Singing Machine Co Inc (SMDM) Financial Statements (2024 and earlier)

Company Profile

Business Address 6301 NW 5TH WAY, STE 2900
FORT LAUDERDALE, FL 33309
State of Incorp. DE
Fiscal Year End March 31
Industry (SIC) 3652 - Phonograph Records and Prerecorded Audio Tapes and Disks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
3/31/2023
12/31/2022
MRQ
3/31/2022
3/31/2021
3/31/2020
3/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2,8952,7952,290397345211
Cash and cash equivalents2,8952,7952,290397345211
Receivables2,0757,3063,0386,8564,3492,069
Inventory, net of allowances, customer advances and progress billings9,64010,98514,1625,4907,6016,024
Inventory9,64010,98514,1625,4907,6016,024
Other undisclosed current assets5902393522361,5242,513
Total current assets:15,19921,32519,84212,97913,82010,818
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 757  32
Operating lease, right-of-use asset5616481,2792,074574
Property, plant and equipment633541565674771523
Deferred income tax assets  1,399893887 
Other noncurrent assets124998614715190
Deferred tax assets, net758
Other undisclosed noncurrent assets 55145  1,2543
Total noncurrent assets:1,4492,8392,8233,7832,7811,375
TOTAL ASSETS:16,64924,16322,66616,76216,60112,193
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities4,0355,3197,0614,1216,5711,793
Accounts payable1,7692,0855,3282,4615,042843
Accrued liabilities2,2653,2351,7321,6591,529951
Deferred revenue   139 
Debt 181,7702,50824015139
Other liabilities      
Other undisclosed current liabilities2,0733,7632,4542,5342,9171,743
Total current liabilities:6,12610,85212,0227,0349,5023,675
Noncurrent Liabilities
Long-term debt and lease obligation 4644681,60532517
Long-term debt, excluding current maturities    271  
Capital lease obligations17
Finance lease, liability 46411 3
Liabilities, other than long-term debt8830  803 
Due to related parties    803 
Other liabilities      
Operating lease, liability88304581,334322
Other undisclosed noncurrent liabilities 5879(319)(1,121)283 
Total noncurrent liabilities:1921146071,8181,41117
Total liabilities:6,31810,96612,6298,85210,9133,693
Equity
Equity, attributable to parent, including:10,33113,19810,0367,9105,6888,500
Common stock323112   
Common stock, share subscribed but unissued, subscriptions receivable (6)    (2)
Additional paid in capital29,82229,69824,90319,77319,72919,687
Accumulated deficit(19,517)(16,531)(14,878)(12,254)(14,427)(11,570)
Other undisclosed equity, attributable to parent    390386385
Total equity:10,33113,19810,0367,9105,6888,500
TOTAL LIABILITIES AND EQUITY:16,64924,16322,66616,76216,60112,193

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
3/31/2023
12/31/2022
TTM
3/31/2022
3/31/2021
3/31/2020
3/31/2019
Revenues39,30041,10747,50045,80338,50146,483
Cost of revenue
(Cost of Goods and Services Sold)
(30,091)(33,628)(36,697)(33,505)(30,323)(34,710)
Other undisclosed gross profit(1)1112   
Gross profit:9,2097,49010,81512,2978,17711,773
Operating expenses(12,907)(12,132)(10,746)(10,872)(11,422)(10,724)
Operating income (loss):(3,698)(4,642)691,425(3,245)1,049
Nonoperating income (expense)
(Other Nonoperating Income (Expense))
90(1,570)2191,204(254)(258)
Interest and debt expense(33)(21)(2)(0)(241)(245)
Other undisclosed income from continuing operations before equity method investments, income taxes33     
Income (loss) from continuing operations before equity method investments, income taxes:(3,608)(6,233)2862,629(3,740)546
Other undisclosed income from continuing operations before income taxes 2120241245
Income (loss) from continuing operations before income taxes:(3,608)(6,212)2882,629(3,499)791
Income tax expense (benefit)(1,030)1,421(57)(457)642(159)
Income (loss) from continuing operations:(4,638)(4,791)2302,172(2,857)632
Income (loss) before gain (loss) on sale of properties:(2,857)2302,172(2,857)632
Net income (loss) available to common stockholders, diluted:(4,638)(4,791)2302,172(2,857)632

Comprehensive Income ($ in thousands)

9/30/2023
TTM
3/31/2023
12/31/2022
TTM
3/31/2022
3/31/2021
3/31/2020
3/31/2019
Net income (loss):(4,638)(4,791)2302,172(2,857)632
Comprehensive income (loss), net of tax, attributable to parent:(4,638)(4,791)2302,172(2,857)632

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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