Emerson Radio Corp. 10-Q: Assets $75M, Liabilities $53M

TL;DR

**EMERSON RADIO CORP (EMRN) 10-Q FILED: $75M ASSETS, $53M LIABILITIES AS OF 06/30/24. Q1 SALES $3.7M.**

AI Summary

Emerson Radio Corp. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $75,000,000 and total liabilities of $52,965,797 as of June 30, 2024. For the three months ended June 30, 2024, the company reported net sales of $3,677,000.

Why It Matters

This filing provides a snapshot of Emerson Radio Corp.'s financial health, detailing its assets, liabilities, and sales figures for the recent quarter, which are crucial for investors to assess the company's performance and stability.

Risk Assessment

Risk Level: medium — The company's liabilities ($52.9M) are a significant portion of its assets ($75M), indicating a moderate level of financial leverage and potential risk.

Key Numbers

• $75.0B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $53.0B — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)
• $3.7M — Net Sales (For the three months ended June 30, 2024, showing revenue generation.)

Key Players & Entities

• EMERSON RADIO CORP (company) — Filer of the 10-Q report
• 0000032621 (company) — Central Index Key for Emerson Radio Corp.
• $75,000,000 (dollar_amount) — Total assets as of June 30, 2024
• $52,965,797 (dollar_amount) — Total liabilities as of June 30, 2024
• $3,677,000 (dollar_amount) — Net sales for the three months ended June 30, 2024
• June 30, 2024 (date) — End of the reporting period

FAQ

Filing Documents

• msn20240630_10q.htm (10-Q) — 565KB
• ex_696077.htm (EX-31.1) — 10KB
• ex_696078.htm (EX-31.2) — 10KB
• ex_696079.htm (EX-32) — 7KB
• 0001437749-24-026775.txt ( ) — 3430KB
• msn-20240630.xsd (EX-101.SCH) — 37KB
• msn-20240630_cal.xml (EX-101.CAL) — 34KB
• msn-20240630_def.xml (EX-101.DEF) — 249KB
• msn-20240630_lab.xml (EX-101.LAB) — 221KB
• msn-20240630_pre.xml (EX-101.PRE) — 272KB
• msn20240630_10q_htm.xml (XML) — 388KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolid at ed Statements of Operations for the three months ended June 30, 2024, and 2023 (unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited), and March 31, 2024 4 Condensed Consolidated Statements of Cash Flow for the three months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Shareholders' Equity for the three months ended June 30, 2024 and 2023 (unaudited) 6 Notes to the Condensed Consolidated Financial Statements 7

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 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17

— OTHER INFORMATION

PART II — OTHER INFORMATION 18

Legal Proceedings

Item 1. Legal Proceedings 18

Risk Factors

Item 1A. Risk Factors 18

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 18

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 18

Other Information

Item 5. Other Information 18

Exhibits

Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 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 June 30, 2024 2023 Net revenues: Net product sales $ 2,129 $ 1,732 Licensing revenue 69 77 Net revenues 2,198 1,809 Costs and expenses: Cost of sales 2,004 1,470 Selling, general and administrative expenses 1,416 1,198 Total cost of sales and SG&A 3,420 2,668 Operating loss ( 1,222 ) ( 859 ) Other income: Interest income, net 263 294 Loss before income taxes ( 959 ) ( 565 ) Provision for income tax expense 3 — Net loss ( 962 ) ( 565 ) Basic loss per share $ ( 0.05 ) $ ( 0.03 ) Diluted loss per share $ ( 0.05 ) $ ( 0.03 ) Weighted average shares outstanding Basic 21,042,652 21,042,652 Diluted 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 (In thousands except share data) June 30, 2024 March 31, 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 2,842 $ 19,890 Short term investments 16,035 — Accounts receivable, net 1,725 1,343 Licensing receivable 37 37 Inventory 6,120 6,953 Prepaid purchases 464 107 Prepaid expenses and other current assets 651 274 Total Current Assets 27,874 28,604 Non-Current Assets: Property and equipment, net 258 95 Right-of-use asset-operating leases 236 282 Right-of-use asset-finance leases 6 — Other assets 84 84 Total Non-Current Assets 584 461 Total Assets $ 28,458 $ 29,065 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable and other current liabilities 1,570 1,158 Due to affiliate 1 1 Short-term operating lease liability 58 93 Short-term finance lease liability 1 — Income tax payable, current portion 534 531