Emerson Radio (MSN) 10-Q20 Feb 242023 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2023	Feb. 20, 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	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
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

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net revenues:
Revenue	$ 2,622	$ 1,932	$ 6,869	$ 5,306
Costs and expenses:
Cost of sales	2,144	1,361	5,654	3,549
Selling, general and administrative expenses	1,202	1,051	3,464	3,686
Total costs and expenses	3,346	2,412	9,118	7,235
Operating loss	(724)	(480)	(2,249)	(1,929)
Other income:
Settlement of litigation	0	0	3,100	0
Interest income, net	289	235	872	424
Income from governmental assistance programs	0	4	0	34
Income (loss) before income taxes	(435)	(241)	1,723	(1,471)
Provision for income tax expense	(14)	0	74	0
Net income (loss)	$ (421)	$ (241)	$ 1,649	$ (1,471)
Basic income (loss) per share (in dollars per share)	$ (0.02)	$ (0.01)	$ 0.08	$ (0.07)
Diluted income (loss) per share (in dollars per share)	$ (0.02)	$ (0.01)	$ 0.08	$ (0.07)
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	$ 2,599	$ 1,704	$ 6,745	$ 4,335
License [Member]
Net revenues:
Revenue	23	123	124	271
Royalty [Member]
Net revenues:
Revenue	$ 0	$ 105	$ 0	$ 700

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Current Assets:
Cash and cash equivalents	$ 3,637,000	$ 25,268,000
Short term investments	18,505,000	0
Accounts receivable, net	1,087,000	1,165,000
Licensing receivable	228,000	245,000
Inventory	5,761,000	3,813,000
Prepaid purchases	137,000	247,000
Prepaid expenses and other current assets	364,000	357,000
Total Current Assets	29,719,000	31,095,000
Non-Current Assets:
Property and equipment, net	91,000	1,000
Right-of-use asset-operating leases	327,000	200,000
Right-of-use asset-finance leases	1,000	1,000
Other assets	84,000	74,000
Total Non-Current Assets	503,000	276,000
Total Assets	30,222,000	31,371,000
Current Liabilities:
Accounts payable and other current liabilities	1,287,000	641,000
Short-term operating lease liability	128,000	139,000
Short-term finance lease liability	1,000	1,000
Income tax payable, current portion	609,000	401,000
Advanced deposits	0	3,316,000
Deferred revenue	212,000	149,000
Total Current Liabilities	2,238,000	4,648,000
Non-Current Liabilities:
Long-term operating lease liability	208,000	62,000
Long-term finance lease liability	0	0
Income tax payable	668,000	1,202,000
Total Non-Current Liabilities	876,000	1,264,000
Total Liabilities	3,114,000	5,912,000
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 December 31, 2023 and March 31, 2023, respectively; 21,042,652 shares outstanding at December 31, 2023 and March 31, 2023, respectively	529,000	529,000
Additional paid-in capital	79,792,000	79,792,000
Accumulated deficit	(23,322,000)	(24,971,000)
Treasury stock, at cost (31,923,145 shares at December 31, 2023 and March 31, 2023, respectively)	(33,201,000)	(33,201,000)
Total Shareholders’ Equity	27,108,000	25,459,000
Total Liabilities and Shareholders’ Equity	30,222,000	31,371,000
Related Party [Member]
Current Liabilities:
Due to affiliate	$ 1,000	$ 1,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2023	Mar. 31, 2023
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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ 1,649	$ (1,471)
Adjustments to reconcile net income (loss) to net cash (used) by operating activities:
Amortization of right-of-use assets	121	159
Depreciation and amortization	17	0
Asset valuation allowance	64	39
Changes in assets and liabilities:
Accounts receivable	14	328
Licensing receivable	17	(191)
Inventory	(1,948)	(233)
Prepaid purchases	110	(503)
Prepaid expenses and other current assets	(7)	136
Other assets	(10)	0
Accounts payable and other current liabilities	646	(244)
Right of use assets-operating	(248)	0
Short term lease liabilities	(11)	(66)
Long term lease liabilities	146	(104)
Due to affiliate	0	1
Income taxes payable	(326)	(205)
Advanced deposits	(3,316)	4,100
Deferred revenue	63	(28)
Net cash (used) provided by operating activities	(3,019)	1,718
Cash Flows From Investing Activities:
Purchases of investments	(18,505)	0
Additions to property and equipment	(107)	0
Disposals of property and equipment	0	0
Net cash (used) by investing activities	(18,612)	0
Cash Flows from Financing Activities:
Net cash provided by financing activities	0	0
Net (decrease) increase in cash and cash equivalents	(21,631)	1,718
Cash and cash equivalents at beginning of the year	25,268	25,576
Cash and cash equivalents at end of the year	3,637	27,294
Cash paid for:
Interest	4	8
Income taxes	$ 401	$ 205

