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RESERVE FOR SALES RETURNS | 3 Months Ended
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Jun. 30, 2023
Reserve For Sales Returns |
RESERVE FOR SALES RETURNS | NOTE 12 – RESERVE FOR SALES RETURNS A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months). The Company does make occasional exceptions to this return policy and accordingly records a sales return reserve based on historic return amounts, specific exceptions as identified and management estimates. The Company records a sales reserve for its return goods programs at the time of sale for estimated sales returns that may occur. The liability for defective goods is included in the reserve for sales returns on the condensed consolidated balance sheets. Changes in the Company’s reserve for sales returns are presented in the following table: SCHEDULE OF RESERVE FOR SALES RETURNS
|  | Three Months Ended |
|  | June 30, 2023 |  |  | June 30, 2022 |
Reserve for sales returns at beginning of the fiscal year |  | $ | 900,000 |  |  | $ | 990,000 |
Provision for estimated sales returns |  |  | 351,012 |  |  |  | 624,000 |
Sales returns received |  |  | (919,258 | ) |  |  | (732,000 | )
Reserve for sales returns at end of the period |  | $ | 331,754 |  |  | $ | 882,000 |
THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2023 and 2022 (Unaudited)

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