] Total number of options outstanding as of June 30, 2020 includes 1,080,000 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.
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Options - Schedule of Employee Stock Options Outstanding (Details) (Parenthetical)
Jun. 30, 2020
shares
Five Current and Two Former Directors [Member]  
Stock options outstanding 1,080,000
Employees [Member]  
Stock options outstanding 1,150,000
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.20.4
Geographical Information - Schedule of Revenue by Geographical Region (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Segment Reporting Information [Line Items]      
Net Sales $ 3,051,983 $ 4,640,238 $ 1,559,000
North America [Member]      
Segment Reporting Information [Line Items]      
Net Sales 2,816,000 4,445,000  
Europe [Member]      
Segment Reporting Information [Line Items]      
Net Sales 183,000 99,000  
Australia [Member]      
Segment Reporting Information [Line Items]      
Net Sales $ 53,000 $ 96,000  
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.20.4
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jul. 30, 2020
Mar. 31, 2020
Related Party Transaction [Line Items]        
Due to related parties $ 402,000     $ 502,000
Due from related parties 0     100,000
Inventory 6,870,220     $ 7,601,277
Subsequent Event [Member] | Purchase and Sales Agreement [Member]        
Related Party Transaction [Line Items]        
Inventory     $ 685,000  
Warehouse Facility [Member]        
Related Party Transaction [Line Items]        
Revenue from related parties 0 $ 71,000    
Winglight Pacific Ltd [Member]        
Related Party Transaction [Line Items]        
Revenue from related parties $ 0 $ 74,000    
Related party gross margin percentage 0.00% 21.70%    
StarLight Electronics Co, Ltd [Member]        
Related Party Transaction [Line Items]        
Service expenses $ 91,000 $ 101,000    
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.20.4
Reserve for Sales Returns - Schedule of Reserve for Sales Returns (Details) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
First Priority Lien Percentage    
Reserve for sales returns at beginning of the year $ 1,224,000 $ 896,154
Provision for estimated sales returns 284,362 415,234
Sales returns received (1,128,179) (863,711)
Reserve for sales returns at end of the period $ 380,183 $ 447,677
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.20.4
Refunds Due to Customers (Details Narrative) - USD ($)
Jun. 30, 2020
Mar. 31, 2020
Refund due to customer $ 391,088 $ 806,475
One Major Customer [Member]    
Refund due to customer 1,691,000 1,691,000
Deducted on payment remittances 1,381,000 1,181,000
Another Major Customer [Member]    
Refund due to customer $ 81,000  
Two Major Customer [Member]    
Refund due to customer   $ 297,000
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefit Plans (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Retirement Benefits [Abstract]    
Defined contribution plan, administrative expenses $ 14,000 $ 14,000
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.20.4
Concentrations of Credit and Sales Risks (Details Narrative)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Accounts Receivable [Member] | Three Customers [Member] | North America [Member]      
Concentration of sales risk, percentage 74.00%    
Accounts Receivable [Member] | Individual [Member] | North America [Member]      
Concentration of sales risk, percentage 10.00%   10.00%
Accounts Receivable [Member] | Four Customers [Member] | North America [Member]      
Concentration of sales risk, percentage     82.00%
Sales Revenue [Member] | Customers One [Member]      
Concentration of sales risk, percentage 43.00% 85.00%  
Sales Revenue [Member] | Customers Two [Member]      
Concentration of sales risk, percentage 18.00% 13.00%  
Sales Revenue [Member] | Customers Three [Member]      
Concentration of sales risk, percentage 11.00%    
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