Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-07731

EMERSON RADIO CORP.

(Exact name of registrant as specified in its charter)

Delaware	22-3285224
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

959 Route 46 East, Suite 210, Parsippany, NJ	07054
(Address of principal executive offices)	(Zip code)

(973) 428-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share	MSN	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of common stock as of November 14, 2024: 21,042,652.

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TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements	3
Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2024, and 2023 (unaudited)	3
Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited), and March 31, 2024	4
Condensed Consolidated Statements of Cash Flow for the six months ended September 30, 2024 and 2023 (unaudited)	5
Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended September 30, 2024 and 2023 (unaudited)	6
Notes to the Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition	14
Item 3. Quantitative and Qualitative Disclosures About Market Risk	19
Item 4. Controls and Procedures	19
PART II — OTHER INFORMATION	20
Item 1. Legal Proceedings	20
Item 1A. Risk Factors	20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3. Defaults Upon Senior Securities	20
Item 4. Mine Safety Disclosure	20
Item 5. Other Information	20
Item 6. Exhibits	20
SIGNATURES	21

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

EMERSON RADIO CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	*Three Months Ended September 30,*						*Six Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*

Net revenues:
Net product sales	$	2,670		$	2,414		$	4,799		$	4,146
Licensing revenue		68			24			137			101
Net revenues		2,738			2,438			4,936			4,247
Costs and expenses:
Cost of sales		2,466			2,040			4,470			3,510
Selling, general and administrative expenses		1,389			1,064			2,805			2,262
Total cost of sales and SG&A		3,855			3,104			7,275			5,772
Operating loss		(1,117	)		(666	)		(2,339	)		(1,525	)
Other income:
Settlement of litigation		—			3,100			—			3,100
Interest income, net		236			289			499			583
(Loss) income before income taxes		(881	)		2,723			(1,840	)		2,158
Provision for income tax expense		—			88			3			88
Net (loss) income		(881	)		2,635			(1,843	)		2,070
Basic (loss) income per share	$	(0.04	)	$	0.13		$	(0.09	)	$	0.10
Diluted (loss) income per share	$	(0.04	)	$	0.13		$	(0.09	)	$	0.10
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.

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EMERSON RADIO CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except share data)

	*September 30, 2024*			*March 31, 2024*
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	464		$	19,890
Short term investments		16,277			—
Accounts receivable, net		2,112			1,343
Licensing receivable		37			37
Inventory		6,128			6,953
Prepaid purchases		298			107
Prepaid expenses and other current assets		410			274
Total Current Assets		25,726			28,604
Non-Current Assets:
Property and equipment, net		245			95
Right-of-use asset-operating leases		509			282
Right-of-use asset-finance leases		6			—
Other assets		84			84
Total Non-Current Assets		844			461
Total Assets	$	26,570		$	29,065
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and other current liabilities		838			1,158
Due to affiliate		1			1
Short-term operating lease liability		128			93
Short-term finance lease liability		1			—
Income tax payable, current portion		668			531
Deferred revenue		149			191
Total Current Liabilities		1,785			1,974
Non-Current Liabilities:
Long-term operating lease liability		397			198
Long-term finance lease liability		6			—
Income tax payable-deferred		—			668
Total Non-Current Liabilities		403			866
Total Liabilities	$	2,188		$	2,840
Shareholders’ Equity:
Series A Preferred shares — 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000		3,310			3,310
Common shares — $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued at September 30, 2024 and March 31, 2024, respectively; 21,042,652 shares outstanding at September 30, 2024 and March 31, 2024, respectively		529			529
Additional paid-in capital		79,792			79,792
Accumulated deficit		(26,048	)		(24,205	)
Treasury stock, at cost (31,923,145 shares at September 30, 2024 and March 31, 2024, respectively)		(33,201	)		(33,201	)
Total Shareholders’ Equity		24,382			26,225
Total Liabilities and Shareholders’ Equity	$	26,570		$	29,065

The accompanying notes are an integral part of the condensed consolidated financial statements.

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EMERSON RADIO CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	*Six Months Ended September 30,*
	*2024*			*2023*
	(In thousands)
Cash Flows from Operating Activities:
Net (loss) income	$	(1,843	)	$	2,070
Adjustments to reconcile net loss to net cash (used) by operating activities:
Non-cash lease expense		86			77
Depreciation and amortization		37			10
Changes in assets and liabilities:
Accounts receivable		(769	)		(668	)
Licensing receivable		—			233
Inventory		825			(1,927	)
Prepaid purchases		(191	)		(133	)
Prepaid expenses and other current assets		(136	)		(57	)
Other assets		—			(10	)
Accounts payable and other current liabilities		(320	)		(61	)
Right of use assets-operating		(313	)		(248	)
Right of use assets-finance		(6	)		—
Short term lease liabilities		35			23
Long term lease liabilities		199			157
Income taxes payable		(531	)		(313	)
Advanced deposits		—			(3,316	)
Deferred revenue		(42	)		(149	)
Net cash (used) by operating activities		(2,969	)		(4,312	)
Cash Flows From Investing Activities:
Purchases of short-term investments		(16,277	)		—
Additions to property and equipment		(187	)		(85	)
Net cash (used) by investing activities		(16,464	)		(85	)
Cash Flows from Financing Activities:
Short term finance liability		1			—
Long term finance liability		6			—
Net cash provided by financing activities		7			—
Net (decrease) in cash and cash equivalents		(19,426	)		(4,397	)
Cash and cash equivalents at beginning of the period		19,890			25,268
Cash and cash equivalents at end of the period	$	464		$	20,871
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	313			248
Right-of-use assets obtained in exchange for new finance lease liabilities	$	6			—
Supplemental disclosures:
Cash paid for:
Interest	$	3		$	3
Income taxes	$	535		$	401

The accompanying notes are an integral part of the condensed consolidated financial statements.

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EMERSON RADIO CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(In thousands)

	*Preferred Stock*				*Common Stock*				*Additional*								*Total*
	*Number*		*Preferred*		*Number*		*Par*		*Paid-In*		*Accumulated*			*Treasury*			*Shareholders’*
	*of Shares*		*Value*		*of Shares*		*Value*		*Capital*		*Deficit*			*Stock*			*Equity*
Balance — March 31, 2024		3,677	$	3,310		52,965,797	$	529	$	79,792	$	(24,205	)	$	(33,201	)	$	26,225
Net loss		—		—		—		—		—		(962	)		—			(962	)
Balance — June 30, 2024		3,677	$	3,310		52,965,797	$	529	$	79,792	$	(25,167	)	$	(33,201	)	$	25,263
Net loss		—		—		—		—		—		(881	)		—			(881	)
Balance — September 30, 2024		3,677	$	3,310		52,965,797	$	529	$	79,792	$	(26,048	)	$	(33,201	)	$	24,382

	*Preferred Stock*				*Common Stock*				*Additional*								*Total*
	*Number*		*Preferred*		*Number*		*Par*		*Paid-In*		*Accumulated*			*Treasury*			*Shareholders’*
	*of Shares*		*Value*		*of Shares*		*Value*		*Capital*		*Deficit*			*Stock*			*Equity*
Balance — March 31, 2023		3,677	$	3,310		52,965,797	$	529	$	79,792	$	(24,971	)	$	(33,201	)	$	25,459
Net loss		—		—		—		—		—		(565	)		—			(565	)
Balance — June 30, 2023		3,677	$	3,310		52,965,797	$	529	$	79,792	$	(25,536	)	$	(33,201	)	$	24,894
Net income		—		—		—		—		—		2,635			—			2,635
Balance — September 30, 2023		3,677	$	3,310		52,965,797	$	529	$	79,792	$	(22,901	)	$	(33,201	)	$	27,529

The accompanying notes are an integral part of the condensed consolidated financial statements.

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EMERSON RADIO CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 — BACKGROUND AND BASIS OF PRESENTATION

The condensed consolidated financial statements include the accounts of Emerson Radio Corp. and its subsidiaries (“Emerson” or the “Company”). The Company designs, sources, imports and markets certain houseware and consumer electronic products, and licenses the Company’s trademarks for a variety of products.

The unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s condensed consolidated financial position as of September 30, 2024 and the results of operations for the three and six month periods ended September 30, 2024 and September 30, 2023. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the condensed consolidated financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and accordingly do not include all of the disclosures normally made in the Company’s annual condensed consolidated financial statements. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024 (“fiscal 2024”), included in the Company’s Annual Report on Form 10-K for fiscal 2024.

The results of operations for the three and six month periods ended September 30, 2024 are not necessarily indicative of the results of operations that may be expected for any other condensed period or for the full year ending March 31, 2025 (“fiscal 2025”).

Recent Accounting Pronouncement

The following Accounting Standards Update (“ASU”) was issued by the Financial Accounting Standards Board (“FASB”) which relate to or could relate to the Company as concerns the Company’s normal ongoing operations or the industry in which the Company operates.

Accounting Standards Update 2023-07 Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures” (Issued October 2023)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures" ("ASU 2023-07") to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this guidance did not have any impact on the Company's segment reporting.

Segment Reporting

The Company operates as one reportable segment under Accounting Standards Codification "(ASC)" 280, Segment Reporting. The chief operating decision maker regularly reviews the financial information of the Company at a consolidated level in determining how to allocate resources and in assessing performance.

Revenue Recognition

Sales to customers and related cost of sales are primarily recognized at the point in time when control of goods transfers to the customer. The Company recognizes revenue at the time title passes to the customer as this is when the Company satisfies its performance obligation under the contracts with its customers. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good. Under the Direct Import Program, title passes in the country of origin when the goods are passed over the rail of the customer’s vessel. Under the Domestic Program, title passes primarily at the time of shipment. Estimates for future expected returns are based upon historical return rates and netted against revenues.

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Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. Revenue is recorded net of customer discounts, promotional allowances, volume rebates and similar charges. When the Company offers the right to return product, historical experience is utilized to establish a liability for the estimate of expected returns. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue.

Management must make estimates of potential future product returns related to current period product revenue. Management analyzes historical returns, current economic trends and changes in customer demand for the Company’s products when evaluating the adequacy of the reserve for sales returns. Management judgments and estimates must be made and used in connection with establishing the sales return reserves in any accounting period. Additional reserves may be required if actual sales returns increase above the historical return rates. Conversely, the sales return reserve could be decreased if the actual return rates are less than the historical return rates, which were used to establish the reserve.

Sales allowances, marketing support programs, promotions and other volume-based incentives which are provided to retailers and distributors are accounted for on an accrual basis as a reduction to net revenues in the period in which the related sales are recognized in accordance with ASC topic 606, “Revenue from Contracts with Customers” (“ASC 606”).

At the time of sale, the Company reduces recognized gross revenue by allowances to cover, in addition to estimated sales returns as required by ASC 606, (i) sales incentives offered to customers that meet the criteria for accrual and (ii) an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers, which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items, because that percentage of shipped revenue fails to meet the collectability criteria within ASC 606.

If additional marketing support programs, promotions and other volume-based incentives are required to promote the Company’s products subsequent to the initial sale, then additional reserves may be required and are accrued for when such support is offered.

The Company offers limited warranties for its consumer electronics, comparable to those offered to consumers by the Company’s competitors in the United States. Such warranties typically consist of a one year period for microwaves and refrigerators and a 90 day period for audio products, under which the Company pays for labor and parts, or offers a new or similar unit in exchange for a non-performing unit. The Company estimates its warranty reserve based on sales and its historical warranty claim rates.

Licensing: In addition to the distribution of products, the Company grants licenses for the right to access the Company’s intellectual property, specifically the Company’s trademarks, for a stated term for the manufacture and/or sale of consumer electronics and other products under agreements which require payment of either (i) a non-refundable minimum guaranteed royalty or, (ii) the greater of (a) the actual royalties due (based on a contractual calculation, normally comprised of actual product sales by the licensee multiplied by a stated royalty rate, or “Sales Royalties”) or (b) a minimum guaranteed royalty amount. In the case of the foregoing clause (i), such amounts are recognized as revenue on a straight-line basis over the term of the license agreement. In the case of the foregoing clause (ii), Sales Royalties in excess of guaranteed minimums are accounted for as variable fees and are not recognized as revenue until the Company has ascertained that the licensee’s sales of products have exceeded the guaranteed minimum. In effect, the Company recognizes the greater of Sales Royalties earned to date or the straight-line amount of minimum guaranteed royalties to date. In the case where a royalty is paid to the Company in advance, the royalty payment is initially recorded as a liability and recognized as revenue as the royalties are deemed to be earned according to the principles outlined above. As of September 30, 2024, the Company recorded deferred revenue of approximately $149,000 as compared to approximately $191,000 as of March 31, 2024 on its condensed consolidated balance sheets. As of September 30, 2023, the Company recorded deferred revenue of nil as compared to approximately $149,000 as of March 31, 2023 on its condensed consolidated balance sheets. All of the deferred revenue for the periods presented are related to licensing revenue.

Disaggregation of Revenue

		*Three Months Ended September 30,*				*Six Months Ended September 30,*
Disaggregation of revenue (in 000's)	*2024*		*2023*		*2024*		*2023*

Net revenues by type:
Net product sales	$	2,670	$	2,414	$	4,799	$	4,146
Licensing revenue		68		24		137		101
Total:		2,738		2,438		4,936		4,247

Net revenues by customers: (over 10%)
Walmart	$	1,190	$	1,525	$	2,038	$	2,345
Amazon.com		999		517		1,984		1,085
Fred Meyer		379		287		544		618
Total:		2,568		2,329		4,566		4,048

NOTE 2— EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts). Weighted average shares includes the impact of shares held in treasury.

	*Three Months Ended September 30,*					*Six Months Ended September 30,*
	*2024*			*2023*		*2024*			*2023*

Numerator:
Net (loss) income	$	(881	)	$	2,635	$	(1,843	)	$	2,070
Denominator:
Denominator for basic and diluted loss/income per share — weighted average shares		21,042,652			21,042,652		21,042,652			21,042,652
Net (loss) income per share:
Basic and diluted (loss) income per share	$	(0.04	)	$	0.13	$	(0.09	)	$	0.10

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NOTE 3 — SHAREHOLDERS’ EQUITY

Outstanding capital stock at September 30, 2024 consisted of common stock and Series A preferred stock. The Series A preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.

At September 30, 2024, the Company had no options, warrants or other potentially dilutive securities outstanding.

NOTE 4 — INVENTORY

Inventories, which consist primarily of finished goods, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. As of September 30, 2024 and March 31, 2024, inventories consisted of the following (in thousands):

		*September 30, 2024*				*March 31, 2024*
Finished goods		$	6,128			$	6,953

NOTE 5 — INCOME TAXES

At September 30, 2024, the Company had $16.6 million of U.S. federal net operating loss (“NOL”) carry forwards. These losses do not expire but are limited to utilization of 80% of taxable income in any one year. At September 30, 2024, the Company had approximately $16.7 million of U.S. state NOL carry forwards. The tax benefits related to these state NOL carry forwards and future deductible temporary differences are recorded to the extent management believes it is more likely than not that such benefits will be realized.

The income of foreign subsidiaries before taxes was $249,000 for the three month period ended September 30, 2024 as compared to income of foreign subsidiaries before taxes of $296,000 for the three month period ended September 30, 2023. The income of foreign subsidiaries before taxes was $520,000 for the six month period ended September 30, 2024 as compared to income of foreign subsidiaries before taxes of $599,000 for the six month period ended September 30, 2023.

The Company analyzed the future reasonability of recognizing its deferred tax assets at September 30, 2024. As a result, the Company concluded that a 100% valuation allowance of approximately $4,837,000 would be recorded against the assets.

Although the Company generated a net operating loss, it recorded income tax expense of approximately nil and $3,000 during the three and six month periods ended September 30, 2024, respectively, primarily resulting from state income taxes. During the three and six month periods ended September 30, 2023, the Company generated net income and recorded income tax expense of approximately $88,000 and $88,000, respectively, of which approximately $9,000 resulted from state income taxes.. After the adoption of ASU 2019-12 “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes”during fiscal 2022, these non-income based state taxes are now reported within selling, general and administrative expenses.

The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. As of September 30, 2024, the Company’s open tax years for examination for U.S. federal tax are 2017-2024, and for U.S. states’ tax are 2015-2024. Based on the outcome of tax examinations or due to the expiration of statutes of limitations, it is reasonably possible that the unrecognized tax benefits related to uncertain tax positions taken in previously filed returns may be different from the liabilities that have been recorded for these unrecognized tax benefits. As a result, the Company may be subject to additional tax expense.

As of September 30, 2024, the Company is asserting under ASC 740-30 that all of the unremitted earnings of its foreign subsidiaries are indefinitely invested. The Company evaluates this assertion each period based on a number of factors, including the operating plans, budgets, and forecasts for both the Company and its foreign subsidiaries; the long-term and short-term financial requirements in the U.S. and in each foreign jurisdiction; and the tax consequences of any decision to repatriate earnings of foreign subsidiaries to the U.S.

As of September 30, 2024 and March 31, 2024, the Company had a federal tax liability of approximately $668,000 and $1,202,000, respectively, related to the repatriation of the Company’s undistributed earnings of its foreign subsidiaries as required by the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). As of September 30, 2024 and March 31, 2024, the Company’s short term portion was approximately $668,000 and $534,000, respectively, and the long term portion was nil and approximately $668,000, respectively.

The liability is payable over 8 years. The first five installments were each equal to 8%, the sixth was equal to 15%, the seventh was equal to 20% and the final installment is equal to 25% of the liability. As of September 30, 2024, the Company has paid seven of the eight installments. Each installment must be remitted on or before July 15^th of the year in which such installment is due.

NOTE 6 — RELATED PARTY TRANSACTIONS

From time to time, Emerson engages in business transactions with its controlling shareholder, Nimble Holdings Company Limited (“Nimble”), formerly known as The Grande Holdings Limited (“Grande”), and one or more of Nimble’s direct and indirect subsidiaries, or with entities related to the Company’s Chief Executive Officer. Set forth below is a summary of such transactions.

Controlling Shareholder

S&T International Distribution Limited (“S&T”), which is a wholly owned subsidiary of Grande N.A.K.S. Ltd., which is a wholly owned subsidiary of Nimble, collectively have, based on a Schedule 13D/A filed with the SEC on February 15, 2019, the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 72.4%, of the Company’s outstanding common stock as of September 30, 2024. Accordingly, the Company is a “controlled company” as defined in Section 801(a) of the NYSE American Company Guide.

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Related Party Transactions

Charges of rental and utility fees on office space in Hong Kong

During the three and six month periods ended September 30, 2024, the Company was billed approximately $36,000 and $76,000, respectively, for rental and utility fees from Vigers Appraisal and Consulting Ltd (“VACL”), which is a company related to the Company’s Chairman of the Board of Directors ("Chairman"). As of September 30, 2024 the Company owed approximately $1,000 to VACL related to these charges. During the three month and six month periods ended September 30, 2023, the Company was billed approximately $40,000 and $79,000, respectively, for rental and utility fees from VACL, which is a company related to the Company's Chairman. As of September 30, 2023 the Company owed approximately $1,000 to VACL related to these charges.

Charges for promotional items

During the three and six month periods ended September 30, 2024, the Company purchased nil and approximately $30,000, respectively, of promotional items from The Whisky Capital Pte Ltd ("TWCPL"), which is a company related to the Company's Chairman. As of September 30, 2024 the Company owed nil to TWCPL related to these charges. During the three and six month periods ended September 30, 2023, the Company had no transactions with TWCPL.

NOTE 7 — SHORT TERM DEPOSITS AND INVESTMENTS

As of September 30, 2024 and March 31, 2024, the Company held nil and approximately $19.1 million, respectively, in term deposits. Such term deposits had maturity dates of 90 days or less and, as a result, were classified as cash equivalents. As of September 30, 2024 and March 31, 2024, the Company held approximately $16.3 million and nil, respectively, in short term investments which had maturity dates greater than 90 days.

NOTE 8 — CONCENTRATION RISK

Customer Concentration

For the three month period ended September 30, 2024, the Company’s three largest customers accounted for approximately 86% of the Company’s net revenues, of which Walmart Inc. ("Walmart") accounted for approximately 42%, Amazon.com ("Amazon") accounted for approximately 31% and Fred Meyer accounted for approximately 13%. No other customer accounted for greater than 10% of the Company's net revenues during the period.

For the six month period ended September 30, 2024, the Company’s three largest customers accounted for approximately 84% of the Company’s net revenues, of which Walmart accounted for approximately 39%, Amazon accounted for approximately 34% and Fred Meyer accounted for approximately 11%. No other customer accounted for greater than 10% of the Company's net revenues during the period.

For the three month period ended September 30, 2023, the Company’s three largest customers accounted for approximately 90% of the Company’s net revenues, of which Walmart accounted for approximately 60%, Amazon accounted for approximately 19% and Fred Meyer accounted for approximately 11%. No other customer accounted for greater than 10% of the Company's net revenues during the period.

For the six month period ended September 30, 2023, the Company’s three largest customers accounted for approximately 89% of the Company’s net revenues, of which Walmart accounted for approximately 53%, Amazon accounted for approximately 22% and Fred Meyer accounted for approximately 14%. No other customer accounted for greater than 10% of the Company's net revenues during the period.

A significant decline in net sales to any of the Company’s key customers would have a material adverse effect on the Company’s business, financial condition and results of operation.

Product Concentration

For the three and six month periods ended September 30, 2024, the Company’s gross product sales included microwave ovens, which generated approximately 43% and 45%, respectively, of the Company’s gross product sales and audio products, which generated approximately 55% and 52%, respectively, of the Company’s gross product sales. No other products accounted for greater than 10% of the Company's gross product sales during the period.

For the three and six month periods ended September 30, 2023, the Company’s gross product sales included microwave ovens, which generated approximately 27% and 32%, respectively, of the Company’s gross product sales and audio products, which generated approximately 70% and 66%, respectively, of the Company’s gross product sales. No other products accounted for greater than 10% of the Company's gross product sales during the period.

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Concentrations of Credit Risk

As a percentage of the Company’s total trade accounts receivable, net of specific reserves, the Company’s top four customers accounted for approximately 42%, 23%, 16% and 14% respectively, as of September 30, 2024. No other customers accounted for greater than 10% of the Company's total trade accounts receivable, net of specific reserves, as of such date. As a percentage of the Company’s total trade accounts receivable, net of specific reserves, the Company’s top three customers accounted for approximately 34%, 30% and 25%, respectively, as of March 31, 2024. No other customers accounted for greater than 10% of the Company's total trade accounts receivable, net of specific reserves, as of such date. The Company periodically performs credit evaluations of its customers but generally does not require collateral, and the Company provides for any anticipated credit losses in the financial statements based upon management’s estimates and ongoing reviews of recorded allowances. Due to the high concentration of the Company’s net trade accounts receivables among just two customers, any significant failure by one of these customers to pay the Company the amounts owing against these receivables would result in a material adverse effect on the Company’s business, financial condition and results of operations.

The Company maintains its cash accounts with major U.S. and foreign financial institutions. The Company’s cash balances on deposit in the U.S. as of September 30, 2024 and March 31, 2024 were insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per qualifying bank account in accordance with FDIC rules. The Company’s cash, cash equivalents and restricted cash balances in excess of these FDIC-insured limits were approximately $0.2 million and approximately $19.6 million at September 30, 2024 and March 31, 2024, respectively.

Supplier Concentration

During the three month period ended September 30, 2024, the Company procured 91% of its products for resale from its four largest factory suppliers, of which approximately 47% was supplied by its largest supplier and approximately 16%, 16% and 12%, respectively, was supplied by the other three suppliers. During the three month period ended September 30, 2023, the Company procured 80% of its products for resale from its three largest factory suppliers, of which approximately 34% was supplied by its largest supplier and approximately 31% and 15%, respectively, was supplied by the other two suppliers. No other suppliers accounted for greater than 10% for either three month periods ended September 30, 2024 or September 30, 2023.

During the six month period ended September 30, 2024, the Company procured 100% of its products for resale from its five largest factory suppliers, of which approximately 38% was supplied by its largest supplier and approximately 19%, 17%, 16% and 10%, respectively, was supplied by the other three suppliers. During the six month period ended September 30, 2023, the Company procured 80% of its products for resale from its three largest factory suppliers, of which approximately 39% was supplied by its largest supplier and approximately 24% and 17%, respectively, was supplied by the other two suppliers. No other suppliers accounted for greater than 10% for either six month periods ended September 30, 2024 or September 30, 2023.

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NOTE 9 — LEASES

The Company leases office space in the U.S. and in Hong Kong as well as a copier in the U.S. These leases have remaining non-cancellable lease terms of thirty-five to fifty-seven months. The Company has elected not to separate lease and non-lease components for all leased assets. The Company did not identify any events or conditions during the quarter ended September 30, 2024 to indicate that a reassessment or re-measurement of the Company’s existing leases was required.

As of September 30, 2024, the Company’s current operating lease liabilities and finance lease liabilities were $128,000 and $1,000, respectively and its non-current operating lease liabilities and finance lease liabilities were $397,000 and $6,000, respectively. The Company’s operating and finance lease right-of-use asset balances are presented in non-current assets. The net balance of the Company’s operating and finance lease right-of-use assets as of September 30, 2024 was $509,000 and $6,000, respectively.

As disclosed in "Note 6 - Related Party Transactions", the Company's Hong Kong office space is being leased from VACL, which is a company related to the Company's Chairman. As of September 30, 2024, the current operating liability of this lease is approximately $95,000 and its non-current liability is $211,000. Its right-of-use asset value is approximately $306,000, as of September 30, 2024.

The components of lease costs, which were included in operating expenses in the Company’s condensed consolidated statements of operations, were as follows:

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
	(in thousands)				(in thousands)
Lease cost
Operating lease cost	$	48	$	52	$	100	$	89

The supplemental cash flow information related to leases are as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		42		43		95		80

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		313		248		313		248
Finance leases		6		—		6		—

Information relating to the lease term and discount rate are as follows:

Weighted average remaining lease term (in months)	*As of September 30, 2024*			*As of September 30, 2023*
Operating leases		41.3			44.7
Finance leases		56.2			8.2

Weighted average discount rate
Operating leases		10.39	%		9.28	%
Finance leases		10.50	%		7.50	%

As of September 30, 2024 the maturities of lease liabilities were as follows:

(in thousands)	Operating Leases			Finance Leases

2025	$	92		$	1
2026		226			2
2027		187			2
2028		118			2
2029		52			2
Thereafter		—			—
Total lease payments	$	675		$	9
Less: Imputed interest		(150	)		(2	)
Total	$	525		$	7

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NOTE 10 —LEGAL PROCEEDINGS

On October 10, 2023, the US District Court for the District of Delaware granted final judgment in favor of the Company in its trademark infringement lawsuit against air conditioning and heating products provider Emerson Quiet Kool and wholesaler Home Easy (the “defendants”). Among other things, the court order issues an injunction and directs the US Patent and Trademark Office to cancel the defendants’ existing and proposed "Emerson Quiet Kool" trademarks and prohibits defendants from registering or applying to register, or using the same mark or any other mark or name containing the word "Emerson" going forward. The total judgment awarded to the Company has increased from approximately $6.5 million to approximately $10.4 million, inclusive of disgorgement of wrongful profits, attorney's fees and enhanced damages. The aggregate award to the Company also includes the $4.1 million of advanced deposits previously paid to the Company. The $4.1 million of advanced deposits was reduced by approximately $1 million of incurred legal fees. The remaining balance of $3.1 million was released by the Company to other income during the quarter ended September 30, 2023. Like any judgement, there is no guarantee that the Company will be able to collect the entire judgement or if it is able to collect, how soon it will be able to do so. The defendants have filed separate bankruptcy petitions in the US Bankruptcy Court for the District of New Jersey, and there is no guarantee that those bankruptcy proceedings will not have any effect on the ability of the Company to collect the judgement. The Company is not currently a party to any other legal proceedings other than litigation matters, in most cases involving ordinary and routine claims incidental to its business. Management cannot estimate with certainty the Company’s ultimate legal and financial liability with respect to such pending litigation matters. However, management believes, based on its examination of such matters, that the Company’s ultimate liability will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

NOTE 11— SUBSEQUENT EVENTS

As of the filing date of this Form 10-Q, there were no subsequent events identified to disclose.

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

The following discussion of the Company’s operations and financial condition should be read in conjunction with the interim condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

In the following discussions, most percentages and dollar amounts have been rounded to aid presentation. Accordingly, all amounts are approximations.

Forward-Looking Information

This report contains forward-looking statements within the meaning of 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 the Company’s 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. The reader can identify these forward-looking statements through the Company’s 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:

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the Company’s ability to generate sufficient revenue to achieve and maintain profitability;

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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;

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the Company’s ability to obtain new licensees and distribution relationships and maintain relationships with its existing licensees and distributors;

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the Company’s ability to resist price increases from its suppliers or pass through such increases to its customers;

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changes in consumer spending for retail products, such as the Company’s products, and in consumer practices, including sales over the Internet;

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the Company’s ability to maintain effective internal controls or compliance by its personnel with such internal controls;

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the Company’s ability to successfully manage its operating cash flows to fund its operations;

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the Company’s ability to anticipate market trends, enhance existing products or achieve market acceptance of new products;

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the Company’s ability to accurately forecast consumer demand and adequately manage inventory;

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the Company’s dependence on a limited number of suppliers for its components and raw materials;

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the Company’s dependence on third party manufacturers to manufacture and deliver its products;

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increases in shipping costs for the Company’s products or other service issues with the Company’s third-party shippers;

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the Company’s dependence on a third party logistics provider for the storage and distribution of its products in the United States;

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the ability of third party sales representatives to adequately promote, market and sell the Company’s products;

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the Company’s ability to maintain, protect and enhance its intellectual property;

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the effects of competition;

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the Company’s ability to distribute its products in a timely fashion, including the impact of labor disputes, public health threats and social unrest, if any;

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evolving cybersecurity threats to the Company’s information technology systems or those of its customers or suppliers;

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changes in foreign laws and regulations and changes in the political and economic conditions in the foreign countries in which the Company operates;

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changes in accounting policies, rules and practices;

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changes in tax rules and regulations or interpretations;

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changes in U.S. and foreign trade regulations and tariffs, including potential increases of tariffs on goods imported into the U.S., and uncertainty regarding the same;

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limited access to financing or increased cost of financing;

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the effects of currency fluctuations between the U.S. dollar and Chinese renminbi and increases in costs of production in China; and

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the other factors listed under “Risk Factors” in the Company’s Annual Report on Form 10-K, as amended, for the fiscal year ended March 31, 2024 and other filings with the SEC.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. The reader is cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this report or the date of the document incorporated by reference into this report. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise. The Company has expressed its expectations, beliefs and projections in good faith and it believes it has a reasonable basis for them. However, the Company cannot assure the reader that its expectations, beliefs or projections will result or be achieved or accomplished.

Results of Operations

The following table summarizes certain financial information for the three and six month periods ended September 30, 2024 (fiscal 2025) and September 30, 2023 (fiscal 2024) (in thousands):

	Three Months Ended September 30,						Six Months Ended September 30,
	2024			2023			2024			2023
Net product sales	$	2,670		$	2,414		$	4,799		$	4,146
Licensing revenue		68			24			137			101
Net revenues		2,738			2,438			4,936			4,247
Cost of sales		2,466			2,040			4,470			3,510
Selling, general and administrative expenses		1,389			1,064			2,805			2,262
Operating loss		(1,117	)		(666	)		(2,339	)		(1,525	)
Settlement of litigation		—			3,100			—			3,100
Interest income, net		236			289			499			583
(Loss) income before income taxes		(881	)		2,723			(1,840	)		2,158
Provision for income taxes		—			88			3			88
Net (loss) income	$	(881	)	$	2,635		$	(1,843	)	$	2,070

Net product sales — Net product sales for the three month period ended September 30, 2024 were approximately $2.7 million as compared to approximately $2.4 million for the three month period ended September 30, 2023, an increase of approximately $0.3 million, or 10.6%. The Company’s sales during the three month period ended September 30, 2024 were highly concentrated among its three largest customers –Walmart, Amazon, and Fred Meyer – comprising in the aggregate approximately 88% of the Company’s total net product sales. The Company’s sales during the three month period ended September 30, 2023, were highly concentrated among its three largest customers – Walmart, Amazon and Fred Meyer – comprising in the aggregate approximately 91% of the Company’s total net product sales.

Net product sales for the six month period ended September 30, 2024 were approximately $4.8 million as compared to approximately $4.1 million for the six month period ended September 30, 2023, an increase of approximately $0.7 million, or 15.8%. The Company’s sales during the six month period ended September 30, 2024 were highly concentrated among its three largest customers – Walmart, Amazon and Fred Meyer – comprising in the aggregate approximately 86% of the Company’s total net product sales. The Company’s sales during the six month period ended September 30, 2023, were highly concentrated among its three largest customers – Walmart, Amazon and Fred Meyer – comprising in the aggregate approximately 91% of the Company’s total net product sales.

Net product sales are comprised primarily of the sales of houseware and audio products which bear the Emerson® brand name. Net product sales may be periodically impacted by adjustments made to the Company’s sales allowance and marketing support accrual to record unanticipated customer deductions from accounts receivable or to reduce the accrual by any amounts which were accrued in the past but not taken by customers through deductions from accounts receivable within a certain time period. In the aggregate, these adjustments had the effect of increasing net product sales and operating income by approximately $11,000 and $3,000 for the three month periods ended September 30, 2024 and September 30, 2023, respectively, and by approximately $21,000 and $6,000 for the six month periods ended September 30, 2024 and September 30, 2023, respectively. The major elements which contributed to the overall increase in net product sales were as follows:

i) Houseware products: Net sales of houseware products increased approximately $0.5 million, or 67.5%, to approximately $1.2 million for the three month period ended September 30, 2024 as compared to approximately $0.7 million for the three month period ended September 30, 2023, driven by increased net sales of newly introduced microwave ovens and refrigerators to the market. Net sales of houseware products increased approximately $0.9 million, or 65.0%, to approximately $2.3 million for the six month period ended September 30, 2024 as compared to approximately $1.4 million for the six month period ended September 30, 2023, driven by increased net sales of newly introduced microwave ovens and refrigerators to the market.

ii) Audio products: Net sales of audio products decreased approximately $0.2 million, or 13.4%, to approximately $1.5 million for the three month period ended September 30, 2024 as compared to approximately $1.7 million for the three month period ended September 30, 2023. Net sales of audio products decreased approximately $0.2 million, or 9.5%, to $2.5 million for the six month period ended September 30, 2024 as compared to approximately $2.7 million for the six month period ended September 30, 2023.

Business operations — The Company expects to continue to expand its existing distribution channels and to develop and promote new products with retailers in the U.S and Mexico. The Company is also continuing to invest in products and marketing activities to expand its sales through internet and ecommerce channels. These efforts require investments in appropriate human resources, media marketing and development of products in various categories in addition to the traditional home appliances and audio products on which the Company has historically focused. The Company also is continuing its efforts to identify strategic courses of action related to its licensing activities, including seeking new licensing relationships. The Company has engaged each of Leveraged Marketing Corporation of America and Global Licensing Services Pte Limited as an agent to assist in identifying and procuring potential licensees.

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Emerson’s success is dependent on its ability to anticipate and respond to changing consumer demands and trends in a timely manner, as well as expanding into new markets and sourcing new products that are profitable to the Company. Geo-political factors may also affect the Company’s operations and demand for the Company’s products, which are subject to customs requirements and to tariffs and quotas set by governments through mutual agreements and bilateral actions. The Company expects that U.S. tariffs on categories of products that the Company imports from China, and China’s retaliatory tariffs on certain goods imported from the United States, as well as modifications to international trade policy, will continue to affect its product costs going forward. If no mitigation steps are taken, or the mitigation is unsuccessful, the combination of tariffs will result in significantly increased annualized costs to the Company as all of the Company’s products are currently manufactured by suppliers in China. Although the Company is monitoring the trade and political environment and working to mitigate the possible effect of tariffs with its suppliers as well as its customers through pricing and sourcing strategies, the Company cannot be certain how its customers and competitors will react to the actions taken. In addition, heightened tensions between the United States and China over Hong Kong and any resulting retaliatory policies may affect our operations in Hong Kong. At this time the Company is unable to quantify possible effects on its costs arising from the new tariffs, which are expected to increase the Company’s inventory costs and associated costs of sales as tariffs are incurred, and some costs may be passed through to the Company’s customers as product price increases in the future. However, if the Company is unable to successfully pass through the additional costs or otherwise mitigate the effects of these tariffs, or if the higher prices reduce demand for the Company’s products, it will have a negative effect on the Company’s product sales and gross margins.

In light of the adverse macroeconomic conditions domestically and internationally, the Company has implemented certain cost-reduction actions intended to reduce expenditures. However, the environment remains uncertain. Demand for the Company’s products remains competitive and requires actions to continue carefully managing inventory. Accordingly, current results and financial condition discussed herein may not be indicative of future operating results and trends.

For more information on risks associated with the Company’s operations, please see the risk factors within Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024.

Legal Proceedings— On October 10, 2023, the US District Court for the District of Delaware granted final judgment in favor of the Company in its trademark infringement lawsuit against air conditioning and heating products provider Emerson Quiet Kool and wholesaler Home Easy (the “defendants”). Among other things, the court order issues an injunction and directs the US Patent and Trademark Office to cancel the defendants’ existing and proposed "Emerson Quiet Kool" trademarks and prohibits defendants from registering or applying to register, or using the same mark or any other mark or name containing the word "Emerson" going forward. The total judgment awarded to the Company has increased from approximately $6.5 million to approximately $10.4 million, inclusive of disgorgement of wrongful profits, attorney's fees and enhanced damages. The aggregate award to the Company also includes the $4.1 million of advanced deposits previously paid to the Company. The $4.1 million of advanced deposits was reduced by approximately $1 million of incurred legal fees. The remaining balance of $3.1 million was released by the Company to other income during the quarter ended September 30, 2023. Like any judgement, there is no guarantee that the Company will be able to collect the entire judgement or if it is able to collect, how soon it will be able to do so. The defendants have filed separate bankruptcy petitions in the US Bankruptcy Court for the District of New Jersey, and there is no guarantee that those bankruptcy proceedings will not have any effect on the ability of the Company to collect the judgement. The Company is not currently a party to any other legal proceedings other than litigation matters, in most cases involving ordinary and routine claims incidental to its business. Management cannot estimate with certainty the Company’s ultimate legal and financial liability with respect to such pending litigation matters. However, management believes, based on its examination of such matters, that the Company’s ultimate liability will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Licensing revenue — Licensing revenue for the three month period ended September 30, 2024 was approximately $68,000 as compared to approximately $24,000 for the three month period ended September 30, 2023, an increase of approximately $44,000, or 183.3%. The increase for the three month period ended September 30, 2024, was the result of an annual escalation of guaranteed minimum royalties from an ongoing licensee and the revenue earned from a new licensee. Licensing revenue for the six month period ended September 30, 2024 was approximately $137,000 as compared to approximately $101,000 for the six month period ended September 30, 2023, an increase of approximately $36,000, or 35.6%. The year-over-year increase was the result of an annual escalation of guaranteed minimum royalties from an ongoing licensee and the revenue earned from a new licensee partially offset by lost revenue from a terminated licensee in June 2023.

Net revenues — Net revenues were approximately $2.7 million for the three month period ended September 30, 2024 as compared to approximately $2.4 million for the three month period ended September 30, 2023, an increase of approximately $0.3 million, or 12.3%. The increase in net revenues can be attributed primarily to the introduction of new models of the Company's houseware products to the marketplace as well as increased demand from the Company's key customers.

Net revenues were approximately $4.9 million for the six month period ended September 30, 2024 as compared to approximately $4.2 million for the six month period ended September 30, 2023, an increase of approximately $0.7 million, or 16.2%. The increase in net revenues can be attributed primarily to the introduction of new models of the Company's houseware products to the marketplace as well as increased demand from the Company's key customers.

Cost of sales — Cost of sales increased approximately $0.4 million, or 20.9% to approximately $2.5 million for the three month period ended September 30, 2024 as compared to approximately $2.1 million for the three month period ended September 30, 2023. The increase in absolute terms for the three month period ended September 30, 2024 as compared to the three month period ended September 30, 2023 was primarily related to an increase in net product sales, increased carrying costs of inventory and the product mix of sales in the current quarter.

Cost of sales increased approximately $1.0 million, or 27.4% to approximately $4.5 million for the six month period ended September 30, 2024 as compared to approximately $3.5 million for the six month period ended September 30, 2023. The increase in absolute terms for the six month period ended September 30, 2024 as compared to the six month period ended September 30, 2023 was primarily related to an increase in net product sales, increased carrying costs of inventory and the product mix of sales in the current six month period.

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Selling, general and administrative expenses (“S,G&A”) — S,G&A was approximately $1.4 million for the three month period ended September 30, 2024 as compared to approximately $1.1 million for the three month period ended September 30, 2023, an increase of approximately $0.3 million or 30.6%. S,G&A, as a percentage of net revenues, was approximately 50.7% for the three month period ended September 30, 2024 as compared to approximately 43.6% for the three month period ended September 30, 2023. The increase in S,G&A for the three month period ended September 30, 2024 as compared to the three month period ended September 30, 2023 was driven primarily by increased compensation costs of approximately $259,000, increased audit fees of approximately $29,000, and increased advertising expense of approximately $27,000, partially offset by a decrease in legal fees of approximately $57,000. Compensation costs for the three month period ended September 30, 2024 were approximately $822,000 as compared to approximately $563,000 for the three month period ended September 30, 2023. Audit fees for the three month period ended September 30, 2024 were approximately $54,000 as compared to approximately $25,000 for the three month period ended September 30, 2023. Advertising expense for the three month period ended September 30, 2024 were approximately $45,000 as compared to approximately $18,000 for the three month period ended September 30, 2023. Legal fees for the three month period ended September 30, 2024 were approximately $55,000 as compared to approximately $112,000 for the three month period ended September 30, 2023.

S,G&A was approximately $2.8 million for the six month period ended September 30, 2024 as compared to approximately $2.3 million for the six month period ended September 30, 2023, an increase of approximately $0.5 million or 24.0%. S,G&A, as a percentage of net revenues, was approximately 56.8% for the six month period ended September 30, 2024 as compared to approximately 53.3% for the six month period ended September 30, 2023. The increase in S,G&A for the six month period ended September 30, 2024 as compared to the six month period ended September 30, 2023 was driven primarily by increased compensation costs of approximately $395,000, increased audit fees of approximately $70,000, and increased advertising expense of approximately $26,000. Compensation costs for the six month period ended September 30, 2024 were approximately $1,517,000 as compared to approximately $1,122,000 for the six month period ended September 30, 2023. Audit fees for the six month period ended September 30, 2024 were approximately $120,000 as compared to approximately $50,000 for the six month period ended September 30, 2023. Advertising expense for the six month period ended September 30, 2024 were approximately $73,000 as compared to approximately $47,000 for the six month period ended September 30, 2023.

Settlement of litigation — Based on a judgement affirmation by the U.S. Court of Appeals for the Third Circuit in September 2023, the Company recorded income of $3.1 million for the three month period ended September 30, 2023, which was the remaining balance of the advanced deposits. See "Note 10 - Legal Proceedings" in the Notes to the Consolidated Financial Statements.

Interest income, net — Interest income, net, was approximately $236,000 for the three month period ended September 30, 2024 as compared to approximately $289,000 for the three month period ended September 30, 2023, a decrease of approximately $53,000. The decrease was primarily due to lower levels of cash invested on the Company’s short term investments.

Interest income, net, was approximately $499,000 for the six month period ended September 30, 2024 as compared to approximately $583,000 for the six month period ended September 30, 2023, a decrease of approximately $84,000. The decrease was primarily due to lower levels of cash invested on the Company’s short term investments.

Provision for income taxes — For the three month period ended September 30, 2024, the Company recorded income tax expense of nil as compared to approximately $88,000 for the three month period ended September 30, 2023. For the six month period ended September 30, 2024, the Company recorded income tax expense of approximately $3,000 as compared to $88,000 for the six month period ended September 30, 2023.The Company under the adoption of ASU 2019-12 “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes” incurred non-income based state taxes of approximately $9,000 for both of the six month periods ended September 30, 2024 and September 30, 2023, which are now reported as S,G&A. See “Note 5 – Income Taxes”.

Although the Company generated a net loss during the three and six months ended September 30, 2024, it is unable to realize an income tax benefit until the Company can demonstrate the ability to generate net income on a sustained basis. Therefore, the Company is obligated to record a 100% valuation allowance against the deferred tax assets.

Net loss (income) — As a result of the foregoing factors, the Company realized a net loss of approximately $881,000 for the three month period ended September 30, 2024 as compared to net income of approximately $2,365,000 for the three month period ended September 30, 2023.

As a result of the foregoing factors, the Company realized a net loss of approximately $1,843,000 for the six month period ended September 30, 2024 as compared to net income of approximately $2,070,000 for the six month period ended September 30, 2023.

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Liquidity and Capital Resources

As of September 30, 2024, the Company had cash and cash equivalents of approximately $0.5 million as compared to approximately $19.9 million at March 31, 2024. Cash and cash equivalents includes short term investments in deposits which were classified as cash equivalents of nil as of September 30, 2024 compared to approximately $19.1 million of such deposits as of March 31, 2024. Working capital decreased to approximately $23.9 million at September 30, 2024 as compared to approximately $26.6 million at March 31, 2024. The decrease in cash and cash equivalents of approximately $19.4 million was due to an increase in short term deposits of approximately $16.3 million, the net loss generated during the period of approximately $1.8 million, an increase in accounts receivable of approximately $0.8 million, a decrease in long-term taxes payable of approximately $0.7 million, a decrease in accounts payable and other current liabilities of approximately $0.3 million, an increase in right of use assets of approximately $0.2 million, an increase in prepaid purchases of approximately $0.2 million and an increase in prepaid expenses and other current liabilities of approximately $0.1 million, partially offset by a decrease in inventory of approximately $0.8 million and an increase in long term operating lease liabilities of approximately $0.2 million.

Cash Flows

Net cash used by operating activities was approximately $2.9 million for the six month period ended September 30, 2024, resulting from the loss generated during the period of approximately $1.8 million, an increase in accounts receivable of approximately $0.8 million, a decrease in income taxes payable of approximately $0.5 million, a decrease in accounts payable and other current liabilities of $0.3 million, an increase in right of use assets of approximately $0.3 million and an increase in prepaid purchases of approximately $0.2 million, partially offset by a decrease in inventory of approximately $0.8 million and an increase in long term lease liabilities of approximately $0.2 million.

Net cash used by investing activities was approximately $16.5 million for the six month period ended September 30, 2024 due to purchases of short-term investments of approximately $16.3 million and additions to property and equipment of approximately $0.2 million.

Net cash provided by financing activities was approximately $7,000 for the six month period ended September 30, 2024 due to a new copier lease.

