Algorhythm Holdings Inc 2026年季度报告

FORM 10-Q OR For the transition period from ___________ to ___________ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of May 11, 2026, there were 14,651,665 shares of the issuer’s common stock, $0.01 par value per share, outstanding. Algorhythm Holdings, Inc. and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEETS Note 1 – Nature of Business Algorhythm Holdings, Inc. (f/k/a The Singing Machine Company, Inc.) (the “Company”) is an artificial intelligence (“AI”) technologycompany focused on the growth and development of SemiCab. SemiCab is an AI-enabled software logistics and distribution business thatutilizes the Company’s SemiCab technology platform to enable retailers, brands and transportation providers to address common supply chain Prior to August 1, 2025, the Company had a second business, which was Singing Machine. Singing Machine was a home karaokeconsumer products business that designed and distributed karaoke products to retailers and ecommerce partners globally through its subsidiary,The Singing Machine Company, Inc. The Company sold its Singing Machine business on August 1, 2025. Accordingly, the Company no longer The Company’s operations include its 80%-owned subsidiaries, SemiCab Holdings, LLC, a Nevada limited liability company(“SemiCab Holdings”), and SMCB Solutions Private Limited, an Indian company (“SMCB”), and its wholly-owned subsidiaries, SMCLogistics, Inc., a California corporation (“SMCL”), SMC-Music, Inc., a Florida corporation (“SMCM”), SMC (HK) Limited, a Hong Kongcompany (“SMH”), The Singing Machine Company, Inc., a Delaware corporation (“SMC”), and RIME Holdings, LLC, a Utah limited liability Effective September 5, 2024, the Company’s Certificate of Incorporation was amended to change the name of the Company from “TheSinging Machine Company, Inc.” to “Algorhythm Holdings, Inc.” On January 13, 2025, the Company’s stockholders voted to authorize the Company’s board of directors to effect a reverse stock splitof the Company’s outstanding shares of common stock at a specific ratio within a range of 1-for-10 to a maximum of 1-for-250 and to amendthe Company’s certificate of incorporation to increase the number of authorized common stock from 100,000,000 to 800,000,000 shares. OnJanuary 14, 2025, the Company’s board of directors approved a reverse stock split of 1-for-200 ratio and approved the filing of a certificate of Note 2 – Sale of Singing Machine Business On August 1, 2025, the Company entered into an asset purchase agreement with SMC and Stingray Music USA, Inc. (“StingrayUSA”) pursuant to which Stingray USA purchased substantially all of the assets, and assumed most of the liabilities, associated with theCompany’s Singing Machine business for $500,000. The transaction closed on August 1, 2025. Mathieu Peloquin is the Senior Vice-President, The Company determined that the sale of the Singing Machine business met the criteria under Accounting Standards Codification(“ASC”) 205-20, Presentation of Financial Statements – Discontinued Operations (“ASC 205-20”), to be classified as a discontinued operationas the sale represented a strategic shift that will have a significant effect on the Company’s operations and financial results. Accordingly, theCompany has presented the results of the Singing Machine business as discontinued operations for all periods presented in this Quarterly Note 3 – Liquidity, Going Concern and Management Plans Going Concern Analysis As of March 31, 2026, the Company’s cash and restricted cash balance was $10,939,000. This will not be sufficient to fund its plannedoperations for at least one year after the date the condensed consolidated financial statements are issued. The Company has a recent history of The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable tocontinue as a going concern. Accordingly, the condensed consolidated financial statements have been prepared under the assumption that the The Company plans to finance its operations by obtaining additional capital through external sources of financing. It may attempt toobtain additional capital through the sale of equity securities or the issuance of debt securities. The Company has not made any arrangements to In making this assessment, management performed a comprehensive analysis of the Company’s current circumstances, including itsfinancial position, cash flow forecasts, and obligations and debts. Although management has a recent history of successful capital raises, the Note 4 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial st