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SUPPLEMENTAL INFORMATION CONDENSED FINANCIAL INFORMATION | 9 Months Ended
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Dec. 31, 2023
Supplemental Information Condensed Financial Information |
SUPPLEMENTAL INFORMATION CONDENSED FINANCIAL INFORMATION | NOTE 21 – SUPPLEMENTAL INFORMATION CONDENSED FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED DECEMBER 31, 2023, AND 2022. The Singing Machine Company, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the nine months ended December 31, 2023 and 2022 SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Nine Months Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |
|  |  |  |  | (unaudited) |
Net Sales |  | $ | 29,198,000 |  |  | $ | 35,916,000 |
Cost of Goods Sold |  |  | 23,008,000 |  |  |  | 27,481,000 |
Gross Profit |  |  | 6,190,000 |  |  |  | 8,435,000 |
Operating Expenses |  |  | 12,333,000 |  |  |  | 9,986,000 |
(Loss) Income from Operations |  |  | (6,143,000 | ) |  |  | (1,551,000 | )
Other (Expenses) Income |  |  | (255,000 | ) |  |  | (574,000 | )
(Loss) Income Before Income Tax Benefit |  |  | (6,398,000 | ) |  |  | (2,125,000 | )
Income Tax Benefit (Loss) |  |  | - |  |  |  | 472,000 |
Net (Loss) Income |  | $ | (6,398,000 | ) |  | $ | (1,653,000 | )
Loss per Common Share |  |  |  |  |  |  |  |
Basic and Diluted |  |  | (1.32 | ) |  |  | (0.61 | )
Weighted Average Common and Common |  |  |  |  |  |  |  |
Equivalent Shares: |  |  |  |  |  |  |  |
Weighted Average Common and Common Equivalent Shares: |  |  |  |  |  |  |  |
Basic and Diluted |  |  | 4,864,540 |  |  |  | 2,699,210 |
THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and March 31, 2023 and 2022 The Singing Machine Company, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the nine months ended December 31, 2023 and 2022 (unaudited) SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | For the Nine Months Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |
|  |  |  |  | (unaudited) |
Cash flows from operating activities |  |  |  |  |  |  |  |
Net loss |  | $ | (6,398,000 | ) |  | $ | (1,653,000 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  | 1,305,000 |  |  |  | (73,000 | )
Changes in operating assets and liabilities: |  |  | 5,504,000 |  |  |  | (538,000 | )
Net cash provided by (used in) operating activities |  |  | 411,000 |  |  |  | (2,264,000 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Net cash used in investing activities |  |  | (14,000 | ) |  |  | (149,000 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Net cash provided by financing activities |  |  | 3,411,000 |  |  |  | 2,917,000 |
Net change in cash |  |  | 3,808,000 |  |  |  | 504,000 |
|  |  | - |  |  |  | - |
Cash at beginning of year |  |  | 2,895,000 |  |  |  | 2,291,000 |
Cash at end of period |  | $ | 6,703,000 |  |  | $ | 2,795,000 |
THE SINGING MACHINE COMPANY, INC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and March 31, 2023 and 2022 The Singing Machine Company, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY For the nine months ended December 31, 2023 and 2022 (unaudited) SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
|  | Shares |  |  | Amount |  |  | Capital |  |  | Receivable |  |  | Deficit |  |  | Total |
|  | Common Stock |  |  | Additional Paid in |  |  | Subscriptions |  |  | Accumulated |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Receivable |  |  | Deficit |  |  | Total |
Balance at March 31, 2023 |  |  | 3,167,488 |  |  | $ | 32,000 |  |  | $ | 29,822,000 |  |  | $ | (6,000 | ) |  | $ | (19,517,000 | ) |  | $ | 10,331,000 |
Net loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,398,000 | ) |  |  | (6,398,000 | )
Issuance of common stock, net of stock offering costs |  |  | 3,250,573 |  |  |  | 32,000 |  |  |  | 3,497,000 |  |  |  | - |  |  |  | - |  |  |  | 3,529,000 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | 110,000 |  |  |  | - |  |  |  | - |  |  |  | 110,000 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,000 |  |  |  | - |  |  |  | 6,000 |
Balance at December 31, 2023 |  |  | 6,418,061 |  |  | $ | 64,000 |  |  |  | 33,429,000 |  |  | $ | - |  |  | $ | (25,915,000 | ) |  | $ | 7,578,000 |
|  | Common Stock |  |  | Additional Paid in |  |  | Subscriptions |  |  | Accumulated |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Receivable |  |  | Deficit |  |  | Total |
