Emerson Radio (MSN) 10-Q 14 Aug 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2023	Aug. 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	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	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 ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net revenues:
Revenue	$ 1,809	$ 1,074
Costs and expenses:
Cost of sales	1,470	879
Selling, general and administrative expenses	1,198	1,344
Total costs and expenses	2,668	2,223
Operating loss	(859)	(1,149)
Other (loss) income:
Interest income, net	294	50
Income from governmental assistance programs	0	22
Loss before income taxes	(565)	(1,077)
Provision for income tax expense	0	0
Net loss	$ (565)	$ (1,077)
Basic loss per share (in dollars per share)	$ (0.03)	$ (0.05)
Diluted loss per share (in dollars per share)	$ (0.03)	$ (0.05)
Weighted average shares outstanding
Basic (in shares)	21,042,652	21,042,652
Diluted (in shares)	21,042,652	21,042,652
Product [Member]
Net revenues:
Revenue	$ 1,732	$ 1,004
License [Member]
Net revenues:
Revenue	$ 77	$ 70

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Current Assets:
Cash and cash equivalents	$ 24,671,000	$ 25,268,000
Accounts receivable, net	1,189,000	1,165,000
Licensing receivable	8,000	245,000
Inventory	3,707,000	3,813,000
Prepaid purchases	364,000	247,000
Prepaid expenses and other current assets	296,000	357,000
Total Current Assets	30,235,000	31,095,000
Non-Current Assets:
Property and equipment, net	47,000	1,000
Right-of-use asset-operating leases	166,000	200,000
Right-of-use asset-finance leases	1,000	1,000
Other assets	84,000	74,000
Total Non-Current Assets	298,000	276,000
Total Assets	30,533,000	31,371,000
Current Liabilities:
Accounts payable and other current liabilities	705,000	641,000
Short-term operating lease liability	142,000	139,000
Short-term finance lease liability	1,000	1,000
Income tax payable, current portion	401,000	401,000
Advanced deposits	3,162,000	3,316,000
Deferred revenue	0	149,000
Total Current Liabilities	4,412,000	4,648,000
Non-Current Liabilities:
Long-term operating lease liability	25,000	62,000
Long-term finance lease liability	0	0
Income tax payable	1,202,000	1,202,000
Total Non-Current Liabilities	1,227,000	1,264,000
Total Liabilities	5,639,000	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 June 30, 2023 and March 31, 2023, respectively; 21,042,652 shares outstanding at June 30, 2023 and March 31, 2023, respectively	529,000	529,000
Additional paid-in capital	79,792,000	79,792,000
Accumulated deficit	(25,536,000)	(24,971,000)
Treasury stock, at cost (31,923,145 shares at June 30, 2023 and March 31, 2023, respectively)	(33,201,000)	(33,201,000)
Total Shareholders’ Equity	24,894,000	25,459,000
Total Liabilities and Shareholders’ Equity	30,533,000	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	Jun. 30, 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	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net (loss)	$ (565)	$ (1,077)
Adjustments to reconcile net loss to net cash (used) by operating activities:
Amortization of right-of-use assets	34	53
Depreciation and amortization	4	0
Asset valuation allowance	22	(35)
Changes in assets and liabilities:
Accounts receivable	(46)	768
Licensing receivable	237	0
Inventory	106	(321)
Prepaid purchases	(117)	(140)
Prepaid expenses and other current assets	61	122
Other assets	(10)	0
Accounts payable and other current liabilities	64	89
Short term lease liabilities	3	(22)
Long term lease liabilities	(37)	(35)
Advanced deposits	(154)	0
Deferred revenue	(149)	(70)
Net cash (used) by operating activities	(547)	(668)
Cash Flows From Investing Activities:
Additions to property and equipment	(50)	0
Disposals of property and equipment	0	0
Net cash (used) by investing activities	(50)	0
Cash Flows from Financing Activities:
Net cash provided by financing activities	0	0
Net (decrease) in cash and cash equivalents	(597)	(668)
Cash and cash equivalents at beginning of the year	25,268	25,576
Cash and cash equivalents at end of the year	24,671	24,908
Cash paid for:
Interest	2	3
Income taxes	$ 0	$ 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, 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 (loss)	0	$ 0	0	(1,077)	0	(1,077)
Balance at Jun. 30, 2022	3,310	$ 529	79,792	(24,688)	(33,201)	25,742
Balance (in shares) at Jun. 30, 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 (loss)	0	$ 0	0	(565)	0	(565)
Balance at Jun. 30, 2023	$ 3,310	$ 529	$ 79,792	$ (25,536)	$ (33,201)	$ 24,894
Balance (in shares) at Jun. 30, 2023		52,965,797

