Lucide Ledger

A filing-first public record from Lucide House.

Issue 006 | U.S. Pilot | US

MSN

EMERSON RADIO CORP

Screen state: Passing Source state: Verified 10-Q | 2026-02-17 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 55.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
19,582,000USD
Total Liabilities
1,533,000USD
NCAV
18,049,000USD
Cash
4,193,000USD
NCAV per share
0.86USD/share
Evidence
10 annual | 25 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
2
Unavailable
7
Requires inspection Negative OCF -2,780,000
Latest
-2,780,0002025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2025-12-31 · 0001437749-26-004337

Supporting observation Current Ratio > 1.5 14.75
Latest
14.752025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2025-12-31 · 0001437749-26-004337

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-03-31
10-K
USD
2024-03-31
10-K
USD
2023-03-31
10-K
USD
2022-03-31
10-K
USD
2021-03-31
10-K
USD
2020-03-31
10-K
USD
2019-03-31
10-K
USD
2018-03-31
10-K
USD
2017-03-31
10-K
USD
2016-03-31
10-K
USD
Revenue 10,785,000 9,070,000 7,177,000 8,206,000 7,445,000 6,293,000 8,982,000 15,022,000 21,251,000 45,751,000
Operating Income -5,615,000 -3,399,000 -2,096,000 -3,440,000 -4,195,000 -4,626,000 -3,648,000 -3,882,000 -326,000 -1,405,000
Net Income -4,731,000 766,000 -1,360,000 -3,626,000 -3,976,000 -4,307,000 -2,437,000 -6,851,000 -237,000 -968,000
Cash From Operations -3,647,000 -5,258,000 -308,000 -4,712,000 -4,293,000 -1,911,000 -2,190,000 -5,156,000 1,869,000 6,766,000
Capex -195,000 -119,000 0 -2,000 n/a n/a -4,000 -4,000 -5,000 -10,000
Free Cash Flow -3,842,000 -5,377,000 -308,000 -4,714,000 n/a n/a -2,194,000 -5,160,000 1,864,000 6,756,000
Cash And Equivalents 1,186,000 19,890,000 25,268,000 25,576,000 5,245,000 6,276,000 7,917,000 25,096,000 27,471,000 30,096,000
Accounts Receivable 1,499,000 1,343,000 1,165,000 1,294,000 691,000 484,000 604,000 1,884,000 1,208,000 2,800,000
Inventory 4,909,000 6,953,000 3,813,000 2,112,000 1,961,000 1,918,000 3,520,000 3,164,000 838,000 2,056,000
Total Current Assets 22,794,000 28,604,000 31,095,000 29,513,000 33,592,000 37,356,000 41,253,000 47,064,000 56,938,000 58,326,000
Total Assets 23,530,000 29,065,000 31,371,000 30,010,000 33,902,000 37,901,000 41,861,000 47,757,000 57,848,000 59,888,000
Total Current Liabilities 1,710,000 1,974,000 4,648,000 1,375,000 1,536,000 1,209,000 960,000 1,103,000 921,000 2,658,000
Total Liabilities 2,036,000 2,840,000 5,912,000 3,191,000 3,457,000 3,480,000 3,133,000 3,974,000 921,000 2,658,000
Shareholders Equity 21,494,000 26,225,000 25,459,000 26,819,000 30,445,000 34,421,000 38,728,000 43,783,000 56,927,000 57,230,000
Shares Outstanding 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 22,799,088 27,065,852 27,129,832
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 21,042,652 21,042,652 21,042,652 21,043,000 21,043,000 21,043,000 21,931,000 25,282,000 27,115,000 27,130,000
Weighted Avg Shares Basic 21,042,652 21,042,652 21,042,652 21,043,000 21,043,000 21,043,000 21,931,000 25,282,000 27,115,000 27,130,000
Net Share Count Change (Normalized) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -7.7% -15.8% -0.2% Insufficient evidence
Ownership Claim Change (Normalized) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.3% 18.7% 0.2% Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric
2025-12-31
10-Q
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-K
USD
2025-03-31
10-K
USD
2024-12-31
10-Q
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-K
USD
2024-03-31
10-K
USD
2023-12-31
10-Q
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-K
USD
2023-03-31
10-K
USD
2022-12-31
10-Q
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-K
USD
2022-03-31
10-K
USD
2021-12-31
10-Q
USD
2021-09-30
10-Q
USD
2021-06-30
10-Q
USD
2021-03-31
10-K
USD
2021-03-31
10-K
USD
Revenue 1,891,000 1,215,000 1,675,000 1,846,000 1,846,000 4,003,000 2,738,000 2,198,000 2,201,000 2,201,000 2,622,000 2,438,000 1,809,000 1,871,000 1,871,000 1,932,000 2,300,000 1,074,000 1,721,000 1,721,000 2,574,000 1,859,000 2,052,000 1,547,000 1,547,000