Consolidated Statements of Chan

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 at Mar. 31, 2022	$ 3,310	$ 529	$ 79,792	$ (23,611)	$ (33,201)	$ 26,819
Balance (in shares) at Mar. 31, 2022		52,965,797
Net income (loss)	0	$ 0	0	(1,471)	0	(1,471)
Balance at Dec. 31, 2022	3,310	$ 529	79,792	(25,082)	(33,201)	25,348
Balance (in shares) at Dec. 31, 2022		52,965,797
Balance at Mar. 31, 2023	3,310	$ 529	79,792	(24,971)	(33,201)	25,459
Balance (in shares) at Mar. 31, 2023		52,965,797
Net income (loss)	0	$ 0	0	1,649	0	1,649
Balance at Dec. 31, 2023	$ 3,310	$ 529	$ 79,792	$ (23,322)	$ (33,201)	$ 27,108
Balance (in shares) at Dec. 31, 2023		52,965,797

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	9 Months Ended
Note 1 - Background and Basis of Presentation	Dec. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 BACKGROUND AND BASIS OF PRESENTATION The 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 interim 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 consolidated financial position as of December 31, 2023 three nine December 31, 2023 December 31, 2022 not not March 31, 2023 2023” 10 2023. The results of operations for the three nine December 31, 2023 not may March 31, 2024 2024” Whenever necessary, reclassifications are made to conform the prior year’s consolidated financial statements to the current year’s presentation. Recently Issued Accounting Pronouncements The following Accounting Standards Updates (“ASUs”) were 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 2019 12 Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes (Issued December 2019) In December 2019, 2019 12, 740 2019 12 740 2019 12 December 15, 2020. first June 2021) March 31, 2022. 2019 12 no Accounting Standards Update 2016 13 Financial Instruments Credit Losses (Issued June 2016) In June 2016, 2016 13 2016 13 2016 13 2016 13 December 15, 2022. 2016 13 no Revenue recognition 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 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, 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, not 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 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 Licensing not

Note 2 - Earnings Per Share

Note 2 - Earnings Per Share	9 Months Ended
Note 2 - Earnings Per Share	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	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 December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Numerator: Net income (loss) $ (421 ) $ (241 ) $ 1,649 $ (1,471 ) Denominator: Denominator for basic and diluted income (loss) per share — weighted average shares 21,042,652 21,042,652 21,042,652 21,042,652 Net income (loss) per share: Basic and diluted income (loss) per share $ (0.02 ) $ (0.01 ) $ 0.08 $ (0.07 )

Note 3 - Shareholders' Equity

Note 3 - Shareholders' Equity	9 Months Ended
Note 3 - Shareholders' Equity	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 3 — SHAREHOLDERS ’ EQUITY Outstanding capital stock at December 31, 2023 no not March 31, 2002; At December 31, 2023

Note 4 - Inventory

Note 4 - Inventory	9 Months Ended
Note 4 - Inventory	Dec. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	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 first December 31, 2023 March 31, 2023 December 31, 2023 March 31, 2023 Finished goods $ 5,761 $ 3,813