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	3 Months Ended
	Jun. 30, 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 June 30, 2023 three June 30, 2023 June 30, 2022 not not March 31, 2023 2023” 10 2023. The results of operations for the three June 30, 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. 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	3 Months Ended
	Jun. 30, 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 June 30, 2023 2022 Numerator: Net loss $ (565 ) $ (1,077 ) Denominator: Denominator for basic and diluted loss per share — weighted average shares 21,042,652 21,042,652 Net loss per share: Basic and diluted loss per share $ (0.03 ) $ (0.05 )

Note 3 - Shareholders' Equity

Note 3 - Shareholders' Equity	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 3 — SHAREHOLDERS ’ EQUITY Outstanding capital stock at June 30, 2023 no not March 31, 2002; At June 30, 2023

Note 4 - Inventory

Note 4 - Inventory	3 Months Ended
	Jun. 30, 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 June 30, 2023 March 31, 2023 June 30, 2023 March 31, 2023 Finished goods $ 3,707 $ 3,813

Note 5 - Income Taxes

Note 5 - Income Taxes	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 5 — INCOME TAXES At June 30, 2023 y had $16.3 million of U.S. federal net operating loss (“NOL”) carry forwards. These losses do not one June 30, 2023 , the Company had approximately $19.5 not The income of foreign subsidiaries before taxes was $302,000 for the three June 30, 2023 as compared to income of foreign subsidiaries before taxes of $83,000 for the three June 30, 2022 . The Company analyzed the future reasonability of recognizing its deferred tax assets at June 30, 2023 . As a result, the Company concluded that a 100% valuation allowance of $4,906,000 wo Although the Company generated a net operating loss, it recorded income tax expense of $8,650 three June 30, 2023 three June 30, 2022 $10,500, 2019 12 740 2022, The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. As of June 30, 2023 2017 2023, 2015 2023. may may As of June 30, 2023 740 30 As of June 30, 2023 March 31, 2023 ly $1,603,000 2017 June 30, 2023 March 31, 2023, 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 June 30, 2023 five of eight July 15 th July 12, 2023, sixth

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	3 Months Ended
	Jun. 30, 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, June 30, 2023 801 Related Party Transactions Charges of rental and utility fees on office space in Hong Kong During the three June 30, 2023 June 30, 2023

Note 7 - Short Term Deposits

Note 7 - Short Term Deposits	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Investment [Text Block]	NOTE 7 — SHORT TERM DEPOSITS As of June 30, 2023 March 31, 2023 90

Note 8 - Concentration Risk

Note 8 - Concentration Risk	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 8 — CONCENTRATION RISK Customer Concentration For the three June 30, 2023 , the Company’s three largest customers accounted for approxim No 10% For the three June 30, 2022 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 June 30, 2023 No 10% For the three June 30, 2022 No 10% Concentrations of Credit Risk As a percent of the Company’s total trade accounts receivable, net of specific reserves, the Company’s top three customers accounted for approximately 48%, 25% and 20%, respectively, as of June 30, 2023 No 10% 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 June 30, 2023 March 31, 2023 June 30, 2023 March 31, 2023 Supplier Concentration During the three June 30, 2023 two three June 30, 2022 two

Note 9 - Leases

Note 9 - Leases	3 Months Ended
	Jun. 30, 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 twelve fourteen not not June 30, 2023 As of June 30, 2023 ties ties were $142,000 and $1,000, respectively and its non-current operating lease liabili ties nil, June 30, 2023 was $166,000 and $1,000, r In January 2023, July 1, 2023. 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 June 30, 2023 2022 (in thousands) Lease cost Operating lease cost $ 37 $ 59 Finance lease cost — — Amortization of right-of-use assets — — Interest on lease liabilities — — Variable lease costs — — Total lease cost 37 59 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 37 59 Operating cash flows from finance leases — — Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for lease obligations: Operating leases — — Finance leases — — Information relating to the lease term and discount rate are as follows: Weighted average remaining lease term (in months) As of June 30, 2023 As of June 30, 2022 Operating leases 13.5 22.5 Finance leases 11.2 23.2 Weighted average discount rate Operating leases 7.50 % 7.50 % Finance leases 7.50 % 7.50 % As of June 30, 2023 (in thousands) Operating Leases Finance Leases 2024 $ 112 $ 1 2025 62 — 2026 — — 2027 — — Thereafter — — Total lease payments $ 174 $ 1 Less: Imputed interest (7 ) — Total $ 167 $ 1

