UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 10, 2020
THE SINGING MACHINE COMPANY, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 0-24968 | 95-3795478 | ||
| (State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
6301 NW 5th Way, Suite 2900, Fort Lauderdale, FL 33309
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code (954) 596-1000
Copies to:
Gary Atkinson
Chief Executive Officer
6301 NW 5th Way, Suite 2900
Fort Lauderdale, FL 33309
954-596-1000 (phone)
954-596-2000 (fax)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common stock, par value $.01 per share | SMDM | OTCQX |
Item 8.01 Other Events
On July 10, 2020, The Singing Machine Company, Inc. (“the Company”) received final payment on it’s marine cargo insurance claim related to a previously disclosed damage of goods incident that occurred last August 2019 (See Note 2 – Liquidity, in most recent 3rd quarter-ended 10-Q filed on February 14, 2020 with the SEC). The Company had marine cargo insurance that provided for the recovery of net sales value plus additional expenses associated with the damaged goods. The Company has received in total approximately $2.34 million from the insurance claim, representing 98% of the total amount of the claim.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE SINGING MACHINE, COMPANY, INC. | |
| Date: July 15, 2020 | /s/ Gary Atkinson |
| Gary Atkinson | |
| Chief Executive Officer |