RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 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 September 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 the Company’s customers from Stingray’s library of produced and licensed karaoke content.

TRADE

The Company has a music subscription sharing agreement with Stingray. For the three months ended September 30, 2022 and 2021 the Company received music subscription revenue of approximately $123,000 and $110,000, respectively. For the six months ended September 30, 2022 and 2021 the Company received music subscription revenue of approximately $255,000 and $224,000, respectively. These amounts were included as a component of net sales in the accompanying condensed consolidated statements of income.