Algorhythm Holdings, Inc. Files Q3 2024 10-Q

TL;DR

Algorhythm Holdings filed its Q3 10-Q. Check financials.

AI Summary

Algorhythm Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and business operations for this period are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Algorhythm Holdings, Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information, not indicating immediate operational or financial distress.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241119 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Algorhythm Holdings, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 20241119 (date) — Filing date
• SINGING MACHINE CO INC (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share RIME NASDAQ Ca
• $2,500,000 — ne 30, 2024 did not meet the minimum of $2,500,000 in stockholders' equity required by NAS

Filing Documents

• form10-q.htm (10-Q) — 1024KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-046807.txt ( ) — 5980KB
• rime-20240930.xsd (EX-101.SCH) — 47KB
• rime-20240930_cal.xml (EX-101.CAL) — 60KB
• rime-20240930_def.xml (EX-101.DEF) — 216KB
• rime-20240930_lab.xml (EX-101.LAB) — 429KB
• rime-20240930_pre.xml (EX-101.PRE) — 334KB
• form10-q_htm.xml (XML) — 830KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders'(Deficit) Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 2 8 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 2 9 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 32 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ALGORHYTHM HOLDINGS, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) Assets Current Assets Cash $ 621,000 $ 6,703,000 Accounts receivable, net of allowances of $ 266,000 and $ 174,000 , respectively 4,330,000 7,308,000 Due from Banks 22,000 - Accounts receivable, related party 157,000 269,000 Accounts receivable 157,000 269,000 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 Liabilities and Shareholders' Equity 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 - Notes payable 50,000 - Current portion of notes payable to related parties 265,000 - Notes payable 265,000 - 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 Notes payable to related parties, net of current portion 385,000 - 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 authorize

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View Full Filing

View this 10-Q filing on SEC EDGAR