Emerson Radio (MSN) 10-Q 14 Feb 23 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2022	Feb. 14, 2023
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
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	NYSEAMER
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 ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net revenues:
Revenue	$ 1,932	$ 2,574	$ 5,306	$ 6,485
Costs and expenses:
Cost of sales	1,361	1,826	3,549	4,786
Selling, general and administrative expenses	1,051	1,469	3,686	4,207
Costs and Expenses, Total	2,412	3,295	7,235	8,993
Operating loss	(480)	(721)	(1,929)	(2,508)
Other (loss) income:
Loss on settlement of litigation	0	(450)	0	(450)
Interest income, net	235	7	424	40
Income from governmental assistance programs	4	0	34	207
Loss before income taxes	(241)	(1,164)	(1,471)	(2,711)
Provision for income tax expense	0	0	0	0
Net loss	$ (241)	$ (1,164)	$ (1,471)	$ (2,711)
Basic loss per share (in dollars per share)	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.13)
Diluted loss per share (in dollars per share)	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.13)
Weighted average shares outstanding
Basic (in shares)	21,043	21,043	21,043	21,043
Diluted (in shares)	21,043	21,043	21,043	21,043
Product [Member]
Net revenues:
Revenue	$ 1,704	$ 2,509	$ 4,335	$ 6,290
License [Member]
Net revenues:
Revenue	$ 228	$ 65	$ 971	$ 195

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 27,294,000	$ 25,576,000
Accounts receivable, net	927,000	1,294,000
Licensing receivable	191,000	0
Inventory	2,345,000	2,112,000
Prepaid purchases	644,000	141,000
Prepaid expenses and other current assets	254,000	390,000
Total Current Assets	31,655,000	29,513,000
Non-Current Assets:
Property and equipment, net	2,000	2,000
Right-of-use asset-operating leases	244,000	403,000
Right-of-use asset-finance leases	2,000	2,000
Other assets	90,000	90,000
Total Non-Current Assets	338,000	497,000
Total Assets	31,993,000	30,010,000
Current Liabilities:
Accounts payable and other current liabilities	514,000	758,000
Due to affiliate	1,000	0
Short-term operating lease liability	145,000	211,000
Short-term finance lease liability	1,000	1,000
Income tax payable, current portion	401,000	195,000
Advanced deposits	4,100,000	0
Deferred revenue	182,000	210,000
Total Current Liabilities	5,344,000	1,375,000
Non-Current Liabilities:
Long-term operating lease liability	98,000	201,000
Long-term finance lease liability	1,000	2,000
Income tax payable	1,202,000	1,613,000
Total Non-Current Liabilities	1,301,000	1,816,000
Total Liabilities	6,645,000	3,191,000
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, 2022 and March 31, 2022, respectively; 21,042,652 shares outstanding at December 31, 2022 and March 31, 2022, respectively	529,000	529,000
Additional paid-in capital	79,792,000	79,792,000
Accumulated deficit	(25,082,000)	(23,611,000)
Treasury stock, at cost (31,923,145 shares at December 31, 2022 and March 31, 2022, respectively)	(33,201,000)	(33,201,000)
Total Shareholders’ Equity	25,348,000	26,819,000
Total Liabilities and Shareholders’ Equity	$ 31,993,000	$ 30,010,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022
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 stock, 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, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net (loss)	$ (1,471)	$ (2,711)
Adjustments to reconcile net loss to net cash (used) by operating activities:
Loan forgiveness from Paycheck Protection Program	0	(207)
Amortization of right-of-use assets	159	164
Asset valuation allowances	39	149
Changes in assets and liabilities:
Accounts receivable	328	(2,077)
Inventory	(233)	(613)
Prepaid purchases	(503)	74
Prepaid expenses and other current assets	136	(94)
Other assets	0	4
Accounts payable and other current liabilities	(244)	354
Right of use assets-operating	0	(403)
Short term lease liabilities	(66)	73
Long term lease liabilities	(104)	161
Due to affiliate	1	0
Income taxes payable	(205)	(223)
Advanced deposits	4,100	0
Deferred revenue	(28)	(195)
Net cash provided (used) by operating activities	1,718	(5,544)
Cash Flows From Investing Activities:
Proceeds from sale of short-term investments	0	25,045
Additions to property and equipment	0	(2)
Purchases of short-term investments	0	0
Net cash provided by investing activities	0	25,043
Cash Flows from Financing Activities:
Net cash provided by financing activities	0	0
Net increase in cash and cash equivalents	1,718	19,499
Cash and cash equivalents at beginning of the year	25,576	5,245
Cash and cash equivalents at end of the year	27,294	24,744
Cash paid for:
Interest	8	8
Income taxes	205	222
License [Member]
Changes in assets and liabilities:
Licensing receivable	$ (191)	$ 0

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 [Member]	Total
Balance at Mar. 31, 2021	$ 3,310	$ 529	$ 79,792	$ (19,985)	$ (33,201)	$ 30,445
Balance (in shares) at Mar. 31, 2021		52,965,797
Net (loss)	0	$ 0	0	(2,711)	0	(2,711)
Balance at Dec. 31, 2021	3,310	$ 529	79,792	(22,696)	(33,201)	27,734
Balance (in shares) at Dec. 31, 2021		52,965,797
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 (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

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	9 Months Ended
	Dec. 31, 2022
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, 2022 three nine December 31, 2022 December 31, 2021 not not March 31, 2022 2022” 10 2022. The results of operations for the three nine December 31, 2022 not may March 31, 2023 2023” Whenever necessary, reclassifications are made to conform the prior year’s consolidated financial statements to the current year’s presentation. Recently Adopted Accounting Pronouncements 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 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 2016 13 Financial Instruments Credit Losses (Issued June 2016) In June 2016, 2016 13 2016 13 2016 13 2016 13 December 15, 2022. not 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
	Dec. 31, 2022
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, 2022 2021 2022 2021 Numerator: Net loss $ (241 ) $ (1,164 ) $ (1,471 ) $ (2,711 ) Denominator: Denominator for basic and diluted loss per share — weighted average shares 21,043 21,043 21,043 21,043 Net loss per share: Basic and diluted loss per share $ (0.01 ) $ (0.06 ) $ (0.07 ) $ (0.13 )

Note 3 - Shareholders' Equity

Note 3 - Shareholders' Equity	9 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 3 — SHAREHOLDERS ’ EQUITY Outstanding capital stock at December 31, 2022 no not March 31, 2002; At December 31, 2022

Note 4 - Inventory

Note 4 - Inventory	9 Months Ended
	Dec. 31, 2022
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, 2022 March 31, 2022 December 31, 2022 March 31, 2022 Finished goods $ 2,345 $ 2,112

Note 5 - Income Taxes

Note 5 - Income Taxes	9 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 5 — INCOME TAXES At December 31, 2022 y had $16.0 million of U.S. federal net operating loss (“NOL”) carry forwards. These losses do not one December 31, 2022 , the Company had approximately $18.7 not The income of foreign subsidiaries before taxes was $247,000 for the three December 31, 2022 as compared to income of foreign subsidiaries before taxes of $19,000 for the three December 31, 2021 . The income of foreign subsidiaries before taxes was $489,000 for the nine December 31, 2022 as compared to income of foreign subsidiaries before taxes of $71,000 for the nine December 31, 2021 . The Company analyzed the future reasonability of recognizing its deferred tax assets at December 31, 2022 . As a result, the Company concluded that a 100% valuation allowance of $4,800,000 wo Although the Company generated a net operating loss, it recorded income tax expense of nil and $10,500, res three nine December 31, 2022 three nine December 31, 2021 nil and $10,500 2019 12 740 2022, The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. As of December 31, 2022 2017 2021, 2016 2021. may may As of December 31, 2022 740 30 As of December 31, 2022 March 31, 2022 ly $1,603,000 $1,808,000, 2017 December 31, 2022 portion was approximately $401,000 and the long term portion was approximately $1,202,000. The liability is payable over 8 years. The first five sixth seventh December 31, 2022 five of eight July 15 th

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	9 Months Ended
	Dec. 31, 2022
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, 2022 801 Related Party Transactions Charges of rental and utility fees on office space in Hong Kong During the three nine December 31, 2022 December 31, 2022 During the three nine December 31, 2021 December 31, 2022

Note 7 - Short Term Investments

Note 7 - Short Term Investments	9 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Investment [Text Block]	NOTE 7 — SHORT TERM INVESTMENTS At both December 31, 2022 March 31, 2022 nil December 31, 2022 March 31, 2022

Note 8 - Concentration Risk

Note 8 - Concentration Risk	9 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 8 — CONCENTRATION RISK Customer Concentration For the three December 31, 2022 , the Company’s two largest customers accounted for approxim No 10% For the nine December 31, 2022 three For the three December 31, 2021 three For the nine December 31, 2021 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, 2022 For the three nine December 31, 2021 Concentrations of Credit Risk As a percent of the Company’s total trade accounts receivable, net of specific reserves, the Company’s top two December 31, 2022 No 10% December 31, 2022. March 31, 2022 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, 2022 March 31, 2022 December 31, 2022 March 31, 2022 Supplier Concentration During the three nine December 31, 2022 three nine December 31, 2021 two

Note 9 - Leases

Note 9 - Leases	9 Months Ended
	Dec. 31, 2022
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 four twenty-two not not December 31, 2022 no December 31, 2022 360 10, As of December 31, 2022 ties ties were $145,000 and $1,000, respectively and its non-current operating lease liabili ties December 31, 2022 was $244,000 and $2,000, r In January 2023, not not 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, 2022 2021 2022 2021 (in thousands) (in thousands) Lease cost Operating lease cost $ 60 $ 64 $ 185 $ 191 Finance lease cost — — — — Amortization of right-of-use assets — — — — Interest on lease liabilities — — — — Variable lease costs — — — — Total lease cost 60 64 185 191 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 62 63 187 194 Operating cash flows from finance leases — — — — Financing cash flows from finance leases — — — — Right-of-use assets obtained in exchange for lease obligations: Operating leases — 403 — 403 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, 2022 As of December 31, 2021 Operating leases 18.8 27.3 Finance leases 17.2 29.2 Weighted average discount rate Operating leases 7.50 % 7.50 % Finance leases 7.50 % 7.50 % As of December 31, 2022 (in thousands) Operating Leases Finance Leases 2023 $ 46 $ 1 2024 149 1 2025 62 — 2026 — — Thereafter — — Total lease payments $ 257 $ 2 Less: Imputed interest (14 ) — Total $ 243 $ 2

Note 10 - Governmental Assistan

Note 10 - Governmental Assistance Programs	9 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Government Assistance [Text Block]	NOTE 10 — GOVERNMENTAL ASSISTANCE PROGRAMS During the three December 31, 2022 December 31, 2021 nil, may During the nine December 31, 2022 December 31, 2021 nil, nine December 31, 2022 December 31, 2021 nil The income realized from the amount granted under the ESS program and the PPP loan forgiveness are 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
	Dec. 31, 2022
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE 11 LEGAL PROCEEDINGS On April 19, 2022, no

