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Liquidity | 12 Months Ended
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Mar. 31, 2018
Liquidity |
Liquidity | NOTE 2 - LIQUIDITY The Company reported net income of approximately $0.2 million for the fiscal year ended March 31, 2018 as compared to net income of approximately $1.8 million for the fiscal year ended March 31, 2017. The Company’s net income and cash flow were significantly affected by the Toys R Us bankruptcy and recorded a charge of approximately $3.1 million to bad debt expense for fiscal 2018. In addition to the bad debt charge the Company also purchased inventory relating to Toys R Us commitments that was not shipped due to the bankruptcy which contributed approximately $1.0 million to the increase in inventory of approximately $2.6 million at the end of the fiscal year ended March 31, 2018 compared to fiscal year ended March 31, 2017. To assist with the Company’s cash requirements during the next three months (period prior to beginning of peak shipping season), our parent company has agreed to delay payment of related party trade debt as well as payments due on subordinated debt. The Company has adequate cash available on its revolving credit facility to meet all obligations during this off-peak season. While management continues to assess the long term effect of the Toys R Us bankruptcy, management is confident that the temporary suspension of payments on related party debt and availability of cash from our revolving credit facility and significant efforts to reduce inventory levels during the next year will be adequate to meet the company’s liquidity requirements for the next twelve months.

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