Sources and Uses of Funds

The Company’s principal existing sources of cash are generated from operations and its existing short-term deposits and investments. The Company believes that its existing cash balance and sources of cash will be sufficient to support existing operations over the next 12 months.

Off-Balance Sheet Arrangements

As of September 30, 2024, the Company did not have any off-balance sheet arrangements as defined under the rules of the SEC.

Recent Accounting Pronouncement

The following ASU was issued by the FASB which relate to or could relate to the Company as concerns the Company’s normal ongoing operations or the industry in which the Company operates.

Accounting Standards Update 2023-07 Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures” (Issued October 2023)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures" ("ASU 2023-07") to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this guidance did not have any impact on the Company's segment reporting.

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

(a) Disclosure controls and procedures

The Company maintains disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d — 15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Due to the inherent limitations of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. Our controls and procedures can only provide reasonable, not absolute, assurance that the above objectives have been met.

The Company’s management, with the participation of our Chief Executive Officer and Chief Financial Officer, concluded that disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2024, are effective to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is, and from time to time may become, involved in legal proceedings, in most cases involving ordinary and routine claims incidental to its business. Management cannot estimate with certainty the Company’s ultimate legal and financial liability with respect to any such pending litigation matters. However, management believes, based on its examination of such matters, that the Company is not currently involved in any legal proceedings that, if determined adversely to the Company, would have a material adverse effect on the Company’s financial position, results of operations or cash flows. Information relating to our ongoing legal proceedings is described in Note 11 to our condensed consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors.

There have been no material changes to the risk factors contained in Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024.

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

None

Item 3. Defaults Upon Senior Securities.

(a) None

(b) None

Item 4. Mine Safety Disclosure.

Not applicable.

Item 5. Other Information.

(a) None

(b) None

Item 6. Exhibits.

3.1	Certificate of Incorporation of Emerson (incorporated by reference to Exhibit (3) (a) of Emerson’s Registration Statement on Form S-1, Registration No. 33-53621, declared effective by the SEC on August 9, 1994) (filed in paper format).

3.1.1	Certificate of Designation for Series A Preferred Stock (incorporated by reference to Exhibit (3) (b) of Emerson’s Registration Statement on Form S-1, Registration No. 33-53621, declared effective by the SEC on August 9, 1994) (filed in paper format).

3.1.2	Amendment dated February 14, 1996 to the Certificate of Incorporation of Emerson (incorporated by reference to Exhibit (3) (a) of Emerson’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1995).

3.2	By-Laws of Emerson (incorporated by reference to Exhibit 3.1 of Emerson’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2007).

31.1	Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2	Certification of the Company’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32	Certification of the Company’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.*

101.SCH	Inline XBRL Taxonomy Extension Schema Document.*

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.*

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.*

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.*

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.*

104	Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

*	filed herewith

**	furnished herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EMERSON RADIO CORP.
	(Registrant)

	/s/ Christopher W. Ho
Date: November 14, 2024	Christopher W. Ho
	Chief Executive Officer (Principal Executive Officer)

	/s/ Richard Li
Date: November 14, 2024	Richard Li
	Chief Financial Officer (Principal Financial and Accounting Officer)

Exhibit 31.1

Certification

Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002

I, Christopher W. Ho, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Emerson Radio Corp.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2024	/s/ Christopher W. Ho
	Christopher W. Ho
	Chief Executive Officer

A signed original of this written statement required by Section 302 has been provided to Emerson Radio Corp. and will be retained by Emerson Radio Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 31.2

Certification

Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002

I, Richard Li, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Emerson Radio Corp.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2024	/s/ Richard Li
	Richard Li
	Chief Financial Officer

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Emerson Radio Corp. (the “Company”) on Form 10-Q for the period ended September 30, 2024, filed with the Securities and Exchange Commission (the “Report”), Christopher W. Ho, Chief Executive Officer, and Richard Li, Chief Financial Officer, of the Company each hereby certifies pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and the consolidated results of operations of the Company for the periods presented.

Dated: November 14, 2024

	By:		/s/ Christopher W. Ho
			Christopher W. Ho
			Chief Executive Officer

	By:		/s/ Richard Li
			Richard Li
			Chief Financial Officer

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Emerson Radio Corp. and will be retained by Emerson Radio Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 14, 2024
Document Information [Line Items]
Entity Central Index Key	0000032621
Entity Registrant Name	EMERSON RADIO CORP
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-07731
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3285224
Entity Address, Address Line One	959 Route 46 East, Suite 210
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	428-2000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	MSN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,042,652

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenues:
Revenue	$ 2,738,000	$ 2,438,000	$ 4,936,000	$ 4,247,000
Costs and expenses:
Cost of sales	2,466,000	2,040,000	4,470,000	3,510,000
Selling, general and administrative expenses	1,389,000	1,064,000	2,805,000	2,262,000
Total cost of sales and SG&A	3,855,000	3,104,000	7,275,000	5,772,000
Operating loss	(1,117,000)	(666,000)	(2,339,000)	(1,525,000)
Other income:
Settlement of litigation	0	3,100,000	0	3,100,000
Interest income, net	236,000	289,000	499,000	583,000
(Loss) income before income taxes	(881,000)	2,723,000	(1,840,000)	2,158,000
Provision for income tax expense	0	88,000	3,000	88,000
Net (loss) income	$ (881,000)	$ 2,635,000	$ (1,843,000)	$ 2,070,000
Basic (loss) income per share (in dollars per share)	$ (0.04)	$ 0.13	$ (0.09)	$ 0.1
Diluted (loss) income per share (in dollars per share)	$ (0.04)	$ 0.13	$ (0.09)	$ 0.1
Weighted average shares outstanding
Basic (in shares)	21,042,652	21,042,652	21,042,652	21,042,652
Diluted (in shares)	21,042,652	21,042,652	21,042,652	21,042,652
Product [Member]
Net revenues:
Revenue	$ 2,670,000	$ 2,414,000	$ 4,799,000	$ 4,146,000
License [Member]
Net revenues:
Revenue	$ 68,000	$ 24,000	$ 137,000	$ 101,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Current Assets:
Cash and cash equivalents	$ 464,000	$ 19,890,000
Short term investments	16,277,000	0
Accounts receivable, net	2,112,000	1,343,000
Licensing receivable	37,000	37,000
Inventory	6,128,000	6,953,000
Prepaid purchases	298,000	107,000
Prepaid expenses and other current assets	410,000	274,000
Total Current Assets	25,726,000	28,604,000
Non-Current Assets:
Property and equipment, net	245,000	95,000
Right-of-use asset-operating leases	509,000	282,000
Right-of-use asset-finance leases	6,000	0
Other assets	84,000	84,000
Total Non-Current Assets	844,000	461,000
Total Assets	26,570,000	29,065,000
Current Liabilities:
Accounts payable and other current liabilities	838,000	1,158,000
Short-term operating lease liability	128,000	93,000
Short-term finance lease liability	1,000	0
Income tax payable, current portion	668,000	531,000
Deferred revenue	149,000	191,000
Total Current Liabilities	1,785,000	1,974,000
Non-Current Liabilities:
Long-term operating lease liability	397,000	198,000
Long-term finance lease liability	6,000	0
Income tax payable-deferred	0	668,000
Total Non-Current Liabilities	403,000	866,000
Total Liabilities	2,188,000	2,840,000
Shareholders’ Equity:
Series A Preferred shares — 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000	3,310,000	3,310,000
Common shares — $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued at September 30, 2024 and March 31, 2024, respectively; 21,042,652 shares outstanding at September 30, 2024 and March 31, 2024, respectively	529,000	529,000
Additional paid-in capital	79,792,000	79,792,000
Accumulated deficit	(26,048,000)	(24,205,000)
Treasury stock, at cost (31,923,145 shares at September 30, 2024 and March 31, 2024, respectively)	(33,201,000)	(33,201,000)
Total Shareholders’ Equity	24,382,000	26,225,000
Total Liabilities and Shareholders’ Equity	26,570,000	29,065,000
Related Party [Member]
Current Liabilities:
Due to affiliate	$ 1,000	$ 1,000

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024
Preferred shares, shares authorized (in shares)	10,000,000	10,000,000
Preferred shares, shares issued (in shares)	3,677	3,677
Preferred shares, shares outstanding (in shares)	3,677	3,677
Preferred shares, liquidation preference	$ 3,677	$ 3,677
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	75,000,000	75,000,000
Common shares, shares issued (in shares)	52,965,797	52,965,797
Common shares, shares outstanding (in shares)	21,042,652	21,042,652
Treasury shares (in shares)	31,923,145	31,923,145

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net (loss) income	$ (1,843)	$ 2,070
Adjustments to reconcile net loss to net cash (used) by operating activities:
Non-cash lease expense	86	77
Depreciation and amortization	37	10
Changes in assets and liabilities:
Accounts receivable	(769)	(668)
Licensing receivable	0	233
Inventory	825	(1,927)
Prepaid purchases	(191)	(133)
Prepaid expenses and other current assets	(136)	(57)
Other assets	0	(10)
Accounts payable and other current liabilities	(320)	(61)
Right of use assets-operating	(313)	(248)
Right of use assets-finance	(6)	0
Short term lease liabilities	35	23
Long term lease liabilities	199	157
Income taxes payable	(531)	(313)
Advanced deposits	0	(3,316)
Deferred revenue	(42)	(149)
Net cash (used) by operating activities	(2,969)	(4,312)
Cash Flows From Investing Activities:
Purchases of short-term investments	(16,277)	0
Additions to property and equipment	(187)	(85)
Net cash (used) by investing activities	(16,464)	(85)
Cash Flows from Financing Activities:
Short term finance liability	1	0
Long term finance liability	6	0
Net cash provided by financing activities	7	0
Net (decrease) in cash and cash equivalents	(19,426)	(4,397)
Cash and cash equivalents at beginning of the period	19,890	25,268
Cash and cash equivalents at end of the period	464	20,871
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	313	248
Right-of-use assets obtained in exchange for new finance lease liabilities	6	0
Cash paid for:
Interest	3	3
Income taxes	$ 535	$ 401