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2022
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, 2022 three nine December 31, 2022 December 31, 2021 not not March 31, 2022 2022” 10 2022. The results of operations for the three nine December 31, 2022 not may March 31, 2023 2023” 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 Adopted Accounting Pronouncements 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 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 2016 13 Financial Instruments Credit Losses (Issued June 2016) In June 2016, 2016 13 2016 13 2016 13 2016 13 December 15, 2022. not
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
	Dec. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Numerator: Net loss $ (241 ) $ (1,164 ) $ (1,471 ) $ (2,711 ) Denominator: Denominator for basic and diluted loss per share — weighted average shares 21,043 21,043 21,043 21,043 Net loss per share: Basic and diluted loss per share $ (0.01 ) $ (0.06 ) $ (0.07 ) $ (0.13 )

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	9 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2022 March 31, 2022 Finished goods $ 2,345 $ 2,112

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	9 Months Ended
	Dec. 31, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 (in thousands) (in thousands) Lease cost Operating lease cost $ 60 $ 64 $ 185 $ 191 Finance lease cost — — — — Amortization of right-of-use assets — — — — Interest on lease liabilities — — — — Variable lease costs — — — — Total lease cost 60 64 185 191 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 62 63 187 194 Operating cash flows from finance leases — — — — Financing cash flows from finance leases — — — — Right-of-use assets obtained in exchange for lease obligations: Operating leases — 403 — 403 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, 2022 As of December 31, 2021 Operating leases 18.8 27.3 Finance leases 17.2 29.2 Weighted average discount rate Operating leases 7.50 % 7.50 % Finance leases 7.50 % 7.50 %
Operating and Finance Lease Liability Maturity [Table Text Block]	(in thousands) Operating Leases Finance Leases 2023 $ 46 $ 1 2024 149 1 2025 62 — 2026 — — Thereafter — — Total lease payments $ 257 $ 2 Less: Imputed interest (14 ) — Total $ 243 $ 2

Note 1 - Background and Basis_2

Note 1 - Background and Basis of Presentation (Details Textual)	9 Months Ended
	Dec. 31, 2022
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, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net (loss)	$ (241)	$ (1,164)	$ (1,471)	$ (2,711)
Weighted average shares outstanding
Basic (in shares)	21,043	21,043	21,043	21,043
Net loss per share:
Basic loss per share (in dollars per share)	$ (0.01)	$ (0.06)	$ (0.07)	$ (0.13)

Note 3 - Shareholders' Equity (

Note 3 - Shareholders' Equity (Details Textual) shares in Thousands	Dec. 31, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (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, 2022	Mar. 31, 2022
Finished goods	$ 2,345	$ 2,112

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Income (Loss) from Continuing Operations before Income Taxes, Foreign	$ 247,000	$ 489,000	$ 19,000	$ 71,000
Deferred Tax Asset, Valuation Allowance Percent			100%
Deferred Tax Assets, Valuation Allowance	4,800,000		$ 4,800,000
Taxes, Miscellaneous, Total	0	$ 0	10,500	$ 10,500
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Total	1,603,000		1,603,000		$ 1,808,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Current	401,000		401,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent	1,202,000		$ 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%
Number of Installments of Federal Tax Liability Paid			5
Domestic Tax Authority [Member]
Operating Loss Carryforwards	16,000,000		$ 16,000,000
Percentage of Net Operation Loss Carry Forwards, Utilization Limit Against Taxable Income			80%
Open Tax Year			2017 2018 2019 2020 2021
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 18,700,000		$ 18,700,000
Open Tax Year			2016 2017 2018 2019 2020 2021

Note 6 - Related Party Transa_2

Note 6 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Majority Shareholder [Member]
Ownership Interest, Number of Shares (in 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	$ 500	$ 119,000	$ 1,100
Due from Related Parties, Current, Total	$ 800	$ 500	$ 800	$ 500

Note 7 - Short Term Investmen_2

Note 7 - Short Term Investments (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Short-Term Investments, Total	$ 0	$ 0
Cash Equivalents [Member]
Certificates of Deposit, at Carrying Value	$ 25,500	$ 22,000