Note 5 - Income Taxes

Note 5 - Income Taxes	9 Months Ended
Note 5 - Income Taxes	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 5 — INCOME TAXES At December 31, 2023 , the Company had $14.0 million of U.S. federal net operating loss (“NOL”) carry forwards. These losses do not one December 31, 2023 , the Company had approximately $16.1 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 The income of foreign subsidiaries before taxes was $293,000 for the three December 31, 2023 as compared to income of foreign subsidiaries before taxes of $247,000 for the three December 31, 2022 . The income of foreign subsidiaries before taxes was $892,000 for the nine December 31, 2023 as compared to income of foreign subsidiaries before taxes of $489,000 for the nine December 31, 2022 . The Company analyzed the future reasonability of recognizing its deferred tax assets at December 31, 2023 . As a result, the Company concluded that a 100% valuation allowance of approximately $4,287,000 would be recorded against the assets. The Company recorded an income tax benefit of $14,000 and income tax expense of $74,000, respectively, during the three nine December 31, 2023 . During the three nine December 31, 2022 , the Company recorded income tax expense of nil 2019 12 740 2022, The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. As of December 31, 2023 , the Company’s open tax years for examination for U.S. federal tax are 2018 2023, 2017 2023. may may As of December 31, 2023 , the Company is asserting under ASC 740 30 As of December 31, 2023 and March 31, 2023 , the Company had a federal tax liability of approximately $1,202,000 and $1,603,000, 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 December 31, 2023 and March 31, 2023, The liability is payable over 8 years. The first five sixth seventh December 31, 2023 , the Company has paid six eight July 15 th of the year in which such installment is due. On July 12, 2023, sixth In addition to the federal tax liabilities recorded under the Tax Act mentioned above, the Company incurred approximately $74,000 of additional federal tax liabilities resulting from the net income generated during the nine December 31, 2023. 80% one December 31, 2023.

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	9 Months Ended
Note 6 - Related Party Transactions	Dec. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	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 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 February 15, 2019, December 31, 2023 . Accordingly, the Company is a “controlled company” as defined in Section 801 Related Party Transactions Charges of rental and utility fees on office space in Hong Kong During the three nine December 31, 2023 , the Company was billed approximately $40,000 and $119,000, 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. As of December 31, 2023 the Company owed approximately $1,000 to VACL related to these charges.

Note 7 - Short Term Deposits an

Note 7 - Short Term Deposits and Investments	9 Months Ended
Note 7 - Short Term Deposits and Investments	Dec. 31, 2023
Notes to Financial Statements
Investment [Text Block]	NOTE 7 — SHORT TERM DEPOSITS AND INVESTMENTS As of December 31, 2023 and March 31, 2023 , the Company held $2.7 million and $23.1 million, respectively, in term deposits. Such term deposits had maturity dates of 90 December 31, 2023 and March 31, 2023 , the Company held $18.5 million and nil, 90

Note 8 - Concentration Risk

Note 8 - Concentration Risk	9 Months Ended
Note 8 - Concentration Risk	Dec. 31, 2023
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 8 — CONCENTRATION RISK Customer Concentration For the three December 31, 2023 , the Company’s two No 10% For the nine December 31, 2023 , the Company’s three No 10% For the three December 31, 2022 , the Company’s two No 10% For the nine December 31, 2022 , the Company’s three No 10% 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 nine December 31, 2023 , the Company’s gross product sales included microwave ovens, which generated approximately 22% and 28%, respectively, of the Company’s gross product sales and audio products, which generated approximately 76% and 70%, respectively, of the Company’s gross product sales. No 10% For the three nine December 31, 2022 , the Company’s gross product sales included microwave ovens, which generated approximately 9% and 24%, respectively, of the Company’s gross product sales and audio products, which generated approximately 91% and 75%, respectively, of the Company’s gross product sales. No 10% Concentrations of Credit Risk As a percentage of the Company’s total trade accounts receivable, net of specific reserves, the Company’s top three December 31, 2023 . No 10% three March 31, 2023 . No 10% not two one The Company maintains its cash accounts with major U.S. and foreign financial institutions. The Company’s cash and restricted cash balances on deposit in the U.S. as of December 31, 2023 and March 31, 2023 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 $3.4 million and approximately $25.0 million at December 31, 2023 and March 31, 2023 , respectively. Supplier Concentration During the three December 31, 2023 , the Company procured approximately 86% of its products for resale from its three two three December 31, 2022 , the Company procured approximately 95% of its products for resale from its two No 10% three December 31, 2023 or December 31, 2022 . During the nine December 31, 2023 , the Company procured approximately 93% of its products for resale from its four three nine December 31, 2022 , the Company procured approximately 99% of its products for resale from its two No 10% nine December 31, 2023 or December 31, 2022 .

Note 9 - Leases

Note 9 - Leases	9 Months Ended
Note 9 - Leases	Dec. 31, 2023
Notes to Financial Statements
Lessee Lease Disclosure [Text Block]	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 six sixty not not December 31, 2023 to indicate that a reassessment or re-measurement of the Company’s existing leases was required. As of December 31, 2023 , the Company’s current operating lease liabilities and finance lease liabilities were $128,000 and $1,000, respectively and its non-current operating lease liabili ties nil, December 31, 2023 was $327,000 and $1,000, r 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 December 31, Nine Months Ended December 31, 2023 2022 2023 2022 (in thousands) (in thousands) Lease cost Operating lease cost $ 52 $ 60 $ 141 $ 185 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 43 62 123 187 Right-of-use assets obtained in exchange for lease obligations: Operating leases — — 248 — Finance leases — — — — Information relating to the lease term and discount rate are as follows: Weighted average remaining lease term (in months) As of December 31, 2023 As of December 31, 2022 Operating leases 44.7 18.8 Finance leases 5.2 17.2 Weighted average discount rate Operating leases 9.58 % 7.50 % Finance leases 7.50 % 7.50 % As of December 31, 2023 (in thousands) Operating Leases Finance Leases 2024 $ 52 $ 1 2025 116 — 2026 54 — 2027 66 — Thereafter 52 — Total lease payments $ 340 $ 1 Less: Imputed interest (4 ) — Total $ 336 $ 1

Note 10 - Governmental Assistan

Note 10 - Governmental Assistance Programs	9 Months Ended
Note 10 - Governmental Assistance Programs	Dec. 31, 2023
Notes to Financial Statements
Government Assistance [Text Block]	NOTE 10 — GOVERNMENTAL ASSISTANCE PROGRAMS During the three December 31, 2023 December 31, 2022 nil nine December 31, 2023 December 31, 2022 nil The income realized from the amount granted under the ESS program is presented as Other Income under the description called “Income from governmental assistance programs” in the Consolidated Statements of Operations.

Note 11 - Legal Proceedings

Note 11 - Legal Proceedings	9 Months Ended
Note 11 - Legal Proceedings	Dec. 31, 2023
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE 11 — LEGAL PROCEEDINGS On April 19, 2022, third 2023 2024, July 11, 2023, September 29, 2023, no September 30, 2023.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Dec. 31, 2023	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. (a) None (b) None (c) None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The 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 interim 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 consolidated financial position as of December 31, 2023 three nine December 31, 2023 December 31, 2022 not not March 31, 2023 2023” 10 2023. The results of operations for the three nine December 31, 2023 not may March 31, 2024 2024” Whenever necessary, reclassifications are made to conform the prior year’s consolidated financial statements to the current year’s presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements The following Accounting Standards Updates (“ASUs”) were 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 2019 12 Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes (Issued December 2019) In December 2019, 2019 12, 740 2019 12 740 2019 12 December 15, 2020. first June 2021) March 31, 2022. 2019 12 no Accounting Standards Update 2016 13 Financial Instruments Credit Losses (Issued June 2016) In June 2016, 2016 13 2016 13 2016 13 2016 13 December 15, 2022. 2016 13 no
Revenue [Policy Text Block]	Revenue recognition 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 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, 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, not 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 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 Licensing not

Note 2 - Earnings Per Share (Ta

Note 2 - Earnings Per Share (Tables)	9 Months Ended
Note 2 - Earnings Per Share (Tables)	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Numerator: Net income (loss) $ (421 ) $ (241 ) $ 1,649 $ (1,471 ) Denominator: Denominator for basic and diluted income (loss) per share — weighted average shares 21,042,652 21,042,652 21,042,652 21,042,652 Net income (loss) per share: Basic and diluted income (loss) per share $ (0.02 ) $ (0.01 ) $ 0.08 $ (0.07 )

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	9 Months Ended
Note 4 - Inventory (Tables)	Dec. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2023 March 31, 2023 Finished goods $ 5,761 $ 3,813

