XML 27 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Note 10 - License Agreements
12 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Licensing Agreements [Text Block]

NOTE 10 LICENSE AGREEMENTS:

 

During fiscal 2023 the Company was party to three license agreements, one of which expired on December 31, 2022 and has not been renewed and another of which was terminated by the Company in June 2023. The remaining agreement allows the licensee to access the Company’s trademarks for the manufacture and/or the sale of consumer electronics and other products. The license agreement (i) allows the licensee to use the Company’s trademarks for a specific product category, or for sales within specific geographic areas, or for sales to a specific customer base, or any combination of the above, or any other category that might be defined in applicable license agreement and (ii)  may be subject to renewal at the initial expiration of applicable agreement and is governed by the laws of the United States. The Company recorded licensing revenues of approximately $373,000 in fiscal 2023 and $265,000 in fiscal 2022 under the license agreements. The Company also recorded several one-time settlement agreements with customers of Emerson Quiet Kool, which aggregated approximately $730,000 in fiscal 2023 and nil in fiscal 2022. The agreements allow Emerson Quiet Kool's customers to sell-off their on hand inventories over a limited period.