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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash $ 621,000 $ 6,703,000
Due from Banks 22,000
Inventory 7,328,000 6,871,000
Returns asset 1,081,000 1,919,000
Prepaid expenses and other current assets 867,000 136,000
Total Current Assets 14,406,000 23,206,000
Property and equipment, net 318,000 404,000
Operating leases - right of use assets 137,000 3,926,000
Other non-current assets 41,000 179,000
Intangible assets, net 1,356,000
Goodwill 3,354,000
Total Assets 19,612,000 27,715,000
Current Liabilities    
Accounts payable 8,743,000 7,616,000
Accrued expenses 4,303,000 2,614,000
Refund due to customer 462,000 1,743,000
Customer prepayments 687,000
Reserve for sales returns 2,212,000 3,390,000
Merchant cash advances payable 303,000
Current portion of operating lease liabilities 135,000 84,000
Other current liabilities 15,000 75,000
Total Current Liabilities 16,488,000 16,209,000
Other liabilities 3,000
Operating lease liabilities, net of current portion 3,925,000
Total Liabilities 16,873,000 20,137,000
Commitments and Contingencies
Shareholders’ (Deficit) Equity    
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding
Common stock $0.01 par value; 100,000,000 shares authorized; 11,079,678 issued and 9,752,755 shares outstanding at September 30, 2024 and 6,418,061 issued and outstanding at December 31, 2023. 98,000 64,000
Additional paid-in capital 35,995,000 33,429,000
Accumulated deficit (33,206,000) (25,915,000)
Non-controlling interest (148,000)
Total Algorhythm Holdings Shareholders’ Equity 2,739,000 7,578,000
Total Liabilities and Shareholders’ Equity 19,612,000 27,715,000
Nonrelated Party [Member]    
Current Assets    
Accounts receivable 4,330,000 7,308,000
Current Liabilities    
Notes payable 50,000
Related Party [Member]    
Current Assets    
Accounts receivable 157,000 269,000
Current Liabilities    
Notes payable 265,000
Notes payable to related parties, net of current portion $ 385,000