Note 10 - Governmental Assistan

Note 10 - Governmental Assistance Programs	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Government Assistance [Text Block]	NOTE 10 — GOVERNMENTAL ASSISTANCE PROGRAMS During the three June 30, 2023 June 30, 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	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE 11 LEGAL PROCEEDINGS On April 19, 2022, 2023 2024, July 11, 2023, no

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 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 June 30, 2023 three June 30, 2023 June 30, 2022 not not March 31, 2023 2023” 10 2023. The results of operations for the three June 30, 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. 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)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2023 2022 Numerator: Net loss $ (565 ) $ (1,077 ) Denominator: Denominator for basic and diluted loss per share — weighted average shares 21,042,652 21,042,652 Net loss per share: Basic and diluted loss per share $ (0.03 ) $ (0.05 )

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2023 March 31, 2023 Finished goods $ 3,707 $ 3,813

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2023 2022 (in thousands) Lease cost Operating lease cost $ 37 $ 59 Finance lease cost — — Amortization of right-of-use assets — — Interest on lease liabilities — — Variable lease costs — — Total lease cost 37 59 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 37 59 Operating cash flows from finance leases — — Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for lease obligations: Operating leases — — Finance leases — —
Summary of Information Relating To Lease Term And Discount Rate [Table Text Block]	Weighted average remaining lease term (in months) As of June 30, 2023 As of June 30, 2022 Operating leases 13.5 22.5 Finance leases 11.2 23.2 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 2024 $ 112 $ 1 2025 62 — 2026 — — 2027 — — Thereafter — — Total lease payments $ 174 $ 1 Less: Imputed interest (7 ) — Total $ 167 $ 1

Note 1 - Background and Basis_2

Note 1 - Background and Basis of Presentation (Details Textual)	3 Months Ended
	Jun. 30, 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
	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net (loss)	$ (565)	$ (1,077)
Weighted average shares outstanding
Basic (in shares)	21,042,652	21,042,652
Net loss per share:
Basic loss per share (in dollars per share)	$ (0.03)	$ (0.05)

Note 3 - Shareholders' Equity (

Note 3 - Shareholders' Equity (Details Textual) shares in Thousands	Jun. 30, 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	Jun. 30, 2023	Mar. 31, 2023
Finished goods	$ 3,707	$ 3,813

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($)		3 Months Ended
	Jul. 12, 2023	Jun. 30, 2023	Jun. 30, 2022
Income (Loss) from Continuing Operations before Income Taxes, Foreign		$ 302,000	$ 83,000
Deferred Tax Asset, Valuation Allowance Percent		100%
Deferred Tax Assets, Valuation Allowance		$ 4,906,000
Taxes, Miscellaneous		8,650	$ 10,500
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability		1,603,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Current		401,000
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent		$ 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
Subsequent Event [Member]
Payments of Federal Tax Liability	$ 401,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards		$ 16.3
Percentage of Net Operation Loss Carry Forwards, Utilization Limit Against Taxable Income		80%
Open Tax Year		2017 2018 2019 2020 2021 2022 2023
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		$ 19.5
Open Tax Year		2015 2016 2017 2018 2019 2020 2022 2023

Note 6 - Related Party Transa_2

Note 6 - Related Party Transactions (Details Textual)	3 Months Ended
	Jun. 30, 2023 USD ($) shares
Majority Shareholder [Member]
Ownership Interest, Number of Shares (in shares) | shares	15,243,283
Ownership Interest Percentage	72.40%
Vigers Appraisal And Consulting Ltd [Member]
Income From Advanced Payment of Rental and Utility Fees	$ 40,000
Accounts Payable	$ 800