Operating Income -826,000 -1,196,000 -1,309,000 -2,543,000 -2,543,000 -733,000 -1,117,000 -1,222,000 -1,150,000 -1,150,000 -724,000 -666,000 -859,000 -167,000 -167,000 -480,000 -300,000 -1,149,000 -943,000 -943,000 -721,000 -855,000 -921,000 -973,000 -973,000
Net Income -694,000 -1,043,000 -1,140,000 -2,361,000 -2,361,000 -527,000 -881,000 -962,000 -3,518,000 -883,000 -421,000 2,635,000 -565,000 111,000 111,000 -241,000 -153,000 -1,077,000 -915,000 -915,000 -1,164,000 -632,000 -915,000 -950,000 -950,000
Cash From Operations -228,000 -2,038,000 -514,000 -391,000 -391,000 -287,000 -2,129,000 -840,000 -2,239,000 -2,239,000 1,293,000 -3,765,000 -547,000 -2,026,000 -3,169,000 -479,000 4,008,000 -668,000 832,000 832,000 -1,279,000 -2,454,000 -1,811,000 -225,000 -225,000
Capex 0 0 0 0 0 -8,000 -7,000 -180,000 -12,000 -12,000 -22,000 -35,000 -50,000 0 0 0 0 0 n/a n/a n/a n/a n/a n/a n/a
Free Cash Flow -228,000 -2,038,000 -514,000 -391,000 -391,000 -295,000 -2,136,000 -1,020,000 -2,251,000 -2,251,000 1,271,000 -3,800,000 -597,000 -2,026,000 -3,169,000 -479,000 4,008,000 -668,000 n/a n/a n/a n/a n/a n/a n/a
Cash And Equivalents 4,193,000 956,000 1,655,000 1,186,000 1,186,000 689,000 464,000 2,842,000 19,890,000 19,890,000 3,637,000 20,871,000 24,671,000 25,268,000 25,268,000 27,294,000 27,773,000 24,908,000 25,576,000 25,576,000 24,744,000 26,025,000 4,418,000 5,245,000 5,245,000
Total Current Assets 19,582,000 20,098,000 22,628,000 22,794,000 22,794,000 25,563,000 25,726,000 27,874,000 28,604,000 28,604,000 29,719,000 29,250,000 30,235,000 31,095,000 31,095,000 31,655,000 31,957,000 28,451,000 29,513,000 29,513,000 30,607,000 31,428,000 32,567,000 33,592,000 33,592,000
Total Liabilities 1,533,000 1,412,000 2,952,000 2,036,000 2,036,000 2,499,000 2,188,000 3,195,000 2,840,000 2,840,000 3,114,000 2,253,000 5,639,000 5,912,000 5,912,000 6,645,000 6,759,000 3,153,000 3,191,000 3,191,000 3,423,000 3,133,000 3,287,000 3,457,000 3,457,000
Shares Outstanding 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,041,589 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000
Weighted Avg Shares Basic 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,042,652 21,041,589 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000 21,043,000
Net Share Count Change (Normalized) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Insufficient evidence 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ownership Claim Change (Normalized) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Insufficient evidence 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 19,582,000USD us-gaap:AssetsCurrent 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Total Liabilities 1,533,000USD us-gaap:Liabilities 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Cash 4,193,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Shares Outstanding 21,042,652 us-gaap:CommonStockSharesOutstanding 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
NCAV 18,049,000USD derived 2025-12-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 0.86USD derived 2025-12-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 55.7% derived 2025-12-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0000032621
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0000032621/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
26
Imported At
2026-08-15T12:52:30+00:00
Rendered At
2026-08-16T03:30:06+00:00

Run Audit

Mary Run
63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of
2026-08-15
Accession
0001437749-26-004337
CIK
0000032621
Mary Filing Date
2026-02-17
Filing Currency
USD
Internal Discount
55.7%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-02-17; mary_accession=0001437749-26-004337; mary_cik=0000032621; gnni_supporting_filing_date=2026-02-17; internal_discount=0.556972; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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