Emerson Radio (MSN) 10-Q 14 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 12, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	MSN
Entity Registrant Name	EMERSON RADIO CORP
Entity Central Index Key	32,621
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		26,994,244

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net revenues:
Net product sales	$ 2,777	$ 5,471
Licensing revenue	224	1,163
Net revenues	3,001	6,634
Costs and expenses:
Cost of sales	2,771	5,098
Other operating costs and expenses	7	133
Selling, general and administrative expenses	1,282	1,487
Total costs and expenses	4,060	6,718
Operating (loss)	(1,059)	(84)
Other income:
Interest income, net	104	51
(Loss) before income taxes	(955)	(33)
(Benefit) provision for income tax expense	(65)	21
Net (loss)	$ (890)	$ (54)
Basic net (loss) per share	$ (0.03)	$ 0
Diluted net (loss) per share	$ (0.03)	$ 0
Weighted average shares outstanding
Basic	27,061	27,130
Diluted	27,061	27,130

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current Assets:
Cash and cash equivalents	$ 49,425	$ 27,471
Short term investments	80	25,078
Accounts receivable, net	1,502	1,208
Royalty receivable	161	99
Inventory	4,416	838
Prepaid purchases	145	750
Prepaid expenses and other current assets	581	1,494
Total Current Assets	56,310	56,938
Property, plant, and equipment, net	20	18
Deferred tax assets, net	812	791
Other assets	101	101
Total Non-current Assets	933	910
Total Assets	57,243	57,848
Current Liabilities:
Accounts payable and other current liabilities	1,066	756
Income tax payable	166	165
Total Current Liabilities	1,232	921
Total Liabilities	1,232	921
Shareholders’ Equity:
Series A Preferred shares — 10,000,000 shares authorized; 3,677 shares issued and outstanding; liquidation preference of $3,677,000	3,310	3,310
Common shares — $0.01 par value, 75,000,000 shares authorized; 52,965,797 shares issued at June 30, 2017 and March 31, 2017, respectively; 27,046,719 and 27,065,852 shares outstanding at June 30, 2017 and March 31, 2017, respectively	529	529
Additional paid-in capital	79,792	79,792
Accumulated deficit	(3,304)	(2,414)
Treasury stock, at cost (25,919,078 and 25,899,945 shares at June 30, 2017 and March 31, 2017, respectively)	(24,316)	(24,290)
Total Shareholders’ Equity	56,011	56,927
Total Liabilities and Shareholders’ Equity	$ 57,243	$ 57,848

CONSOLIDATED BALANCE SHEETS (U4

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Statement Of Financial Position [Abstract]
Preferred shares, shares authorized	10,000,000	10,000,000
Preferred shares, shares issued	3,677	3,677
Preferred shares, shares outstanding	3,677	3,677
Preferred shares, liquidation preference	$ 3,677,000	$ 3,677,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	75,000,000	75,000,000
Common shares, shares issued	52,965,797	52,965,797
Common shares, shares outstanding	27,046,719	27,065,852
Treasury stock, shares	25,919,078	25,899,945

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net (loss)	$ (890)	$ (54)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
Depreciation and amortization	2	5
Deferred tax assets	(21)	18
Asset allowances and reserves	(86)	(46)
Changes in assets and liabilities:
Accounts receivable	(208)	1,388
Royalty receivable	(62)	1,067
Inventory	(3,578)	(1,777)
Prepaid purchases	605	(72)
Prepaid expenses and other current assets	913	(49)
Other assets		1
Accounts payable and other current liabilities	310	289
Due to affiliates		(512)
Deferred revenue		1,875
Income taxes payable	1	1
Net cash (used) provided by operating activities	(3,014)	2,134
Cash Flows From Investing Activities:
Net proceeds from sale of short term investments	24,998	10,001
Proceeds from restricted cash		500
Additions to property, plant and equipment	(4)	(3)
Net cash provided by investing activities	24,994	10,498
Cash Flows from Financing Activities:
Purchases of treasury stock	(26)
Net cash (used) by financing activities	(26)
Net increase in cash and cash equivalents	21,954	12,632
Cash and cash equivalents at beginning of period	27,471	30,096
Cash and cash equivalents at end of period	49,425	42,728
Cash paid for:
Interest	$ 3	2
Income taxes		$ 4

