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Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Mar. 31, 2022
Current Assets    
Cash $ 2,795,171 $ 2,290,483
Accounts receivable, net of allowances of $139,182 and $122,550, respectively 7,023,603 2,785,038
Due from Crestmark Bank 100,822
Accounts receivable related party - Stingray Group, Inc. 282,317 152,212
Inventories, net 10,984,742 14,161,636
Prepaid expenses and other current assets 154,329 344,409
Deferred financing costs 84,668 7,813
Total Current Assets 21,324,830 19,842,413
Property and equipment, net 540,867 565,094
Deferred financing costs, net of current portion 151,694
Deferred tax assets 1,399,016 892,559
Operating Leases - right of use assets 648,323 1,279,347
Other non-current assets 98,724 86,441
Total Assets 24,163,454 22,665,854
Current Liabilities    
Accounts payable 2,084,756 5,391,265
Accrued expenses 3,234,714 1,732,355
Revolving lines of credit 1,761,495 2,500,000
Refunds due to customers 93,520 97,968
Reserve for sales returns 2,935,465 990,000
Current portion of finance leases 8,187 7,605
Current portion of installment notes 79,119 74,300
Current portion of operating lease liabilities 654,883 876,259
Subordinated note payable - Starlight Marketing Development, Ltd. 352,659
Total Current Liabilities 10,852,139 12,022,411
Finance leases, net of current portion 4,405 10,620
Installment notes, net of current portion 78,693 138,649
Operating lease liabilities, net of current portion 30,422 457,750
Total Liabilities 10,965,659 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; 3,148,219 and 1,221,209 shares issued and outstanding, respectively 31,482 12,212
Additional paid-in capital 29,697,697 24,902,694
Accumulated deficit (16,531,384) (14,878,482)
Total Shareholders’ Equity 13,197,795 10,036,424
Total Liabilities and Shareholders’ Equity $ 24,163,454 $ 22,665,854