Emerson Radio Corp. Files 2024 10-K

Ticker: MSN · Form: 10-K · Filed: 2024-06-27T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, financials, fiscal-year-end

TL;DR

Emerson Radio Corp. 10-K filed: $31.9M assets as of 03/31/24. Household audio/video biz.

AI Summary

Emerson Radio Corp. filed its 10-K for the fiscal year ending March 31, 2024, reporting total assets of $31,923,145. The company's primary business involves household audio and video equipment. Key financial figures for the fiscal year include revenue from products, licenses, and royalties, though specific dollar amounts for these are not detailed in this excerpt.

Why It Matters

This filing provides a snapshot of Emerson Radio Corp.'s financial health and operational status as of March 31, 2024, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — The provided excerpt is a standard 10-K filing with basic financial data and does not contain information suggesting immediate or significant risks.

Key Numbers

Key Players & Entities

FAQ

What were Emerson Radio Corp.'s total assets as of March 31, 2024?

Emerson Radio Corp.'s total assets were $31,923,145 as of March 31, 2024.

What is Emerson Radio Corp.'s fiscal year end date?

Emerson Radio Corp.'s fiscal year end date is March 31 (0331).

When was this 10-K filing submitted to the SEC?

This 10-K filing was submitted to the SEC on June 27, 2024 (20240627).

What is the Standard Industrial Classification (SIC) code for Emerson Radio Corp.?

The SIC code for Emerson Radio Corp. is 3651, which corresponds to Household Audio & Video Equipment.

What was the previous company name for Emerson Radio Corp.?

The previous company name for Emerson Radio Corp. was MAJOR ELECTRONICS CORP, with a name change date of September 21, 1977 (19770921).

Filing Stats: 4,450 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-06-27 16:01:35

Filing Documents

BUSINESS

Item 1. BUSINESS 4

RISK FACTORS

Item 1A. RISK FACTORS 8

UNRESOLVED STAFF COMMENTS

Item 1B. UNRESOLVED STAFF COMMENTS 19

CYBERSECURITY

Item 1C. CYBERSECURITY 19

PROPERTIES

Item 2. PROPERTIES 19

LEGAL PROCEEDINGS

Item 3. LEGAL PROCEEDINGS 19

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 19 PART II 20

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 20

[RESERVED]

Item 6. [RESERVED] 20

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 27

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 47

CONTROLS AND PROCEDURES

Item 9A. CONTROLS AND PROCEDURES 47

OTHER INFORMATION

Item 9B. OTHER INFORMATION 47

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 47 PART III 48

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 48

EXECUTIVE COMPENSATION

Item 11. EXECUTIVE COMPENSATION 51

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 52

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 52

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 53 PART IV 54

EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

Item 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 54

FORM 10-K SUMMARY

Item 16. FORM 10-K SUMMARY 55

SIGNATURES

SIGNATURES 56 2 Table of Contents PART I Forward-Looking Information This report contains forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may," "will," "can," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "seek," "estimate," "continue," "plan," "project," "predict," "could," "intend," "target," "potential," and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the Company's ability to generate sufficient revenue to achieve and maintain profitability; the Company's ability to obtain new customers and retain key existing customers, including the Company's ability to maintain purchase volumes of the Company's products by its key customers; the Company's ability to obtain new licensees and distribution relationships and maintain relationships with its existing licensees and distributors; the Company's ability to resist price increases from its suppliers or pass through such inc

BUSINESS

BUSINESS The Company — Overview Unless the context otherwise requires, the term "the Company" and "Emerson," refers to Emerson Radio Corp. and its subsidiaries. Emerson Radio Corp. was incorporated in Delaware in 1994. The Company designs, sources, imports and markets a variety of houseware and consumer electronic products, and licenses its trademarks to others on a worldwide basis for a variety of products. General The Company, directly and through it's subsidiaries, designs, sources, imports, markets, sells and licenses to certain licensees a variety of houseware and consumer electronic products, both domestically and internationally, under the Emerson brand name. The Company believes its competitive advantages include a combination of: recognition of the Emerson brand; the Company's distribution base and established customer relations; the Company's sourcing expertise and established vendor relations; an infrastructure with personnel experienced in servicing and providing logistical support to the domestic mass merchant distribution channel, or supervising third-party logistics providers in providing same; and the Company's extensive experience in establishing license and distribution agreements on a global basis for a variety of products. The Company intends to continue leveraging its core competencies to offer a variety of current and new houseware and consumer electronic products to customers. In addition, the Company intends to continue entering into licenses for the use of its trade names and trademarks by third parties. See "Licensing Activities." The Company's core business consists of selling, distributing, and licensing various low and moderately priced houseware and consumer electronic products in various categories. All of the Company's marketing and sales efforts are currently concentrated in the United States. 4 Table of Contents Products The Company's current product categories, which include licensed products, consist primaril

RISK FACTORS

Item 1A. RISK FACTORS The reader should carefully consider these risk factors in addition to those set forth in the Company's financial statements or the notes thereto. Additional risks about which the Company is not yet aware or that the Company currently believes to be immaterial also may adversely affect the Company's business operations. If any of the following occur, the Company's business, financial condition or operating results may be adversely affected. In that case, the price of the Company's common stock may decline. Business, Operational and Strategic Risks The Company relies on a small number of key customers for the majority of its business, and the loss or significant reduction in business with any of these key customers would materially and adversely affect the Company ' s revenues and earnings. Certain customers have historically made up a significant percen tage of the Company's product sales and net revenues. For fiscal 2024, Walmart, Amazon and Fred Meyer accounted for approximately 53%, 20% and 10%, respectively, of the Company's net revenues. For fiscal 2023, Walmart, Amazon and Fred Meyer accounted for approximately 42%, 23% and 12%, respectively, of the Company's net revenues. No other customer accounted for more than 10% of the Company's net revenues during these periods. All customer purchases are made through individual purchase orders and the Company does not have any long-term supply contracts with its customers. Accordingly, sales from customers that have accounted for a significant portion of the Company's net product sales and net revenues in past periods, individually or as a group, ma y not continue in future periods, or if continued, may not reach or exceed historical levels in any period, which has happened in the past and could happen in the future. Some of the Company's key customers may also experience economic difficulties or otherwise default on their obligations to the Company. The complete loss of, or significant red

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