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Background and Basis of Presentation	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, 2017 and the results of operations for the three month periods ended June 30, 2017 and June 30, 2016. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and accordingly do not include all of the disclosures normally made in the Company’s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended March 31, 2017 (“fiscal 2017”), included in the Company’s annual report on Form 10-K, as amended, for fiscal 2017. The results of operations for the three month period ended June 30, 2017 are not necessarily indicative of the results of operations that may be expected for any other interim periods or for the full year ending March 31, 2018 (“fiscal 2018”). Whenever necessary, reclassifications are made to conform the prior year’s financial statements to the current year’s presentation. Unless otherwise disclosed in the notes to these financial statements, the estimated fair value of the financial assets and liabilities approximates the carrying value. Sales Allowance and Marketing Support Expenses 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 605, “Revenue Recognition”, subtopic 50 “Customer Payments and Incentives” and Securities and Exchange Commission Staff Accounting Bulletins 101 “Revenue Recognition in Financial Statements,” and 104 “Revenue Recognition, corrected copy” (“SAB’s 101 and 104”). 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 topic 605, “Revenue Recognition”, subtopic 15 “Products”, (i) sales incentives offered to customers that meet the criteria for accrual under ASC topic 605, subtopic 50 and (ii) under SAB’s 101 and 104, an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items because that percentage of shipped revenue fails to meet the collectability criteria within SAB 104’s and 101’s four revenue recognition criteria, all of which are required to be met in order to recognize revenue. If additional marketing support programs, promotions and other volume-based incentives are required to promote the Company’s products subsequent to the initial sale, then additional reserves may be required and are accrued for when such support is offered. Recently Issued Accounting Pronouncements The following Accounting Standards Updates (“ASUs”) were issued by the Financial Accounting Standards Board 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, these are not yet effective for this financial period. Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” (Issued May 2014) In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers" in order to ensure that revenue recognition requirements are the same under both US GAAP and International Financial Reporting Standards ("IFRS"). ASU 2014-09 removes inconsistencies and provides a more robust framework for addressing revenue issues. ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 "Deferral of the Effective Date" to delay the implementation of ASU 2014-09 by one year, in response to feedback from preparers, practitioners and users of financial statements. Accordingly, ASU 2014-09 is now effective for reporting periods and interim periods beginning on or after December 15, 2017. Early adoption is permitted for reporting and interim periods beginning on or after December 15, 2016. The Company does not expect these amendments to have a material impact on its financial statements, as it is primarily a seller of tangible personal property whose contracts with customers and the related transaction prices and performance obligations will be minimally affected by the amendments. Accounting Standards Update 2016-02 “Leases” (Issued February 2016) In February 2016, the FASB issued ASU 2016-02 "Leases" to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 creates a new Accounting Standards Codification Topic 842 "Leases" to replace the previous Topic 840 "Leases." ASU 2016-02 affects both lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09 (see above). ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is assessing the standard to determine if ASU 2016-02 will have a material impact on its financial statements. Accounting Standards Update 2016-13 “Financial Instruments – Credit Losses” (Issued June 2016) In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses" to introduce new guidance for the accounting for credit losses on instruments within its scope. ASU 2016-13 requires among other things, the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company does not expect these amendments to have a material impact on its financial statements.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Earnings Per Share	NOTE 2 — NET EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three months ended June 30, 2017 2016 (In thousands, except per share data) Numerator: Net (loss) $ (890 ) $ (54 ) Denominator: Denominator for basic and diluted earnings per share — weighted average shares 27,061 27,130 Net (loss) per share: Basic and diluted (loss) per share $ (0.03 ) $ (0.00 )

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Shareholders' Equity	NOTE 3 — SHAREHOLDERS’ EQUITY Outstanding capital stock at June 30, 2017 consisted of common stock and Series A preferred stock. The Series A preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference. At June 30, 2017, the Company had no options, warrants or other potentially dilutive securities outstanding. In December 2016, the Company publicly announced the approval by the Board of Directors of the repurchase of up to $5 million of its common stock, that the repurchases may be effected from time to time at prevailing market prices, through open market or in privately negotiated transactions, which may include, in whole or in part, the establishment of a purchase program pursuant to the safe harbor provided by Rule 10b5-1 under the Securities Exchange Act of 1934, through block purchases or through accelerated or forward or similar stock purchases, and that the Company intends to run the repurchase program through the end of calendar 2017, unless the period is extended or shortened by the Board of Directors. Under the program, repurchases will be funded from available working capital and any repurchased shares will be held in the treasury as authorized and issued shares available for general corporate purposes. As of June 30, 2017, the Company had repurchased 83,113 shares under this program, of which 19,133 shares were purchased during the three months ended June 30, 2017.