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	9 Months Ended
Note 9 - Leases (Tables)	Dec. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 (in thousands) (in thousands) Lease cost Operating lease cost $ 52 $ 60 $ 141 $ 185 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 43 62 123 187 Right-of-use assets obtained in exchange for lease obligations: Operating leases — — 248 — Finance leases — — — —
Summary of Information Relating To Lease Term And Discount Rate [Table Text Block]	Weighted average remaining lease term (in months) As of December 31, 2023 As of December 31, 2022 Operating leases 44.7 18.8 Finance leases 5.2 17.2 Weighted average discount rate Operating leases 9.58 % 7.50 % Finance leases 7.50 % 7.50 %
Operating and Finance Lease Liability Maturity [Table Text Block]	(in thousands) Operating Leases Finance Leases 2024 $ 52 $ 1 2025 116 — 2026 54 — 2027 66 — Thereafter 52 — Total lease payments $ 340 $ 1 Less: Imputed interest (4 ) — Total $ 336 $ 1

Note 1 - Background and Basis_2

Note 1 - Background and Basis of Presentation (Details Textual)	9 Months Ended
	Dec. 31, 2023
Microwave Ovens [Member]
Product Warranty, Term (Year)	1 year
Audio Products [Member]
Product Warranty, Term (Year)	90 days

Note 2 - Earnings Per Share - C

Note 2 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss)	$ (421)	$ (241)	$ 1,649	$ (1,471)
Weighted average shares outstanding
Basic (in shares)	21,042,652	21,042,652	21,042,652	21,042,652
Net income (loss) per share:
Basic income (loss) per share (in dollars per share)	$ (0.02)	$ (0.01)	$ 0.08	$ (0.07)

Note 3 - Shareholders' Equity (

Note 3 - Shareholders' Equity (Details Textual) shares in Thousands	Dec. 31, 2023 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 o

Note 4 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Finished goods	$ 5,761	$ 3,813

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
Note 5 - Income Taxes (Details Textual) - USD ($)	Jul. 12, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Income (Loss) from Continuing Operations before Income Taxes, Foreign		$ 293,000	$ 247,000	$ 892,000	$ 489,000
Deferred Tax Asset, Valuation Allowance Percent				100%
Deferred Tax Assets, Valuation Allowance		4,287,000		$ 4,287,000
Taxes, Miscellaneous		14,000	$ 0	74,000	$ 10,950
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability		1,202,000		1,202,000		$ 1,603,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Current		534,000		534,000		401,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent		668,000		$ 668,000		$ 1,202,000
Federal Tax Liability Payable, Duration (Year)				8 years
Percentage of Federal Tax Liability Payable in First Five Installments				8%
Percentage of Federal Tax Liability Payable in Sixth Installment				15%
Percentage of Federal Tax Liability Payable in Seventh Installment				20%
Percentage of Federal Tax Liability Payable in Final Installment				25%
Payments of Federal Tax Liability	$ 401,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards		14,000,000		$ 14,000,000
Percentage of Net Operation Loss Carry Forwards, Utilization Limit Against Taxable Income				80%
Open Tax Year				2018 2019 2020 2021 2022 2023
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		$ 16.1		$ 16.1
Open Tax Year				2017 2018 2019 2020 2021 2022

Note 6 - Related Party Transa_2

Note 6 - Related Party Transactions (Details Textual)	3 Months Ended	9 Months Ended
Note 6 - Related Party Transactions (Details Textual)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares
Majority Shareholder [Member]
Ownership Interest, Number of Shares (in shares) \| shares	15,243,283	15,243,283
Ownership Interest Percentage	72.40%	72.40%
Vigers Appraisal And Consulting Ltd [Member]
Income From Advanced Payment of Rental and Utility Fees	$ 40,000	$ 119,000
Accounts Payable	$ 1,000	$ 1,000

Note 7 - Short Term Deposits _2

Note 7 - Short Term Deposits and Investments (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Short-Term Investments	$ 18,505	$ 0
Cash Equivalents [Member]
Certificates of Deposit, at Carrying Value	$ 2,700	$ 23,100