Note 8 - Concentration Risk (De

Note 8 - Concentration Risk (Details Textual)	3 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Mar. 01, 2022	Mar. 31, 2022 USD ($)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents in Excess of FDIC Insured Limits	$ 27,000,000		$ 27,000,000			$ 25,300,000
Maximum [Member]
Cash, FDIC Insured Amount	$ 250,000		$ 250,000
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Customers	2	3	3	3
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Largest Customers [Member]
Concentration Risk, Percentage	84%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Walmart [Member]
Concentration Risk, Percentage	50%	37%	42%	37%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Amazon [Member]
Concentration Risk, Percentage	34%	50%	21%	36%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Largest Customers [Member]
Concentration Risk, Percentage		92%	74%	88%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Fred Meyer [Member]
Concentration Risk, Percentage		5%	11%	15%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Customers			2		3
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member]
Concentration Risk, Percentage			51%			69%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk, Percentage			48%			17%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Three [Member]
Concentration Risk, Percentage						11%
Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | Microwave Ovens [Member]
Concentration Risk, Percentage	9%	10%	24%	24%
Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | Audio Products [Member]
Concentration Risk, Percentage	91%	89%	75%	76%
Supplier Concentration Risk [Member] | Products for Resale [Member]
Number of Factory Suppliers	3	2	3	2
Supplier Concentration Risk [Member] | Products for Resale [Member] | Three Largest Factory Suppliers [Member]
Concentration Risk, Percentage	100%		100%
Supplier Concentration Risk [Member] | Products for Resale [Member] | Largest Supplier [Member]
Concentration Risk, Percentage	74%	81%	71%	83%
Supplier Concentration Risk [Member] | Products for Resale [Member] | Two Largest Factory Suppliers [Member]
Concentration Risk, Percentage		100%		100%

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Operating Lease, Liability, Current	$ 145,000	$ 211,000
Finance Lease, Liability, Current	1,000	1,000
Operating Lease, Liability, Noncurrent	98,000	201,000
Finance Lease, Liability, Noncurrent	1,000	2,000
Operating Lease, Right-of-Use Asset	244,000	403,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	$ 2,000	$ 2,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Month)	4 months
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Month)	22 months

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Lease cost
Operating lease cost	$ 60	$ 64	$ 185	$ 191
Finance lease cost	0	0	0	0
Amortization of right-of-use assets	0	0	0	0
Interest on lease liabilities	0	0	0	0
Variable lease costs	0	0	0	0
Total lease cost	60	64	185	191
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	62	63	187	194
Operating cash flows from finance leases	0	0	0	0
Financing cash flows from finance leases	0	0	0	0
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	0	403	0	403
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, 2022	Dec. 31, 2021
Operating leases (Month)	18 months 24 days	27 months 9 days
Finance leases (Month)	17 months 6 days	29 months 6 days
Operating leases	7.50%	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, 2022 USD ($)
Operating Leases, 2023	$ 46
Finance Leases, 2023	1
Operating Leases, 2024	149
Finance Leases, 2024	1
Operating Leases, 2025	62
Finance Leases, 2025	0
Operating Leases, 2026	0
Finance Leases, 2026	0
Operating Leases, Total lease payments	257
Finance Leases, Total lease payments	2
Operating Leases, Less: Imputed interest	(14)
Finance Leases, Less: Imputed interest	0
Operating Leases, Total	243
Finance Leases, Total	$ 2

Note 10 - Governmental Assist_2

Note 10 - Governmental Assistance Programs (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Government Assistance, Amount	$ 4,000	$ 0	$ 34,000	$ 207,000
Paycheck Protection Plan, CARES Act [Member]
Debt Instrument, Decrease, Forgiveness			0	207,000
Employment Support Scheme [Member]
Government Assistance, Amount	$ 4,000	$ 0	$ 34,000	$ 0

Note 11 - Legal Proceedings (De

Note 11 - Legal Proceedings (Details Textual) $ in Millions	Apr. 19, 2022 USD ($)
Loss Contingency, Damages Awarded, Value	$ 6.5