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Related Party Transactions | 9 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transactions | NOTE 10 –RELATED PARTY TRANSACTIONS All transactions listed below are related to the Company as they are all with affiliates of our Chairman of the Board, Mr. Phillip Lau. DUE TO/FROM RELATED PARTIES On December 31, 2020 and March 31, 2020, in the aggregate the Company had approximately $0 and $100,000, respectively, due from related parties for goods and services sold to these companies. On December 31, 2020 and March 31, 2020, the Company had amounts due to related parties in the amounts of approximately $129,000 and $502,000 for facility fees, storage and administrative services provided to the Company by these related parties. TRADE During the three months ended December 31, 2020 and 2019 the Company did not sell any products to Winglight Pacific, Ltd. (“Winglight”), a related party. During the nine months ended December 31, 2020 and 2019 the Company sold approximately $0 and $852,000, respectively to Winglight 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 Winglight for the nine months ended December 31, 2020 and 2019 was NA and 23.7%, respectively. The product was shipped to Cosmo Communications of Canada (“Cosmo”), another related company and the Company’s primary distributor of its products to Canada at that time. During the three months ended December 31, 2020 and 2019 the Company sold approximately $0 and $45,000 respectively, of product directly to Cosmo from its California warehouse facility. During the nine months ended December 31, 2020 and 2019 the Company sold approximately $0 and $284,000, respectively of product directly to Cosmo from its California warehouse facility. These amounts were included as a component of net sales in the accompanying condensed 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 Sales agreement whereby the Company acquired all of Cosmo’s karaoke inventory for approximately $685,000. During the three and nine months ended December 31, 2020, there was a gain of approximately $188,000 from Cosmo related to the payment in fiscal 2021 on prior year sales and the related receivable previously reversed and written off as initially deemed uncollectible. The Company incurred service expenses from Starlight Electronics Co, Ltd, (“SLE”) a related party. The services from SLE for the three months ended December 31, 2020 and 2019 were approximately $91,000. The services from SLE for the nine months ended December 31, 2020 and 2019 were approximately $272,000 and $282,000, respectively. These amounts were included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations.

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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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