MSN — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-06-26

• During the fiscal year ended March 31, 2026 (“fiscal 2026”), Amazon.com Inc. ("Amazon") accounted for approximately 42% and Fred Meyer Inc. ("Fred Meyer") accounted for approximately 13% of the Company’s net revenues. During the fiscal year ended March 31, 2025 (“fiscal 2025”), Amazon accounted for …

Text removed vs the prior filing · source: 10-K · 2025-06-27

• During the fiscal year ended March 31, 2025 (“fiscal 2025”), Amazon.com Inc. ("Amazon") accounted for approximately 39% and Walmart Inc. ("Walmart") accounted for approximately 31% of the Company’s net revenues. During the fiscal year ended March 31, 2024 (“fiscal 2024”), Walmart accounted for appro…

Text added vs the prior filing · source: 10-K · 2026-06-26

• the discretionary nature of consumers’ demands and spending patterns, including the impacts of energy costs, commodity prices, unemployment rates, higher consumer debt levels, gasoline prices and consumer confidence;

• Since 2018, the United States imposed a series of tariffs on certain goods imported from China, including categories of products the Company imports from China. In turn, China has responded to U.S. tariffs with its own tariffs, export controls and market restrictions. In May and October 2025, follow…

• The Company’s common stock, which trades on the NYSE American, has experienced, and may experience in the future, significant price and volume fluctuations, which could adversely affect the market price of the Company’s common stock. Any such increases or decreases in the market price of the Company…

Text removed vs the prior filing · source: 10-K · 2025-06-27

• the discretionary nature of consumers’ demands and spending patterns;

• Effective in September 2018, the United States imposed tariffs of 10% on certain goods imported from China, including categories of products the Company imports from China. These tariffs were increased to 25% effective in May 2019. Effective in September 2019 (and as amended by the certain Phase One…

• The Company’s common stock, which trades on the NYSE American, has experienced, and may experience in the future, significant price and volume fluctuations, which could adversely affect the market price of the Company’s common stock. For example, the Company believes that recent volatility in the ma…

• the increase in the number of individual holders of the Company’s common stock and their participation in social media platforms targeted at speculative investing;

Text added vs the prior filing · source: 10-K · 2026-06-26

• Houseware product net sales were $4.4 million in fiscal 2026 compared to $5.6 million in fiscal 2025, a decrease of $1.2 million, or 21.6%, principally driven by decreased sales of microwave ovens.

• Audio product net sales were $1.6 million in fiscal 2026 compared to $4.9 million in fiscal 2025, a decrease of $3.3 million, or 68.3%, primarily resulting from a discontinued clock radio at Walmart.

• Net revenues —The Company’s net revenues were approximately $6.3 million for fiscal 2026 as compared to $10.8 million for fiscal 2025, a decrease of $4.5 million, or 41.5%, which was driven primarily by a decrease in audio and houseware product sales.

• Cost of sales — Cost of sales includes the components described in Note 1 "Significant Accounting Policies-Cost of Sales” in the Notes to the Consolidated Financial Statements. In absolute terms, cost of sales decreased approximately $3.7 million, or 37.1%, to $6.2 million in fiscal 2026 as compared…

• Selling, general and administrative expenses (“SG&A”) — SG&A, as a percentage of net revenues, was 78.7% in fiscal 2026 as compared to 60.4% in fiscal 2025. In absolute terms, fiscal 2026 SG&A was approximately $5.0 million and fiscal 2025 SG&A was approximately $6.5 million, a decrease of $1.5 mill…

Text removed vs the prior filing · source: 10-K · 2025-06-27

• Houseware product net sales were $5.6 million in fiscal 2025 compared to $2.9 million in fiscal 2024, an increase of $2.7 million, or 90.5%, principally driven by increased sales of microwave ovens and the re-introduction of refrigerators.

• Audio product net sales were $4.9 million in fiscal 2025 compared to $5.8 million in fiscal 2024, a decrease of $0.9 million, or 15.3%, primarily resulting from decreased demand for clock radios.

• Royalty income—The Company recorded royalty income in fiscal 2025 of nil as compared to $175,000 in fiscal 2024. The Company's royalty income in fiscal 2024 was derived from inventory sell-off agreements made with customers of Emerson Quiet Kool.

• Net revenues —The Company’s net revenues were approximately $10.8 million for fiscal 2025 as compared to $9.1 million for fiscal 2024, an increase of $1.7 million, or 18.9%, which was driven primarily by an increase in houseware product sales and an increase in licensing revenue partially offset by …

• Cost of sales — Cost of sales includes the components described in Note "1 - Significant Accounting Policies-“Cost of Sales” in the Notes to the Consolidated Financial Statements. In absolute terms, cost of sales increased approximately $2.4 million, or 31.7%, to $9.9 million in fiscal 2025 as compa…