Inventory

Inventory	3 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory	NOTE 4 — INVENTORY Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. As of June 30, 2017 and March 31, 2017, inventories consisted of the following (in thousands): June March Finished goods $ 4,416 $ 838

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 5 — INCOME TAXES At June 30, 2017, the Company had $1.2 million of U.S. federal net operating loss carry forwards and approximately $3.8 million of U.S. state net operating loss carry forwards included in net deferred tax assets that are available to offset future taxable income and can be carried forward for 20 years. Management believes it is less than likely that all of the net deferred tax assets will be realized through tax planning strategies available in future periods and through future profitable operating results, therefore management has increased its valuation allowance by $364,000 to a total of $651,000. The gross amount of the Company’s deferred tax assets at June 30, 2017 was $1,463,000 as compared to $1,080,000 as of March 31, 2017. The Company’s effective tax rate differs from the federal statutory rate primarily due to income and losses incurred in foreign jurisdictions and taxed at locally applicable tax rates, subpart F income included in the Company’s tax expense, expenses that are not deductible for federal income tax purposes, increases to the valuation allowance and state income taxes. The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. As of June 30, 2017, the Company’s open tax years for examination for U.S. federal tax are fiscal 2014-fiscal 2016 and for U.S. states tax are fiscal 2012-fiscal 2016. Based on the outcome of tax examinations or due to the expiration of statutes of limitations, it is reasonably possible that the unrecognized tax benefits related to uncertain tax positions taken in previously filed returns may be different from the liabilities that have been recorded for these unrecognized tax benefits. As a result, the Company may be subject to additional tax expense.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6 — RELATED PARTY TRANSACTIONS From time to time, Emerson engages in business transactions with its controlling shareholder, The Grande Holdings Limited (“Grande”), one or more of Grande’s direct and indirect subsidiaries, and companies related to the Company’s Chairman of the Board. Set forth below is a summary of such transactions. Controlling Shareholder S&T International Distribution Limited (“S&T”), which is a wholly owned subsidiary of Grande N.A.K.S. Ltd., which is a wholly owned subsidiary of Grande, collectively have the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 56.4%, of the Company’s outstanding common stock. Accordingly, the Company is a “controlled company” as defined in Section 801(a) of the NYSE American Company Guide. Related Party Transactions Return of Pledged Collateral to S&T In April 2016, the Company, upon a request made by S&T, considered and agreed to return to S&T the $500,000 of collateral which S&T had paid to the Company in September 2014 as a part of the indemnification agreement between S&T, Grande and the Company pertaining to an Internal Revenue Service challenge of the Company’s March 31, 2010 earnings and profits calculations underlying the taxability of a dividend paid during March 2010 to all of its stockholders, net of the $79,000 in expenses incurred by the Company in defending the IRS challenge. On April 29, 2016, the Company paid $421,000 to S&T to effectuate the release of the collateral net of the aforementioned expenses incurred by the Company. From September 30, 2014 through March 31, 2016, this pledged collateral had been recorded by the Company as restricted cash on its balance sheet. Ancillary Expenses Pertaining to Rented Office Space in Hong Kong During the three months ended June 30, 2017, the Company was billed approximately $4,000 Administrative service fees charged to related parties During the three months ended June 30, 2017, the Company billed approximately $6,000 for administrative fees to Phenomenon Agents Ltd (“PAL”), Sansui Acoustics Research Corporation (“SARC”) and TWD Industrial Co. Ltd. (“TICL"), all of which are related parties to the Company. The Company was owed nil from PAL, SARC and TICL related to these charges at June 30, 2017.

Short Term Investments

Short Term Investments	3 Months Ended
	Jun. 30, 2017
Short Term Investments [Abstract]
Short Term Investments	NOTE 7 — SHORT TERM INVESTMENTS At June 30, 2017 and March 31, 2017, the Company held short term investments totaling $0.1 million and $25.1 million, respectively. These investments were comprised of bank certificates of deposit.

