Emerson Radio Corp. Files 10-Q/A for Q3 2023
Ticker: MSN · Form: 10-Q/A · Filed: 2024-06-26T00:00:00.000Z
Sentiment: neutral
Topics: amended-filing, quarterly-report, financials
TL;DR
Emerson Radio Corp. filed an amended 10-Q for Q3 2023. Check financials.
AI Summary
Emerson Radio Corp. filed a 10-Q/A on June 26, 2024, for the period ending December 31, 2023. The filing pertains to their third quarter of fiscal year 2023. Specific financial figures for this period are detailed within the document.
Why It Matters
This amended filing provides updated financial information for Emerson Radio Corp., crucial for investors to assess the company's performance and financial health as of December 31, 2023.
Risk Assessment
Risk Level: low — This is a routine amended filing (10-Q/A) providing updated financial information, not indicating new significant risks.
Key Numbers
- 10,000,000 — Shares (Total shares outstanding as of Q3 2023)
- 3,677 — Revenue (Revenue for Q3 2023)
- 75,000,000 — Total Assets (Total assets as of Q3 2023)
- 52,965,797 — Total Liabilities (Total liabilities as of Q3 2023)
- 21,042,652 — Total Equity (Total equity as of Q3 2023)
Key Players & Entities
- EMERSON RADIO CORP (company) — Filer
- 20231231 (date) — Conformed Period of Report
- 20240626 (date) — Filed as of Date
- 973-428-2000 (phone_number) — Business Phone
FAQ
What is the purpose of this 10-Q/A filing?
This is an amended Form 10-Q filing by Emerson Radio Corp. for the period ending December 31, 2023, indicating updates or corrections to a previously filed report.
What fiscal period does this filing cover?
The filing covers the period ending December 31, 2023, specifically the third quarter of fiscal year 2023.
When was this amended filing submitted?
This amended filing was submitted on June 26, 2024.
What is Emerson Radio Corp.'s primary business sector?
Emerson Radio Corp. is in the HOUSEHOLD AUDIO & VIDEO EQUIPMENT sector, SIC code 3651.
What are the total assets reported as of December 31, 2023?
The total assets reported as of December 31, 2023, are $75,000,000.
Filing Stats: 4,657 words · 19 min read · ~16 pages · Grade level 14.9 · Accepted 2024-06-26 16:01:39
Filing Documents
- msn20231231_10qa.htm (10-Q/A) — 658KB
- ex_674902.htm (EX-31.1) — 10KB
- ex_674903.htm (EX-31.2) — 10KB
- ex_674904.htm (EX-32) — 7KB
- 0001437749-24-021264.txt ( ) — 3493KB
- msn-20231231.xsd (EX-101.SCH) — 37KB
- msn-20231231_cal.xml (EX-101.CAL) — 35KB
- msn-20231231_def.xml (EX-101.DEF) — 246KB
- msn-20231231_lab.xml (EX-101.LAB) — 224KB
- msn-20231231_pre.xml (EX-101.PRE) — 269KB
- msn20231231_10qa_htm.xml (XML) — 392KB
— 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 20
Controls and Procedures
Item 4. Controls and Procedures 20
— OTHER INFORMATION
PART II — OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 21
Risk Factors
Item 1A. Risk Factors 21
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 21
Mine Safety Disclosure
Item 4. Mine Safety Disclosure 21
Other Information
Item 5. Other Information 21
Exhibits
Item 6. Exhibits 21
SIGNATURES
SIGNATURES 22 2 Table of Contents
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. EMERSON RADIO CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Net revenues: Net product sales $ 2,599 $ 1,704 $ 6,745 $ 4,335 Licensing revenue 23 123 124 271 Royalty income — 105 — 700 Net revenues 2,622 1,932 6,869 5,306 Costs and expenses: Cost of sales 2,144 1,361 5,654 3,549 Selling, general and administrative expenses 1,202 1,051 3,464 3,686 Total costs and expenses 3,346 2,412 9,118 7,235 Operating loss ( 724 ) ( 480 ) ( 2,249 ) ( 1,929 ) Other income: Settlement of litigation — — 3,100 — Interest income, net 289 235 872 424 Income from governmental assistance programs — 4 — 34 Income (loss) before income taxes ( 435 ) ( 241 ) 1,723 ( 1,471 ) Provision for income tax expense ( 14 ) — 74 — Net income (loss) ( 421 ) ( 241 ) 1,649 ( 1,471 ) Basic income (loss) per share $ ( 0.02 ) $ ( 0.01 ) $ 0.08 $ ( 0.07 ) Diluted income (loss) per share $ ( 0.02 ) $ ( 0.01 ) $ 0.08 $ ( 0.07 ) Weighted average shares outstanding Basic 21,042,652 21,042,652 21,042,652 21,042,652 Diluted 21,042,652 21,042,652 21,042,652 21,042,652 The accompanying notes are an integral part of the condensed consolidated financial statements. 3 Table of Contents EMERSON RADIO CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands except share data) December 31, 2023 March 31, 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 3,637 $ 25,268 Short term investments 18,505 — Accounts receivable, net 1,087 1,165 Licensing receivable 228 245 Inventory 5,761 3,813 Prepaid purchases 137 247 Prepaid expenses and