Note 8 - Concentration Risk (De

Note 8 - Concentration Risk (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
Note 8 - Concentration Risk (Details Textual)	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Mar. 31, 2023 USD ($)
Cash, Uninsured Amount	$ 3,400,000		$ 3,400,000		$ 25,000,000
Maximum [Member]
Cash, FDIC Insured Amount	$ 250,000		$ 250,000
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Customers	2	2	3	3
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Two Largest Customers [Member]
Concentration Risk, Percentage	84%	84%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Walmart [Member]
Concentration Risk, Percentage	65%	50%	58%	42%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Amazon [Member]
Concentration Risk, Percentage	19%	34%	21%	21%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Three Largest Customers [Member]
Concentration Risk, Percentage			89%	74%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Fred Meyer [Member]
Concentration Risk, Percentage			10%	11%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Customers			3		3
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One [Member]
Concentration Risk, Percentage			48%		43%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk, Percentage			20%		35%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Three [Member]
Concentration Risk, Percentage			15%		11%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Microwave Ovens [Member]
Concentration Risk, Percentage	22%	9%	28%	24%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Audio Products [Member]
Concentration Risk, Percentage	76%	91%	70%	75%
Supplier Concentration Risk [Member] \| Products for Resale [Member]
Number of Factory Suppliers	3	2	4	2
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Three Largest Factory Suppliers [Member]
Concentration Risk, Percentage	86%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Largest Supplier [Member]
Concentration Risk, Percentage	37%	74%	29%	71%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier One [Member]
Concentration Risk, Percentage	28%	21%	26%	28%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Two [Member]
Concentration Risk, Percentage	21%		23%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Two Largest Factory Suppliers [Member]
Concentration Risk, Percentage		95%		99%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Four Largest Factory Suppliers [Member]
Concentration Risk, Percentage			93%
Supplier Concentration Risk [Member] \| Products for Resale [Member] \| Supplier Three [Member]
Concentration Risk, Percentage			15%

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Operating Lease, Liability, Current	$ 128,000	$ 139,000
Finance Lease, Liability, Current	1,000	1,000
Operating Lease, Liability, Noncurrent	208,000	62,000
Finance Lease, Liability, Noncurrent	0	0
Operating Lease, Right-of-Use Asset	327,000	200,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 1,000	$ 1,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	6 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	60 years

Note 9 - Leases - Summary of Co

Note 9 - Leases - Summary of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Operating lease cost	$ 52	$ 60	$ 141	$ 185
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	43	62	123	187
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	0	0	248	0
Finance leases	$ 0	$ 0	$ 0	$ 0

Note 9 - Leases - Summary of In

Note 9 - Leases - Summary of Information Relating to Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Operating leases (Month)	44 months 21 days	18 months 24 days
Finance leases (Month)	5 months 6 days	17 months 6 days
Operating leases	9.58%	7.50%
Finance leases	7.50%	7.50%

Note 9 - Leases - Summary of Ma

Note 9 - Leases - Summary of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024, operating lease	$ 52
2024, finance lease	1
2025, operating lease	116
2025, finance lease	0
2026, operating lease	54
2026, finance lease	0
2027, operating lease	66
2027, finance lease	0
Thereafter, operating lease	52
Thereafter, finance lease	0
Operating Leases, Total lease payments	340
Finance Leases, Total lease payments	1
Operating Leases, Less: Imputed interest	(4)
Finance Leases, Less: Imputed interest	0
Operating Leases, Total	336
Finance Leases, Total	$ 1

Note 10 - Governmental Assist_2

Note 10 - Governmental Assistance Programs (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Government Assistance, Amount	$ 0	$ 4,000	$ 0	$ 34,000
Employment Support Scheme [Member]
Government Assistance, Amount	$ 0	$ 4,000	$ 0	$ 34,000

Note 11 - Legal Proceedings (De

Note 11 - Legal Proceedings (Details Textual) - USD ($)			3 Months Ended	9 Months Ended	12 Months Ended
Note 11 - Legal Proceedings (Details Textual) - USD ($)	Sep. 29, 2023	Apr. 19, 2022	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023
Loss Contingency, Damages Awarded, Value		$ 6,500,000
Loss Contingency, Damages Paid, Value					$ 4,100,000
Legal Fees				$ 216,000	$ 784,000
Litigation Settlement, Expense	$ 3,160,000
Litigation Settlement, Amount Awarded from Other Party	$ 700,000
Increase (Decrease) in Deposits			$ (3,100,000)