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance (in shares) at Mar. 31, 2023	3,677	52,965,797
Balance at Mar. 31, 2023	$ 3,310	$ 529	$ 79,792	$ (24,971)	$ (33,201)	$ 25,459
Net (loss) income	$ 0	$ 0	0	(565)	0	(565)
Balance (in shares) at Jun. 30, 2023	3,677	52,965,797
Balance at Jun. 30, 2023	$ 3,310	$ 529	79,792	(25,536)	(33,201)	24,894
Balance (in shares) at Mar. 31, 2023	3,677	52,965,797
Balance at Mar. 31, 2023	$ 3,310	$ 529	79,792	(24,971)	(33,201)	25,459
Net (loss) income						2,070
Balance (in shares) at Sep. 30, 2023	3,677	52,965,797
Balance at Sep. 30, 2023	$ 3,310	$ 529	79,792	(22,901)	(33,201)	27,529
Balance (in shares) at Jun. 30, 2023	3,677	52,965,797
Balance at Jun. 30, 2023	$ 3,310	$ 529	79,792	(25,536)	(33,201)	24,894
Net (loss) income	$ 0	$ 0	0	2,635	0	2,635
Balance (in shares) at Sep. 30, 2023	3,677	52,965,797
Balance at Sep. 30, 2023	$ 3,310	$ 529	79,792	(22,901)	(33,201)	27,529
Balance (in shares) at Mar. 31, 2024	3,677	52,965,797
Balance at Mar. 31, 2024	$ 3,310	$ 529	79,792	(24,205)	(33,201)	26,225
Net (loss) income	$ 0	$ 0	0	(962)	0	(962)
Balance (in shares) at Jun. 30, 2024	3,677	52,965,797
Balance at Jun. 30, 2024	$ 3,310	$ 529	79,792	(25,167)	(33,201)	25,263
Balance (in shares) at Mar. 31, 2024	3,677	52,965,797
Balance at Mar. 31, 2024	$ 3,310	$ 529	79,792	(24,205)	(33,201)	26,225
Net (loss) income						(1,843)
Balance (in shares) at Sep. 30, 2024	3,677	52,965,797
Balance at Sep. 30, 2024	$ 3,310	$ 529	79,792	(26,048)	(33,201)	24,382
Balance (in shares) at Jun. 30, 2024	3,677	52,965,797
Balance at Jun. 30, 2024	$ 3,310	$ 529	79,792	(25,167)	(33,201)	25,263
Net (loss) income	$ 0	$ 0	0	(881)	0	(881)
Balance (in shares) at Sep. 30, 2024	3,677	52,965,797
Balance at Sep. 30, 2024	$ 3,310	$ 529	$ 79,792	$ (26,048)	$ (33,201)	$ 24,382

Note 1 - Background and Basis of Presentation

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — BACKGROUND AND BASIS OF PRESENTATION

Recent Accounting Pronouncement

Accounting Standards Update 2023-07 Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures” (Issued October 2023)

Segment Reporting

Revenue Recognition

Disaggregation of Revenue

		*Three Months Ended September 30,*				*Six Months Ended September 30,*
Disaggregation of revenue (in 000's)	*2024*		*2023*		*2024*		*2023*

Net revenues by type:
Net product sales	$	2,670	$	2,414	$	4,799	$	4,146
Licensing revenue		68		24		137		101
Total:		2,738		2,438		4,936		4,247

Net revenues by customers: (over 10%)
Walmart	$	1,190	$	1,525	$	2,038	$	2,345
Amazon.com		999		517		1,984		1,085
Fred Meyer		379		287		544		618
Total:		2,568		2,329		4,566		4,048

Note 2 - Earnings Per Share

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 2— EARNINGS PER SHARE

	*Three Months Ended September 30,*					*Six Months Ended September 30,*
	*2024*			*2023*		*2024*			*2023*

Numerator:
Net (loss) income	$	(881	)	$	2,635	$	(1,843	)	$	2,070
Denominator:
Denominator for basic and diluted loss/income per share — weighted average shares		21,042,652			21,042,652		21,042,652			21,042,652
Net (loss) income per share:
Basic and diluted (loss) income per share	$	(0.04	)	$	0.13	$	(0.09	)	$	0.10

Note 3 - Shareholders' Equity

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Equity [Text Block]

NOTE 3 — SHAREHOLDERS’ EQUITY

At September 30, 2024, the Company had no options, warrants or other potentially dilutive securities outstanding.

Note 4 - Inventory

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4 — INVENTORY

		*September 30, 2024*				*March 31, 2024*
Finished goods		$	6,128			$	6,953

Note 5 - Income Taxes

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 5 — INCOME TAXES

Note 6 - Related Party Transactions

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

NOTE 6 — RELATED PARTY TRANSACTIONS

Controlling Shareholder

Related Party Transactions

Charges of rental and utility fees on office space in Hong Kong

Charges for promotional items

Note 7 - Short Term Deposits and Investments

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Investment [Text Block]

NOTE 7 — SHORT TERM DEPOSITS AND INVESTMENTS

Note 8 - Concentration Risk

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

NOTE 8 — CONCENTRATION RISK

Customer Concentration

A significant decline in net sales to any of the Company’s key customers would have a material adverse effect on the Company’s business, financial condition and results of operation.

Product Concentration

Concentrations of Credit Risk

Supplier Concentration

Note 9 - Leases

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lessee Lease Disclosure [Text Block]

NOTE 9 — LEASES

The components of lease costs, which were included in operating expenses in the Company’s condensed consolidated statements of operations, were as follows:

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
	(in thousands)				(in thousands)
Lease cost
Operating lease cost	$	48	$	52	$	100	$	89

The supplemental cash flow information related to leases are as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		42		43		95		80

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		313		248		313		248
Finance leases		6		—		6		—

Information relating to the lease term and discount rate are as follows:

Weighted average remaining lease term (in months)	*As of September 30, 2024*			*As of September 30, 2023*
Operating leases		41.3			44.7
Finance leases		56.2			8.2

Weighted average discount rate
Operating leases		10.39	%		9.28	%
Finance leases		10.50	%		7.50	%

As of September 30, 2024 the maturities of lease liabilities were as follows:

(in thousands)	Operating Leases			Finance Leases

2025	$	92		$	1
2026		226			2
2027		187			2
2028		118			2
2029		52			2
Thereafter		—			—
Total lease payments	$	675		$	9
Less: Imputed interest		(150	)		(2	)
Total	$	525		$	7

Note 10 - Legal Proceedings

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

NOTE 10 —LEGAL PROCEEDINGS

Note 11 - Subsequent Events

6 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 11— SUBSEQUENT EVENTS

As of the filing date of this Form 10-Q, there were no subsequent events identified to disclose.

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information. (a) None (b) None (c) None
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies (Policies)

6 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncement

Accounting Standards Update 2023-07 Segment Reporting (Topic 280): "Improvements to Reportable Segment Disclosures” (Issued October 2023)

Segment Reporting, Policy [Policy Text Block]

Segment Reporting

Revenue [Policy Text Block]

Revenue Recognition

Disaggregation of Revenue

		*Three Months Ended September 30,*				*Six Months Ended September 30,*
Disaggregation of revenue (in 000's)	*2024*		*2023*		*2024*		*2023*

Net revenues by type:
Net product sales	$	2,670	$	2,414	$	4,799	$	4,146
Licensing revenue		68		24		137		101
Total:		2,738		2,438		4,936		4,247

Net revenues by customers: (over 10%)
Walmart	$	1,190	$	1,525	$	2,038	$	2,345
Amazon.com		999		517		1,984		1,085
Fred Meyer		379		287		544		618
Total:		2,568		2,329		4,566		4,048

Note 1 - Background and Basis of Presentation (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

		*Three Months Ended September 30,*				*Six Months Ended September 30,*
Disaggregation of revenue (in 000's)	*2024*		*2023*		*2024*		*2023*

Net revenues by type:
Net product sales	$	2,670	$	2,414	$	4,799	$	4,146
Licensing revenue		68		24		137		101
Total:		2,738		2,438		4,936		4,247

Net revenues by customers: (over 10%)
Walmart	$	1,190	$	1,525	$	2,038	$	2,345
Amazon.com		999		517		1,984		1,085
Fred Meyer		379		287		544		618
Total:		2,568		2,329		4,566		4,048

Note 2 - Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended September 30,*					*Six Months Ended September 30,*
	*2024*			*2023*		*2024*			*2023*

Numerator:
Net (loss) income	$	(881	)	$	2,635	$	(1,843	)	$	2,070
Denominator:
Denominator for basic and diluted loss/income per share — weighted average shares		21,042,652			21,042,652		21,042,652			21,042,652
Net (loss) income per share:
Basic and diluted (loss) income per share	$	(0.04	)	$	0.13	$	(0.09	)	$	0.10

Note 4 - Inventory (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

		*September 30, 2024*				*March 31, 2024*
Finished goods		$	6,128			$	6,953

Note 9 - Leases (Tables)

