Emerson Radio Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Emerson Radio Corp. reported Q3 FY2023 revenue of $10 million and net income of $3,677.</b>

AI Summary

EMERSON RADIO CORP (MSN) filed a Quarterly Report (10-Q) with the SEC on February 20, 2024. Revenue for the three months ended December 31, 2023, was $10,000,000. Revenue for the nine months ended December 31, 2023, was $31,923,145. Net income for the three months ended December 31, 2023, was $3,677. Net income for the nine months ended December 31, 2023, was $3,677. Total assets as of December 31, 2023, were $52,965,797.

Why It Matters

For investors and stakeholders tracking EMERSON RADIO CORP, this filing contains several important signals. The filing provides a snapshot of Emerson Radio Corp.'s financial performance for the third quarter and the first nine months of fiscal year 2023. Key financial metrics such as revenue, net income, and total assets are detailed, offering insights into the company's operational and financial standing.

Risk Assessment

Risk Level: low — EMERSON RADIO CORP shows low risk based on this filing. The filing contains limited financial data, making a comprehensive risk assessment difficult. However, the reported net income is very low, suggesting potential financial strain.

Analyst Insight

Monitor future filings for trends in revenue and profitability, and investigate the reasons behind the consistently low net income.

Financial Highlights

revenue

31,923,145

total Assets

52,965,797

total Debt

21,042,652

net Income

3,677

eps

0.01

Revenue Breakdown

Key Numbers

• 10,000,000 — Revenue (3 months ended 2023-12-31) (us-gaap:ProductMember)
• 3,677 — Net Income (3 months ended 2023-12-31) (us-gaap:ProductMember)
• 31,923,145 — Revenue (9 months ended 2023-12-31) (us-gaap:ProductMember)
• 3,677 — Net Income (9 months ended 2023-12-31) (us-gaap:ProductMember)
• 52,965,797 — Total Assets (as of 2023-12-31) (us-gaap:Assets)
• 21,042,652 — Total Debt (as of 2023-12-31) (us-gaap:Liabilities)

Key Players & Entities

• EMERSON RADIO CORP (company) — FILER
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-20 (date) — FILED AS OF DATE
• 973-428-2000 (phone) — BUSINESS PHONE
• MAJOR ELECTRONICS CORP (company) — FORMER COMPANY

FAQ

Filing Documents

• msn20231231_10q.htm (10-Q) — 642KB
• ex_607197.htm (EX-31.1) — 10KB
• ex_607198.htm (EX-31.2) — 10KB
• ex_607199.htm (EX-32) — 7KB
• 0001437749-24-004822.txt (&nbsp;) — 3406KB
• msn-20231231.xsd (EX-101.SCH) — 37KB
• msn-20231231_cal.xml (EX-101.CAL) — 36KB
• msn-20231231_def.xml (EX-101.DEF) — 236KB
• msn-20231231_lab.xml (EX-101.LAB) — 222KB
• msn-20231231_pre.xml (EX-101.PRE) — 260KB
• msn20231231_10q_htm.xml (XML) — 389KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

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

Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 20

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 20

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. The Company recently engaged a new independent registered public accounting firm and such firm has not yet completed its review of the unaudited interim consolidated financial statements as of, and for the three and nine months ended December 31, 2023 presented in this Quarterly Report on Form 10-Q, in accordance with Public Company Accounting Oversight Board Auditing Standard 4105, Reviews of Interim Financial Information. Accordingly, this Quarterly Report on Form 10-Q is considered substantially deficient and the Company is no longer considered to be timely or current in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Once the registered public accounting firm has completed its review of the financial statements in this Quarterly Report on Form 10-Q, the Company plans to remediate the deficiency by filing an appropriate amendment to this Quarterly Report on Form 10-Q with the Securities and Exchange Commission ("SEC"). While this Quarterly Report on Form 10-Q does not comply with the requirements of Regulation S-X, and should not be interpreted to be a substitute for the review that would normally occur by the Company's independent registered public accounting firm, the Company's management believes that the interim financial information presented herein fairly presents, in all material respects, the financial condition and results of operations of the Company as of the end of and for the referenced periods. Except for the absence of this review of the unaudited interim financial information discussed above, this Quarterly Report on Form 10-Q fully complies with the requirements of the Exchange Act and the Company believes it is prudent to file this Quarterly Report on Form 10-Q with the SEC in spite of the current circumstances to provide the financial and other information set forth therein to its stockholders and other interested parties. EMERSON RADIO CORP. AND SUBSIDIARIES CONSOLIDAT