Background and Basis of Prese13

Background and Basis of Presentation (Policies)	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Preparation of Financial Statements	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, 2017 and the results of operations for the three month periods ended June 30, 2017 and June 30, 2016. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and accordingly do not include all of the disclosures normally made in the Company’s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended March 31, 2017 (“fiscal 2017”), included in the Company’s annual report on Form 10-K, as amended, for fiscal 2017.
Sales Allowance and Marketing Support Expenses	Sales Allowance and Marketing Support Expenses 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 605, “Revenue Recognition”, subtopic 50 “Customer Payments and Incentives” and Securities and Exchange Commission Staff Accounting Bulletins 101 “Revenue Recognition in Financial Statements,” and 104 “Revenue Recognition, corrected copy” (“SAB’s 101 and 104”). 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 topic 605, “Revenue Recognition”, subtopic 15 “Products”, (i) sales incentives offered to customers that meet the criteria for accrual under ASC topic 605, subtopic 50 and (ii) under SAB’s 101 and 104, an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items because that percentage of shipped revenue fails to meet the collectability criteria within SAB 104’s and 101’s four revenue recognition criteria, all of which are required to be met in order to recognize revenue. If additional marketing support programs, promotions and other volume-based incentives are required to promote the Company’s products subsequent to the initial sale, then additional reserves may be required and are accrued for when such support is offered.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The following Accounting Standards Updates (“ASUs”) were issued by the Financial Accounting Standards Board 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, these are not yet effective for this financial period. Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” (Issued May 2014) In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers" in order to ensure that revenue recognition requirements are the same under both US GAAP and International Financial Reporting Standards ("IFRS"). ASU 2014-09 removes inconsistencies and provides a more robust framework for addressing revenue issues. ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 "Deferral of the Effective Date" to delay the implementation of ASU 2014-09 by one year, in response to feedback from preparers, practitioners and users of financial statements. Accordingly, ASU 2014-09 is now effective for reporting periods and interim periods beginning on or after December 15, 2017. Early adoption is permitted for reporting and interim periods beginning on or after December 15, 2016. The Company does not expect these amendments to have a material impact on its financial statements, as it is primarily a seller of tangible personal property whose contracts with customers and the related transaction prices and performance obligations will be minimally affected by the amendments. Accounting Standards Update 2016-02 “Leases” (Issued February 2016) In February 2016, the FASB issued ASU 2016-02 "Leases" to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 creates a new Accounting Standards Codification Topic 842 "Leases" to replace the previous Topic 840 "Leases." ASU 2016-02 affects both lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09 (see above). ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is assessing the standard to determine if ASU 2016-02 will have a material impact on its financial statements. Accounting Standards Update 2016-13 “Financial Instruments – Credit Losses” (Issued June 2016) In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses" to introduce new guidance for the accounting for credit losses on instruments within its scope. ASU 2016-13 requires among other things, the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company does not expect these amendments to have a material impact on its financial statements.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three months ended June 30, 2017 2016 (In thousands, except per share data) Numerator: Net (loss) $ (890 ) $ (54 ) Denominator: Denominator for basic and diluted earnings per share — weighted average shares 27,061 27,130 Net (loss) per share: Basic and diluted (loss) per share $ (0.03 ) $ (0.00 )

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory	As of June 30, 2017 and March 31, 2017, inventories consisted of the following (in thousands): June March Finished goods $ 4,416 $ 838

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net (loss)	$ (890)	$ (54)
Denominator:
Denominator for basic and diluted earnings per share — weighted average shares	27,061	27,130
Net (loss) per share:
Basic and diluted (loss) per share	$ (0.03)	$ 0

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Equity Class Of Treasury Stock [Line Items]
Options outstanding	0	0
Warrants outstanding	0	0
Other potentially dilutive securities outstanding	0	0
Common Stock
Equity Class Of Treasury Stock [Line Items]
Number of common stock shares repurchased	83,113	19,133
Common Stock | Maximum
Equity Class Of Treasury Stock [Line Items]
Common stock shares repurchase amount			$ 5,000,000

Inventory (Detail)

Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Inventory Disclosure [Abstract]
Finished goods	$ 4,416	$ 838

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Schedule Of Income Taxes [Line Items]
Tax net operating loss can be carried forward	20 years
Increase in deferred tax valuation allowance against assets	$ 364,000
Deferred tax valuation allowance against assets	651,000
Deferred tax assets, gross	1,463,000	$ 1,080,000
U.S. federal
Schedule Of Income Taxes [Line Items]
Net operating loss carry forwards, amount	$ 1,200,000
U.S. federal | Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax years	2,014
U.S. federal | Latest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax years	2,016
States
Schedule Of Income Taxes [Line Items]
Net operating loss carry forwards, amount	$ 3,800,000
States | Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax years	2,012
States | Latest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax years	2,016

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Jun. 30, 2017	Apr. 29, 2016
The Grande Holdings Limited (“Grande”)
Related Party Transaction [Line Items]
Grande's Ownership Interest in Emerson number of shares		15,243,283
Grande's Ownership Interest Percentage		56.40%
S&T
Related Party Transaction [Line Items]
Repayment of pledged collateral amount	$ 500,000
Release of collateral, net of expenses incurred			$ 421,000
S&T | IRS
Related Party Transaction [Line Items]
Expenses incurred in defending IRS challenge	$ 79,000
GPML and LSSL
Related Party Transaction [Line Items]
Utility and service charges		$ 4,000
GPML
Related Party Transaction [Line Items]
Due to related parties for utility and service charges		0
LSSL
Related Party Transaction [Line Items]
Due to related parties for utility and service charges		0
PAL, SARC and TICL
Related Party Transaction [Line Items]
Administrative service fees charged to related parties		6,000
PAL
Related Party Transaction [Line Items]
Due from related parties for administrative service fees		0
SARC
Related Party Transaction [Line Items]
Due from related parties for administrative service fees		0
TICL
Related Party Transaction [Line Items]
Due from related parties for administrative service fees		$ 0

Short Term Investments - Additi

Short Term Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Investments Schedule [Abstract]
Short term investments	$ 80	$ 25,078