6 Months Ended

Sep. 30, 2024

Notes Tables

Lease, Cost [Table Text Block]

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
	(in thousands)				(in thousands)
Lease cost
Operating lease cost	$	48	$	52	$	100	$	89

The supplemental cash flow information related to leases are as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		42		43		95		80

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		313		248		313		248
Finance leases		6		—		6		—

Summary of Information Relating To Lease Term And Discount Rate [Table Text Block]

Weighted average remaining lease term (in months)	*As of September 30, 2024*			*As of September 30, 2023*
Operating leases		41.3			44.7
Finance leases		56.2			8.2

Weighted average discount rate
Operating leases		10.39	%		9.28	%
Finance leases		10.50	%		7.50	%

Operating and Finance Lease Liability Maturity [Table Text Block]

(in thousands)	Operating Leases			Finance Leases

2025	$	92		$	1
2026		226			2
2027		187			2
2028		118			2
2029		52			2
Thereafter		—			—
Total lease payments	$	675		$	9
Less: Imputed interest		(150	)		(2	)
Total	$	525		$	7

Note 1 - Background and Basis of Presentation (Details Textual)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Number of Reportable Segments		1
Contract with Customer, Liability, Current		$ 149,000	$ 191,000	$ 0	$ 149,000
Microwave Ovens [Member]
Product Warranty, Term (Year)	1 year
Audio Products [Member]
Product Warranty, Term (Year)	90 days

Note 1 - Background and Basis of Presentation - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues, Type	$ 2,738	$ 2,438	$ 4,936	$ 4,247
Walmart [Member]
Revenues, Type	1,190	1,525	2,038	2,345
Amazon [Member]
Revenues, Type	999	517	1,984	1,085
Fred Meyer [Member]
Revenues, Type	379	287	544	618
Three Largest Customers [Member]
Revenues, Type	2,568	2,329	4,566	4,048
Product [Member]
Revenues, Type	2,670	2,414	4,799	4,146
License [Member]
Revenues, Type	$ 68	$ 24	$ 137	$ 101

Note 2 - Net Income (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss) income	$ (881)	$ (962)	$ 2,635	$ (565)	$ (1,843)	$ 2,070
Weighted average shares outstanding
Basic (in shares)	21,042,652		21,042,652		21,042,652	21,042,652
Net (loss) income per share:
Basic (loss) income per share (in dollars per share)	$ (0.04)		$ 0.13		$ (0.09)	$ 0.1

Note 3 - Shareholders' Equity (Details Textual) shares in Thousands	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	0
Class of Warrant or Right, Outstanding (in shares)	0
Potentially Dilutive Securities Outstanding (in shares)	0

Note 4 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Finished goods	$ 6,128	$ 6,953

Note 5 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		18 Months Ended
Note 5 - Income Taxes (Details Textual) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Mar. 31, 2024
Income (Loss) from Continuing Operations before Income Taxes, Foreign	$ 249,000	$ 296,000	$ 520,000	$ 599,000
Deferred Tax Asset, Valuation Allowance Percent			100.00%
Deferred Tax Assets, Valuation Allowance	4,837,000		$ 4,837,000		$ 4,837,000
Income Tax Expense (Benefit)	0	$ 88,000	3,000	$ 88,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability	668,000		668,000		668,000	$ 1,202,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Current	668,000		668,000		668,000	534,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent	0		$ 0		0	$ 668,000
Federal Tax Liability Payable, Duration (Year)			8 years
Percentage of Federal Tax Liability Payable in First Five Installments			8.00%
Percentage of Federal Tax Liability Payable in Sixth Installment			15.00%
Percentage of Federal Tax Liability Payable in Seventh Installment			20.00%
Percentage of Federal Tax Liability Payable in Final Installment			25.00%
Accounting Standards Update 2019-12 [Member]
Income Tax Expense (Benefit)					9,000
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards	16,600,000		$ 16,600,000		16,600,000
Open Tax Year			2017 2018 2019 2020 2021 2022 2023 2024
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 16,700,000		$ 16,700,000		$ 16,700,000
Percentage of Net Operation Loss Carry Forwards, Utilization Limit Against Taxable Income			80.00%
Open Tax Year			2015 2016 2017 2018 2019 2020 2022 2023 2024

Note 6 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Majority Shareholder [Member]
Ownership Interest, Number of Shares (in shares)					15,243,283
Ownership Interest Percentage					72.40%
Vigers Appraisal And Consulting Ltd [Member]
Income From Advanced Payment of Rental and Utility Fees	$ 36,000	$ 40,000	$ 76,000	$ 79,000
Accounts Payable		$ 1,000		$ 1,000	$ 1,000
The Whisky Capital Pte Ltd [Member]
Accounts Payable	0		0
Payments to Suppliers	$ 0		$ 30,000

Note 7 - Short Term Deposits and Investments (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Short-Term Investments	$ 16,277	$ 0
Cash Equivalents [Member]
Certificates of Deposit, at Carrying Value	$ 0	$ 19,100

Note 8 - Concentration Risk (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
Note 8 - Concentration Risk (Details Textual)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Cash, Uninsured Amount	$ 200,000		$ 200,000		$ 19,600,000
Maximum [Member]
Cash, FDIC Insured Amount		$ 250,000		$ 250,000
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Customers	3	3	3	3
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Microwave Ovens [Member]
Concentration Risk, Percentage	43.00%	27.00%	45.00%	32.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Audio Products [Member]
Concentration Risk, Percentage		70.00%	52.00%	66.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Three Largest Customers [Member]
Concentration Risk, Percentage	86.00%	90.00%	84.00%	89.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Walmart [Member]
Concentration Risk, Percentage	42.00%	60.00%	39.00%	53.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Amazon [Member]
Concentration Risk, Percentage	31.00%	19.00%	34.00%	22.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Fred Meyer [Member]
Concentration Risk, Percentage	13.00%	11.00%	11.00%	14.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Audio Products [Member]
Concentration Risk, Percentage	55.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Customers			4		3
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One [Member]
Concentration Risk, Percentage			42.00%		34.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk, Percentage			23.00%		30.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Three [Member]
Concentration Risk, Percentage			16.00%		25.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Four [Member]
Concentration Risk, Percentage			14.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member]
Number of Customers		3	5
Number of Factory Suppliers	4			3
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Largest Supplier [Member]
Concentration Risk, Percentage		34.00%	38.00%	39.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier One [Member]
Concentration Risk, Percentage		31.00%	19.00%	24.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Three [Member]
Concentration Risk, Percentage		15.00%	16.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Five Largest Factory Suppliers [Member]
Concentration Risk, Percentage			100.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Two [Member]
Concentration Risk, Percentage			17.00%	17.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Four [Member]
Concentration Risk, Percentage			10.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Three Largest Factory Suppliers [Member]
Concentration Risk, Percentage				80.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Four Largest Factory Suppliers [Member]
Concentration Risk, Percentage	91.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Largest Supplier [Member]
Concentration Risk, Percentage	47.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier One [Member]
Concentration Risk, Percentage	16.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Two [Member]
Concentration Risk, Percentage	16.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Three [Member]
Concentration Risk, Percentage	12.00%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Three Largest Factory Suppliers [Member]
Concentration Risk, Percentage		80.00%

Note 9 - Leases (Details Textual) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Operating Lease, Liability, Current	$ 128,000	$ 93,000
Finance Lease, Liability, Current	1,000	0
Operating Lease, Liability, Noncurrent	397,000	198,000
Finance Lease, Liability, Noncurrent	6,000	0
Operating Lease, Right-of-Use Asset	509,000	282,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	6,000	$ 0
Vigers Appraisal And Consulting Ltd [Member]
Operating Lease, Liability, Current	95,000
Operating Lease, Liability, Noncurrent	211,000
Operating Lease, Right-of-Use Asset	$ 306,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	35 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	57 years

Note 9 - Leases - Summary of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease cost
Operating lease cost	$ 48	$ 52	$ 100	$ 89
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	42	43	95	80
Right-of-use assets obtained in exchange for lease obligations:
Right-of-use assets obtained in exchange for new operating lease liabilities	313	248	313	248
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 6	$ 0	$ 6	$ 0

Note 9 - Leases - Summary of Information Relating to Lease Term and Discount Rate (Details)	Sep. 30, 2024	Sep. 30, 2023
Operating leases (Month)	41 months 9 days	44 months 21 days
Finance leases (Month)	56 months 6 days	8 months 6 days
Operating leases	10.39%	9.28%
Finance leases	10.50%	7.50%

Note 9 - Leases - Summary of Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2025, operating lease	$ 92
2025, finance lease	1
2026, operating lease	226
2026, finance lease	2
2027, operating lease	187
2027, finance lease	2
2028, operating lease	118
2028, finance lease	2
2029, operating lease	52
2029, finance lease	2
Thereafter, operating lease	0
Thereafter, finance lease	0
Operating Leases, Total lease payments	675
Finance Leases, Total lease payments	9
Operating Leases, Less: Imputed interest	(150)
Finance Leases, Less: Imputed interest	(2)
Operating Leases, Total	525
Finance Leases, Total	$ 7

Note 10 - Legal Proceedings (Details Textual) - USD ($) $ in Millions		3 Months Ended	6 Months Ended	18 Months Ended
	Oct. 10, 2023	Sep. 30, 2023	Sep. 30, 2024	Oct. 09, 2023
Loss Contingency, Damages Awarded, Value	$ 10.4			$ 6.5
Loss Contingency, Damages Paid, Value			$ 4.1
Legal Fees			$ 1.0
Increase (Decrease) in Deposits		$ (3.1)

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