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Related Party Transactions | 12 Months Ended
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Mar. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transactions | NOTE 13 – RELATED PARTY TRANSACTIONS DUE TO/FROM RELATED PARTIES On March 31, 2020 the Company had approximately $0.5 million due to related parties for services provided by these companies and licensing fees for use of pedestal model molds and tools owned by the parent company. On March 31, 2019, the Company had approximately $0.3 million due from related parties for goods and services sold these companies. TRADE During Fiscal 2020 and 2019 the Company paid approximately $0.4 million to Starlight Electronics Company, Ltd (“SLE”) as reimbursement for engineering, quality control and other administrative services performed on our behalf in China. These expense reimbursements were included in general and administrative expenses on our consolidated statements of operations. During Fiscal 2020 and 2019 the Company sold approximately $0.9 million and $1.2 million, respectively of product to Winglight Pacific, Ltd. (“Winglight”) a related company, for direct shipment to Cosmo Communications of Canada, Ltd (“Cosmo”), another related company, at discounted pricing granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to Winglight for Fiscal 2020 and 2019 was 23.7% and 30.1%, respectively. These amounts were included as a component of net sales in the accompanying consolidated statements of operations. During Fiscal 2020 and 2019 the Company sold approximately $0.3 million and $0.4 million, respectively of product to Cosmo from our California warehouse facility. These goods were sold at a discounted price, similar to prices granted to major direct import customers shipped internationally with freight prepaid. The average gross profit margin on sales to Cosmo yielded 26.6% and 22.5%, respectively. These amounts were included as a component of net sales in the accompanying consolidated statements of operations. On July 30, 2020 the Company and Cosmo reached agreement that Cosmo would no longer be the Company’s Canadian distributor and the Company became the sole and exclusive distributor of the Company’s products in Canada. As part of the agreement, the companies executed a Purchase and Sale agreement whereby the Company acquired all of Cosmo’s karaoke inventory for approximately $0.7 million.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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