Note 7 - Short Term Deposits (D

Note 7 - Short Term Deposits (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023
Cash Equivalents [Member]
Certificates of Deposit, at Carrying Value	$ 22.9	$ 23.1

Note 8 - Concentration Risk (De

Note 8 - Concentration Risk (Details Textual)	3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2023 USD ($)
Cash, Uninsured Amount	$ 24,400,000			$ 25,000,000
Maximum [Member]
Cash, FDIC Insured Amount	$ 250,000
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Customers	3	3
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Largest Customers [Member]
Concentration Risk, Percentage	88%	73%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Walmart [Member]
Concentration Risk, Percentage	43%	42%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Amazon [Member]
Concentration Risk, Percentage	28%	12%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Fred Meyer [Member]
Concentration Risk, Percentage	17%	19%
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	25%			35%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Three [Member]
Concentration Risk, Percentage	20%			11%
Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | Microwave Ovens [Member]
Concentration Risk, Percentage	36%	42%
Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | Audio Products [Member]
Concentration Risk, Percentage	60%	57%
Supplier Concentration Risk [Member] | Products for Resale [Member]
Number of Factory Suppliers	3	2
Supplier Concentration Risk [Member] | Products for Resale [Member] | Three Largest Factory Suppliers [Member]
Concentration Risk, Percentage	100%
Supplier Concentration Risk [Member] | Products for Resale [Member] | Largest Supplier [Member]
Concentration Risk, Percentage	57%	76%
Supplier Concentration Risk [Member] | Products for Resale [Member] | Supplier One [Member]
Concentration Risk, Percentage	22%	24%
Supplier Concentration Risk [Member] | Products for Resale [Member] | Supplier Two [Member]
Concentration Risk, Percentage	21%
Supplier Concentration Risk [Member] | Products for Resale [Member] | Two Largest Factory Suppliers [Member]
Concentration Risk, Percentage		100%

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Operating Lease, Liability, Current	$ 142,000	$ 139,000
Finance Lease, Liability, Current	1,000	1,000
Operating Lease, Liability, Noncurrent	25,000	62,000
Finance Lease, Liability, Noncurrent	0	0
Operating Lease, Right-of-Use Asset	166,000	200,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 1,000	$ 1,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Month)	12 months
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Month)	14 months

Note 9 - Leases - Summary of Co

Note 9 - Leases - Summary of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Lease cost
Operating lease cost	$ 37	$ 59
Finance lease cost	0	0
Amortization of right-of-use assets	0	0
Interest on lease liabilities	0	0
Variable lease costs	0	0
Total lease cost	37	59
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	37	59
Operating cash flows from finance leases	0	0
Financing cash flows from finance leases	0	0
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	0	0
Finance leases	$ 0	$ 0

Note 9 - Leases - Summary of In

Note 9 - Leases - Summary of Information Relating to Lease Term and Discount Rate (Details)	Jun. 30, 2023	Jun. 30, 2022
Operating leases (Month)	13 months 15 days	22 months 15 days
Finance leases (Month)	11 months 6 days	23 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	Jun. 30, 2023 USD ($)
2024, operating lease	$ 112
2024, finance lease	1
2025, operating lease	62
2025, finance lease	0
2026, operating lease	0
2026, finance lease	0
2027, operating lease	0
2027, finance lease	0
Thereafter, operating lease	0
Thereafter, finance lease	0
Operating Leases, Total lease payments	174
Finance Leases, Total lease payments	1
Operating Leases, Less: Imputed interest	(7)
Finance Leases, Less: Imputed interest	0
Operating Leases, Total	167
Finance Leases, Total	$ 1

Note 10 - Governmental Assist_2

Note 10 - Governmental Assistance Programs (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Government Assistance, Amount	$ 0	$ 22,000
Employment Support Scheme [Member]
Government Assistance, Amount	$ 0	$ 22,000

Note 11 - Legal Proceedings (De

Note 11 - Legal Proceedings (Details Textual) - USD ($)		3 Months Ended	12 Months Ended
	Apr. 19, 2022	Jun. 30, 2023	Mar. 31, 2023
Loss Contingency, Damages Awarded, Value	$ 6,500,000
Loss Contingency, Damages Paid, Value			$ 4,100,000
Legal Fees		$ 154,000	$ 784,000