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EQUITY METHOD INVESTMENT | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
EQUITY METHOD INVESTMENT | 14. EQUITY METHOD INVESTMENT Equity Investments in Unconsolidated Entity – The Singing Machine Company, Inc. (“SMC”) The following table summarizes the changes in the Company’s equity investments in an unconsolidated entity, SMC, included in other assets on the condensed consolidated balance sheet, during the three months ended June 30, 2024:
Schedule of equity investments in unconsolidated entity – SMC |  |  |  |
Rollforward investment in unconsolidated entity |  | Amount |
Beginning balance - April 1, 2024 |  | $ | 1,290,000 |
Loss from investment in unconsolidated entity |  |  | (1,290,000 | )
Ending balance - June 30, 2024 |  | $ | - |
The following table summarizes the changes in the Company’s equity investments in an unconsolidated entity, SMC, included in other assets on the condensed consolidated balance sheet, during the six months ended June 30, 2024:
Rollforward investment in unconsolidated entity |  | Amount |
Beginning balance - January 1, 2024 |  | $ | 1,957,000 |
Loss from investment in unconsolidated entity |  |  | (1,957,000 | )
Ending balance - June 30, 2024 |  | $ | - |
The following table provides summarized financial information for the Company’s ownership interest in SMC accounted for under the equity method and has been compiled from SMC’s financial statements. Amounts presented represent totals at the investee level and not the Company’s proportionate share: Summarized Statements of Operations
Schedule of summarized statements of operations |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2024 |
Revenue |  | $ | 2,440,000 |  |  | $ | 4,866,000 |
Gross profit |  | $ | 324,000 |  |  | $ | 826,000 |
Loss from operations |  | $ | (6,154,000 | ) |  | $ | (8,441,000 | )
Net loss |  | $ | (6,119,000 | ) |  | $ | (8,486,000 | )
Summarized Balance Sheet Information
Schedule of summarized balance sheet information |  |  |  |  |  |  |  |
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Current assets |  | $ | 11,791,000 |  |  | $ | 23,206,000 |
Non-current assets |  | $ | 576,000 |  |  | $ | 4,509,000 |
Current liabilities |  | $ | 9,103,000 |  |  | $ | 16,209,000 |
Non-current liabilities |  | $ | 4,136,000 |  |  | $ | 3,928,000 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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