Balance at March 31, 2022 |  |  | 1,221,209 |  |  | $ | 12,000 |  |  | $ | 24,903,000 |  |  | $ | - |  |  | $ | (14,879,000 | ) |  | $ | 10,036,000 |
Balance, value |  |  | 1,221,209 |  |  | $ | 12,000 |  |  | $ | 24,903,000 |  |  | $ | - |  |  | $ | (14,879,000 | ) |  | $ | 10,036,000 |
Net loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,653,000 | ) |  |  | (1,653,000 | )
Issuance of common stock and warrants, net of stock offering costs |  |  | 1,909,519 |  |  |  | 19,000 |  |  |  | 4,489,000 |  |  |  | - |  |  |  | - |  |  |  | 4,508,000 |
Stock based compensation |  |  | 15,803 |  |  |  | - |  |  |  | 307,000 |  |  |  | - |  |  |  | - |  |  |  | 307,000 |
Other |  |  | 1,688 |  |  |  | - |  |  | $ | (1,000 | ) |  |  | - |  |  | $ | 1,000 |  |  |  | - |
Balance at December 31, 2022 (unaudited) |  |  | 3,148,219 |  |  | $ | 31,000 |  |  |  | 29,698,000 |  |  | $ | - |  |  | $ | (16,531,000 | ) |  | $ | 13,198,000 |
Balance, value |  |  | 3,148,219 |  |  | $ | 31,000 |  |  |  | 29,698,000 |  |  | $ | - |  |  | $ | (16,531,000 | ) |  | $ | 13,198,000 |
Report of Independent Registered Public Accounting Firm To the Shareholder and the Board of Directors of SemiCab, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of SemiCab, Inc. (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters have also been reviewed and considered. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. BASIS FOR OPINION These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters. /s/Bush & Associates CPA LLC We have served as the Company’s auditor since 2024. Henderson, Nevada June 11, 2024 SemiCab, Inc. CONSOLIDATED BALANCE SHEETS
|  | December 31, 2023 |  |  | December 31, 2022 |
Assets |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |
Cash |  | $ | 72,000 |  |  | $ | 881,000 |
Accounts receivable |  |  | 494,000 |  |  |  | 677,000 |
Refund due from customer |  |  | 143,000 |  |  |  | - |
Prepaid Expenses and other current assets |  |  | 5,000 |  |  |  | 8,000 |
Total Current Assets |  |  | 714,000 |  |  |  | 1,566,000 |
Property and equipment, net |  |  | 3,000 |  |  |  | 4,000 |
Other non-current assets |  |  | 14,000 |  |  |  | 14,000 |
Total Assets |  | $ | 731,000 |  |  | $ | 1,584,000 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 668,000 |  |  | $ | 810,000 |
Accrued expenses |  |  | 149,000 |  |  |  | 151,000 |
Notes payable |  |  | 833,000 |  |  |  | 579,000 |
Loans from affiliates, current portion |  |  | 315,000 |  |  |  | - |
Due to factor |  |  | 231,000 |  |  |  | - |
Other current liabilities |  |  | 45,000 |  |  |  | 108,000 |
Total Current Liabilities |  |  | 2,241,000 |  |  |  | 1,648,000 |
Loans from affiliates, net of current portion |  |  | 385,000 |  |  |  | 385,000 |
Total Liabilities |  |  | 2,626,000 |  |  |  | 2,033,000 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Provision for legal liability |  |  | 275,000 |  |  |  | - |
Total Commitments and Contingencies |  |  | 275,000 |  |  |  | - |
Shareholders’ Equity |  |  |  |  |  |  |  |
Preferred equity |  |  | 5,969,000 |  |  |  | 5,543,000 |
Accumulated deficit |  |  | (8,139,000 | ) |  |  | (5,992,000 | )
Total Shareholders’ Equity |  |  | (2,170,000 | ) |  |  | (449,000 | )
Total Liabilities and Shareholders’ Equity |  | $ | 731,000 |  |  | $ | 1,584,000 |
See notes to condensed consolidated statements SemiCab, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Years Ended |  |  |  |
|  | December 31, 2023 |  |  | December 31, 2022 |
Net Revenue |  | $ | 6,036,000 |  |  | $ | 9,655,000 |
|  |  |  |  |  |  | - |
Cost of Revenue |  |  | 5,853,000 |  |  |  | 10,108,000 |
Gross Profit (Loss) |  |  | 183,000 |  |  |  | (453,000 | )
Operating Expenses |  |  |  |  |  |  |  |
Selling general and administrative expenses |  |  | 1,333,000 |  |  |  | 1,511,000 |
Product development |  |  | 852,000 |  |  |  | 640,000 |
Total Operating Expenses |  |  | 2,185,000 |  |  |  | 2,151,000 |
Loss from Operations |  |  | (2,002,000 | ) |  |  | (2,604,000 | )
Other Expenses |  |  |  |  |  |  |  |
Interest expense |  |  | (145,000 | ) |  |  | (63,000 | )
Total Other Expenses |  |  | (145,000 | ) |  |  | (63,000 | )
Loss Before Income Tax Benefit (Provision) |  |  | (2,147,000 | ) |  |  | (2,667,000 | )
Income Tax Benefit (Provision) |  |  | - |  |  |  | - |
Net Loss |  | $ | (2,147,000 | ) |  | $ | (2,667,000 | )
See notes to condensed consolidated statements

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