RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 14 –RELATED PARTY TRANSACTIONS

Stingray is part of the group of investors who participated in the August 2021 Private Placement and have acquired a minority interest in the Company and has one Director on the Company’s Board (see Note 11 – August 2021 Private Placement ).

DUE TO/FROM RELATED PARTIES

On June 30, 2022 and March 31, 2022, the Company had amounts due from Stingray of approximately $242,000 and $152,000, respectively for shared revenue from music content provided to our customers from their library of produced and licensed karaoke content.

THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022 and 2021

(Unaudited)

TRADE

The Company has a music subscription sharing agreement with Stingray. For the three months ended June 30, 2022 and 2021 the Company received music subscription revenue of approximately $132,000 and $115,000, respectively. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of operations.