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
Q2
6/30/2023
Q1
3/31/2023
Q4
12/31/2022
Q3
9/30/2022
Q2
6/30/2022
Q1
3/31/2022
Q4
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,8902,8952,7952,9792,2782,290
Cash and cash equivalents1,8902,8952,7952,9792,2782,290
Receivables7132,0757,30611,79910,3333,038
Inventory, net of allowances, customer advances and progress billings10,6089,64010,98516,02212,95614,162
Inventory10,6089,64010,98516,02212,95614,162
Other undisclosed current assets754590239158231352
Total current assets:13,96415,19921,32530,95925,79819,842
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 60757   
Operating lease, right-of-use asset3325616488621,0731,279
Property, plant and equipment492633541533529565
Deferred income tax assets   1,399812898893
Other noncurrent assets124124991948386
Other undisclosed noncurrent assets 4955145   
Total noncurrent assets:1,0581,4492,8392,4012,5822,823
TOTAL ASSETS:15,02216,64924,16333,36028,38122,666
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities3,9394,0355,31912,6788,9627,061
Accounts payable2,6451,7692,08510,1346,7825,328
Accrued liabilities1,2952,2653,2352,5442,1801,732
Deferred revenue      
Debt 19181,7702,8612,8602,508
Other liabilities      
Other undisclosed current liabilities1,3632,0733,7632,7111,9692,454
Total current liabilities:5,3216,12610,85218,24913,79212,022
Noncurrent Liabilities
Long-term debt and lease obligation 4146467235468
Finance lease, liability 414647911
Liabilities, other than long-term debt798830   
Other liabilities      
Operating lease, liability79883060226458
Other undisclosed noncurrent liabilities 37587939(107)(319)
Total noncurrent liabilities:157192114166354149
Total liabilities:5,4776,31810,96618,41514,14612,629
Equity
Equity, attributable to parent9,54510,33113,19814,94414,23410,036
Common stock423231313012
Common stock, share subscribed but unissued, subscriptions receivable  (6)    
Additional paid in capital31,47929,82229,69829,51129,09924,903
Accumulated deficit(21,977)(19,517)(16,531)(14,598)(14,894)(14,878)
Total equity:9,54510,33113,19814,94414,23410,036
TOTAL LIABILITIES AND EQUITY:15,02216,64924,16333,36028,38122,666

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

9/30/2023
Q2
6/30/2023
Q1
3/31/2023
Q4
12/31/2022
Q3
9/30/2022
Q2
6/30/2022
Q1
3/31/2022
Q4
Revenues2,625(5,379)7,11117,11411,6925,190
Cost of revenue
(Cost of Goods and Services Sold)
(1,776)4,374(5,820)(13,150)(8,512)(6,147)
Other undisclosed gross profit0(1)(0)(0)012
Gross profit:849(1,006)1,2913,9643,181(945)
Operating expenses(3,280)(4,646)(3,573)(3,379)(3,034)(2,146)
Operating income (loss):(2,431)(5,652)(2,282)585147(3,091)
Nonoperating expense
(Other Nonoperating expense)
(29)(204)(220)(186)(168)(996)
Interest and debt expense(4)(32)(19)(0)(0)(1)
Other undisclosed income from continuing operations before equity method investments, income taxes  33    
Income (loss) from continuing operations before equity method investments, income taxes:(2,464)(5,855)(2,522)398(22)(4,088)
Other undisclosed income (loss) from continuing operations before income taxes4(1)19001
Income (loss) from continuing operations before income taxes:(2,460)(5,856)(2,503)399(21)(4,087)
Income tax expense (benefit)  (782)569(102)5949
Income (loss) from continuing operations:(2,460)(6,638)(1,933)296(16)(3,138)
Income (loss) before gain (loss) on sale of properties:296(16)(3,138)
Net income (loss) available to common stockholders, diluted:(2,460)(6,638)(1,933)296(16)(3,138)

Comprehensive Income ($ in thousands)

9/30/2023
Q2
6/30/2023
Q1
3/31/2023
Q4
12/31/2022
Q3
9/30/2022
Q2
6/30/2022
Q1
3/31/2022
Q4
Net income (loss):(2,460)(6,638)(1,933)296(16)(3,138)
Comprehensive income (loss), net of tax, attributable to parent:(2,460)(6,638)(1,933)296(16)(3,138)

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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