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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Mar. 31, 2021
Current Assets    
Cash $ 3,337,517 $ 396,579
Accounts receivable, net of allowances of $256,901 and $138,580, respectively 11,590,574 2,210,881
Due from Crestmark Bank 4,557,120
Accounts receivable related party - Stingray Group, Inc. 70,880 88,041
Inventories, net 19,158,186 5,490,255
Prepaid expenses and other current assets 197,916 221,071
Deferred financing costs 26,563 15,359
Total Current Assets 34,381,636 12,979,306
Property and equipment, net 635,929 674,153
Deferred tax assets 741,386 887,164
Operating Leases - right of use assets 1,692,279 2,074,115
Other non-current assets 96,911 147,173
Total Assets 37,548,141 16,761,911
Current Liabilities    
Accounts payable 18,622,566 2,461,103
Accrued expenses 2,036,370 1,659,499
Due to related party - Starlight Consumer Electronics Co., Ltd. 14,400 14,400
Due to related party - Starlight R&D, Ltd. 48,650 48,650
Revolving lines of credit 2,041,921 64,915
Customer deposits 85,815 139,064
Refunds due to customers 98,722 145,408
Reserve for sales returns 1,863,731 960,000
Current portion of finance leases 7,241 2,546
Current portion of installment notes 71,253 68,332
Current portion of note payable - Paycheck Protection Program 172,685
Current portion of operating lease liabilities 843,671 794,938
Current portion of subordinated related party debt - Starlight Marketing Development, Ltd. 352,659 502,659
Total Current Liabilities 26,086,999 7,034,199
Finance leases, net of current portion 14,516
Installment notes, net of current portion 176,577 212,949
Note payable - Payroll Protection Program, net of current portion 271,215
Operating lease liabilities, net of current portion 909,096 1,334,010
Total Liabilities 27,187,188 8,852,373
Commitments and Contingencies
Shareholders’ Equity    
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding
Common stock 365,762 390,407
Additional paid-in capital 24,530,384 19,773,322
Accumulated deficit (14,535,193) (12,254,191)
Total Shareholders’ Equity 10,360,953 7,909,538
Total Liabilities and Shareholders’ Equity 37,548,141 16,761,911
Common Class A [Member]    
Shareholders’ Equity    
Common stock
Common Class B [Member]    
Shareholders’ Equity    
Common stock $ 365,762 $ 390,407