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Significant Agreement | 12 Months Ended
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Mar. 31, 2019
Significant Agreement |
Significant Agreement | NOTE 4 – SIGNIFICANT AGREEMENT On January 29, 2019, the Company signed a three-year worldwide licensing agreement with CBS (NYSE: CBS) for the CARPOOL KARAOKE program series which was amendend on March 18, 2019. Under the terms of the Agreement, Singing Machine will be launching a range of consumer products worldwide designed for use within vehicles under the CARPOOL KARAOKE license. The license agreement began December 1, 2018 and continues through September 30, 2022. The license requires a minimum royalty guaranty of $650,000 over the life of the contract. In the first year there is a $250,000 minimum royalty guarantee paid in advance with a $50,000 payment made at the execution of the contract, and a second payment of $200,000 paid on June 1, 2019. In the second and third years of the agreement, minimum royalty payments of $200,000 for each year are to be paid in advance on or before June 1, 2021 and June 1, 2022. Royalty payments will be calculated at 9% of net sales up to the first 150,000 units; and 10% of net sales 150,001 units thereafter and are payable on a quarterly basis beginning September 30, 2019. The initial payment of $50,000 paid in March, 2019 was recorded in prepaid and other current assets in the accompanying consolidated balance sheets.

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