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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Mar. 31, 2022
Current Assets    
Cash $ 2,278,057 $ 2,290,483
Accounts receivable, net of allowances of $260,787 and $122,550, respectively 9,648,788 2,785,038
Due from Crestmark Bank 441,632 100,822
Accounts receivable related party - Stingray Group, Inc. 242,255 152,212
Inventories, net 12,956,491 14,161,636
Prepaid expenses and other current assets 230,936 344,409
Deferred financing costs 7,813
Total Current Assets 25,798,159 19,842,413
Property and equipment, net 528,828 565,094
Deferred tax assets 897,640 892,559
Operating Leases - right of use assets 1,072,576 1,279,347
Other non-current assets 83,409 86,441
Total Assets 28,380,612 22,665,854
Current Liabilities    
Accounts payable 6,782,207 5,391,265
Accrued expenses 2,179,921 1,732,355
Revolving line of credit - Iron Horse Credit 2,500,000 2,500,000
Refunds due to customers 114,002 97,968
Reserve for sales returns 881,659 990,000
Current portion of finance leases 7,794 7,605
Current portion of installment notes 75,873 74,300
Current portion of operating lease liabilities 897,956 876,259
Subordinated note payable - Starlight Marketing Development, Ltd. 352,659 352,659
Total Current Liabilities 13,792,071 12,022,411
Finance leases, net of current portion 8,599 10,620
Installment notes, net of current portion 119,081 138,649
Operating lease liabilities, net of current portion 226,369 457,750
Total Liabilities 14,146,120 12,629,430
Commitments and Contingencies
Shareholders’ Equity    
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.01 par value;  100,000,000 shares authorized; 3,017,700 and 1,221,209 shares issued and outstanding, respectively 30,177 12,212
Additional paid-in capital 29,098,800 24,902,694
Accumulated deficit (14,894,485) (14,878,482)
Total Shareholders’ Equity 14,234,492 10,036,424
Total Liabilities and Shareholders’ Equity $ 28,380,612 $ 22,665,854