Singing Machine Co Inc (SMDM) financial statements (2023 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
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)

12/31/2021
TTM
3/31/2021
3/31/2020
3/31/2019
3/31/2018
3/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments7,3753973452118142,305
Cash and cash equivalents7,3753973452118142,305
Receivables12,4136,8564,3492,0692,2671,898
Inventory, net of allowances, customer advances and progress billings11,1265,4907,6016,0248,0585,426
Inventory11,1265,4907,6016,0248,0585,426
Other undisclosed current assets3012361,5242,513115103
Total current assets:31,21612,97913,82010,81811,2539,733
Noncurrent Assets
Finance lease, right-of-use asset  32
Operating lease, right-of-use asset1,4882,074574
Property, plant and equipment581674771523450413
Deferred income tax assets638887 
Other noncurrent assets137147151901212
Deferred tax assets, net7589371,479
Other undisclosed noncurrent assets  1,254317 
Total noncurrent assets:2,8443,7832,7811,3751,4161,904
TOTAL ASSETS:34,06116,76216,60112,19312,66911,637
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities8,4004,1216,5711,7932,3172,008
Accounts payable5,9832,4615,0428431,6151,382
Accrued liabilities2,4171,6591,529951702626
Deferred revenue10139 
Debt8,98724015139500 
Customer refund liability90   44538
Other undisclosed current liabilities3,9192,5342,9171,7431,3502,148
Total current liabilities:21,4057,0349,5023,6754,6124,195
Noncurrent Liabilities
Long-term debt and lease obligation6981,60532517125 
Long-term debt, excluding current maturities 271  125 
Finance lease, liability13 3
Capital lease obligations17  
Operating lease, liability6851,334322
Liabilities, other than long-term debt  803   
Due to related parties  803   
Other undisclosed noncurrent liabilities(527)(1,121)283 126 
Total noncurrent liabilities:8561,8181,41117251 
Total liabilities:22,2618,85210,9133,6934,8634,195
Stockholders' equity
Stockholders' equity attributable to parent, including:11,8007,9105,6888,5007,8067,442
Common stock366     
Common stock, share subscribed but unissued, subscriptions receivable   (2)  
Additional paid in capital24,54319,77319,72919,68719,62419,413
Accumulated deficit(13,109)(12,254)(14,427)(11,570)(12,201)(12,354)
Other undisclosed stockholders' equity attributable to parent 390386385383383
Total stockholders' equity:11,8007,9105,6888,5007,8067,442
TOTAL LIABILITIES AND EQUITY:34,06116,76216,60112,19312,66911,637

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

12/31/2021
TTM
3/31/2021
3/31/2020
3/31/2019
3/31/2018
3/31/2017
Revenues50,07145,80338,50146,48360,80852,919
Revenue, net 52,919
Cost of revenue
(Cost of Goods and Services Sold)
(38,222)(33,505)(30,323)(34,710)(45,135)(39,083)
Other undisclosed gross profit(0)     
Gross profit:11,84912,2978,17711,77315,67313,836
Operating expenses(7,338)(10,872)(11,422)(10,724)(14,670)(10,850)
Operating income (loss):4,5111,425(3,245)1,0491,0022,987
Nonoperating income (expense)
(Other Nonoperating Income (Expense))
1,6641,204(254)(258)(305)(263)
Interest and debt expense155(0)(241)(245)(273)(189)
Income (loss) from continuing operations before equity method investments, income taxes:6,3302,629(3,740)5464242,534
Other undisclosed income (loss) from continuing operations before income taxes(155)0241245273189
Income (loss) from continuing operations before income taxes:6,1752,629(3,499)7916972,723
Income tax expense (benefit)(1,000)(457)642(159)(545)(1,017)
Net income (loss) available to common stockholders, diluted:5,1752,172(2,857)6321521,706

Comprehensive Income ($ in thousands)

12/31/2021
TTM
3/31/2021
3/31/2020
3/31/2019
3/31/2018
3/31/2017
Net income (loss):5,1752,172(2,857)6321521,706
Comprehensive income (loss), net of tax, attributable to parent:5,1752,172(2,857)6321521,706

Statements sources

The financial statements are based on the company's filings with the 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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