XML 44 R29.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

SUPPLEMENTAL INFORMATION CONDENSED FINANCIAL INFORMATION | 9 Months Ended
--- | ---
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 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2022 (unaudited) |  |  | 3,148,219 |  |  | $ | 31,000 |  |  |  | 29,699,000 |  |  | $ | - |  |  | $ | (16,532,000 | ) |  | $ | 13,198,000 |
Balance, value |  |  | 3,148,219 |  |  | $ | 31,000 |  |  |  | 29,699,000 |  |  | $ | - |  |  | $ | (16,532,000 | ) |  | $ | 13,198,000 |

X
- References No definition available. + Details
Name: | MICS_DisclosureSupplementalInformationCondensedFinancialInformationAbstract
Namespace Prefix: | MICS_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Supplemental Information Disclosures [Text Block] + References No definition available. + Details
Name: | MICS_SupplementalInformationDisclosuresTextBlock
Namespace Prefix: | MICS_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration