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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549





FORM 10-K/A

(Amendment No. 1)





(Mark One)

|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the Fiscal Year ended March 31, 2015

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period
from
to

Commission File Number: 001-07731





EMERSON RADIO
CORP.

(Exact name of registrant as specified in its charter)







|                                                               |  |                                        
|-------------------------------------------------------------- |  | ---------------------------------------
|Delaware                                                       |  | 22-3285224                             
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. Employer
Identification Number)
|                                                               | 
|3 University Plaza, Suite 405, Hackensack, NJ                  |  | 07601                                  
|(Address of principal executive offices)                       |  | (Zip Code)                             

Registrants telephone number, including area code: (973) 428-2000

Securities registered pursuant to Section 12(b) of the Act:



|                                       |  |                                          
|-------------------------------------- |  | -----------------------------------------
|Title of each class                    |  | Name of each exchange on which registered
|Common Stock, par value $.01 per share |  | NYSE MKT                                 

Securities registered pursuant to Section 12(g) of the Act: None





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     ̈  YES    x  NO.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act).     ̈  YES    x  NO.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirement for the past 90 days.    x  YES     ̈  NO.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit and post such files.)    x  YES     ̈  NO

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of larger accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):



|                        |  |                                                  |  |                           |  |  
|----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
|Large accelerated filer |  |  ̈                                                |  | Accelerated filer         |  |  ̈
|                        |  |                                                  | 
|Non-accelerated filer   |  |  ̈  (Do not check if a smaller reporting company) |  | Smaller reporting company |  | x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).     ̈  YES    x  NO.

Aggregate market value of the voting and non-voting common equity of the registrant held by non-affiliates of the registrant at September 30, 2014
(computed by reference to the last reported sale price of the Common Stock on the NYSE MKT on such date): $15,214,783.

Number of Common Shares
outstanding at July 29, 2015: 27,129,832

DOCUMENTS INCORPORATED BY REFERENCE:

None









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EXPLANATORY NOTE

Unless the context otherwise requires, the term the Company and Emerson, refers to Emerson Radio Corp. and its
subsidiaries.

This Amendment No. 1 on Form 10-K/A (the Form 10/KA) to the Annual Report on Form 10-K (the Annual
Report) of the Company for the fiscal year ended March 31, 2015, filed with the Securities and Exchange Commission (the SEC) on July 14, 2015, is filed solely for the purpose of including information that was to be
incorporated by reference from the Companys definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended (the Exchange Act). The Company will not file its proxy statement for its annual
meeting of stockholders within 120 days of its fiscal year ended March 31, 2015, and is therefore amending and restating in their entirety Items 10, 11, 12, 13 and 14 of Part III of the Annual Report. In addition, pursuant to Rule 13a-14(a)
under the Exchange Act, the Company is including with this Form 10-K/A certain currently dated certifications. Except as described above, no other amendments are being made to the Annual Report. This Form 10-K/A does not reflect events occurring
after the filing of the Annual Report on July 14, 2015 or modify or update the disclosure contained in the Annual Report in any way other than as required to reflect the amendments discussed above and reflected below.



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TABLE OF CONTENTS



|                                                                                                   |  |      |    | 
|-------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|Item                                                                                               |  | Page |   
|                                                                                                   | 
|Part III                                                                                           |  |      | 4  | 
|                                                                                                   | 
|10. Directors, Executive Officers and Corporate Governance                                         |  |      | 4  | 
|                                                                                                   | 
|11. Executive Compensation                                                                         |  |      | 9  | 
|                                                                                                   | 
|12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |  |      | 12 | 
|                                                                                                   | 
|13. Certain Relationships and Related Transactions and Director Independence                       |  |      | 13 | 
|                                                                                                   | 
|14. Principal Accountant Fees and Services                                                         |  |      | 16 | 
|                                                                                                   | 
|Part IV                                                                                            |  |      | 16 | 
|                                                                                                   | 
|15. Exhibits and Financial Statements                                                              |  |      | 16 | 
|                                                                                                   | 
|Signatures                                                                                         |  |      | 17 | 
|                                                                                                   | 
|Exhibit Index                                                                                      |  |      |    | 
|                                                                                                   | 
|EX-31.1                                                                                            |  |      |    | 
|                                                                                                   | 
|EX-31.2                                                                                            |  |      |    | 
|                                                                                                   | 
|EX-32                                                                                              |  |      |    | 



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PART III

ITEM 10  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors

The following table sets forth
certain information regarding the current directors of Emerson Radio Corp. (Emerson, us or the Company).



|               |  |     |  |                                                                                                                                                                                                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name           |  | Age |  | YearFirstBecameDirector                                                                                                                                                                                          |  | Principal Occupation or Employment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|John Batchelor |  | 40  |  | 2014                                                                                                                                                                                                             |  | John Howard Batchelor is a Senior Managing Director in the Corporate Finance and Restructuring practice of FTI Consulting, a global advisory firm assisting companies protect and enhance enterprise value, a position he has held since
2010. Mr. Batchelor has more than 18 years of experience in corporate restructuring, transaction advisory, and corporate recovery, including extensive experience in extracting value for stakeholders from difficult and illiquid situations in the
Peoples Republic of China, or PRC, and Asia generally across a wide number of industries. Prior to joining FTI Consulting, Mr. Batchelor began his career with Ferrier Hodgson in Melbourne in 1996. From 2009 to 2012, Mr. Batchelor served on the
board of directors of Sincere Watch (Hong Kong), a HK Mainboard listed public company and between January and July 2010, Mr. Batchelor served on the board of directors of Creative Energy Solutions Holdings Limited, a HK Growth Enterprise Market
listed public company. Since June 2013 Mr. Batchelor has served as a director of S&T International Distribution Limited (S&T), which is the record holder of approximately 56.2% of the Companys common stock. Mr. Batchelor is
a CA (Aus.) and FCPA (HK) with more than 18 years in accountancy, and is a member of the Institute of Chartered Accountants in Australia and a Fellow of the Hong Kong Institute of Certified Public Accountants. Mr. Batchelor holds a Bachelor of
Commerce in Accounting and Finance from Monash University, Australia.                                                                            
|               |  |    
|               |  |     |  | Based on Mr. Batchelors experience in corporate restructuring, finance and management and director experience, the Board of Directors believes that he is well qualified to serve as a director of the Company.
|               |  |     | 
|Lionel Choong  |  | 53  |  | 2013                                                                                                                                                                                                             |  | Lionel Choong has been the Companys Vice Chairman of the Board and a director since November 2013. Mr. Choong is a consultant for
Zenith Professionals Ltd., a position he has held since August 2004, acting Chief Financial Officer of Global Regency Ltd., a position he has held since April 2009, and Board Advisor to Really Sports Co., Ltd., a position he has held since June
2013. Mr. Choong has a wide range of experience in a variety of senior financial positions with companies in Hong Kong, the PRC and London. His experience encompasses building businesses, restructuring insolvency, corporate finance, and initial
public offerings in a number of vertical markets, including branded apparel, consumer and lifestyle, consumer products, pharmaceuticals, and logistics. From June 2008 to May 2011, Mr. Choong was Chief Financial Officer of Sinobiomed, Inc., a
NASDAQ-listed company. Mr. Choong is a fellow member and holds a corporate finance diploma from the Institute of Chartered Accountants in England and Wales. He is also a CPA and practicing member of the Hong Kong Institute of Certified Public
Accountants and a member of the Hong Kong Securities Institute. Mr. Choong holds a Bachelor of Arts in Accountancy from London Guildhall University, UK, and a Master of Business Administration from the Hong Kong University of Science and
Technology and the Kellogg School of Management at Northwestern University.  Based on
Mr. Choongs background in accounting, business and corporate finance, the Board believes that he is well qualified to serve as a director of the Company.



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|              |  |     |  |                         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|------------- |  | --- |  | ----------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name          |  | Age |  | YearFirstBecameDirector |  | Principal Occupation or Employment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Duncan Hon    |  | 54  |  | 2009                    |  | Duncan Hon, a director of the Company since February 2009, has been the Companys Chief Executive Officer since August 2011 and, prior to that, was the Companys Deputy Chief Executive Officer since November 2009. Mr. Hon
served as a director of Grande from January 2011 until March 2013, at which time he resigned as a director of Grande. Mr. Hon currently serves as a director and Vice Chairman of the Board of Sansui Electric Co. Ltd., which was delisted from the
Tokyo Stock Exchange in May 2012. In addition to his employment with the Company, Mr. Hon is also an employee of a subsidiary of Grande which is engaged in trademark licensing. He is a member of the Hong Kong Institute of Certified Public
Accountants and the Association of Chartered Certified Accountants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|              |  |     | 
|              |  |     |  |                         |  | Based on Mr. Hons role as Chief Executive Officer of the Company and his experience in management and accounting, the Board believes that he is well qualified to serve as a director of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|              |  |     | 
|Greg Hunt (1) |  | 58  |  | 2013                    |  | Gregory Hunt has been a director since November 2013. Mr. Hunt is Chief Financial Officer of Apollo Investment Corporation (AIC) a publicly traded Business Development Corporation, a position he has held since May 2012. Prior to
joining Apollo, from February 2010 to May 2012, Mr. Hunt was Executive Vice President and Chief Financial Officer of Yankee Candle Company, a private company with $830 million in annual revenues. From June 2007 to November 2009, Mr. Hunt worked for
Apollo affiliates as an executive responsible for investment analysis and due diligence, including direct management involvement providing strategic and operational oversight for portfolio companies. From July 2006 to June 2007, Mr. Hunt was Chief
Restructuring Officer, Senior Vice President, and Chief Financial Officer of Tweeter Home Entertainment Group, a national specialty consumer electronics retailer. From 2001 to June 2006, Mr. Hunt was Co-Chief Executive Officer and Chief Financial
Officer of Syratech Corporation, a privately owned $300 million tabletop, glassware, and seasonal products company. Mr. Hunt currently serves on the Board of Directors and is Chairman of the Audit Committee of LogicSource Corporation, a
privately-held sourcing solutions firm. Mr. Hunt is a Certified Public Accountant, Commonwealth of Massachusetts since 1982, and holds a Bachelor of Science degree in Accounting from the University of Vermont and serves on the schools advisory
board.                                                                                                                                                                       
|              |  |     | 
|              |  |     |  |                         |  | Based on Mr. Hunts experience in accounting, finance and management, the Board believes that he is well qualified to serve as a director of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|              |  |     | 
|Mark Manski   |  | 64  |  | 2013                    |  | Mark Manski has been a director since 2013. Mr. Manski joined Development Specialists, Inc., a privately-held management consulting and
financial advisory services firm, to lead its New York office in January 2014 and resigned from that position in May 2015. Currently and prior to this, Mr. Manski was Founder and is Principal of Mark Manski LLC, an advisory services company formed
to provide financial restructuring and distressed asset management for the benefit of financial services companies and companies in capital growth, entrepreneurial, or distressed situations. From 2010 to 2013 and prior to founding Mark Manski LLC,
Mr. Manski was a Shareholder of Greenberg Traurig LLP, an international law firm, in the Business Reorganization & Financial Restructuring Practice, after which time he retired from the practice of law. From 1999 to 2010, Mr. Manski served in
various positions at Barclays Capital, New York, including a position as Managing Director and as Chief Credit Officer, Real Estate, Americas. From 1993 to 1999, Mr. Manski was President and Founder of Roundhill Group, Ltd., a consulting firm
specializing in providing strategic, operational, managerial, and financial services, as well as litigation support and credit policy, creditor rights, and portfolio advisory services to the financial industry. Mr. Manski holds a Juris Doctor from
Suffolk University Law School and a Bachelor of Arts from the University of Massachusetts at Amherst. 
Based on Mr. Manskis experience in finance and restructuring, the Board of Directors believes that he is well qualified to serve as a director of the
Company.



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|                    |  |     |  |                         |  |                                                                                                                                                                                                                                                            
|------------------- |  | --- |  | ----------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name                |  | Age |  | YearFirstBecameDirector |  | Principal Occupation or Employment                                                                                                                                                                                                                         
|Kareem E. Sethi (1) |  | 38  |  | 2007                    |  | Kareem E. Sethi has been a director since December 2007. Mr. Sethi has served as Managing Director of Streetwise Capital Partners, Inc. since 2003. From 1999 until 2003, Mr. Sethi was Manager, Business Recovery Services for
PricewaterhouseCoopers LLP.
|                    |  |     | 
|                    |  |     |  |                         |  | Based on Mr. Sethis experience in accounting, corporate finance and portfolio management, the Board believes that he is well qualified to serve as a director of the
Company.                                                                             



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|                         |  |     |  |                         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------ |  | --- |  | ----------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name                     |  | Age |  | YearFirstBecameDirector |  | Principal Occupation or Employment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                         |  |     | 
|Terence A. Snellings (1) |  | 65  |  | 2008                    |  | Terence A. Snellings has been a director since August 2008. Until December 2009, Mr. Snellings served as Director of Finance and Administration of Refugee Resettlement and Immigration Services of Atlanta, Inc., a
non-profit agency that provides an entry into the American culture for refugees. From 1986 until April 2006, Mr. Snellings served as Managing Director of Wachovia Services, Ltd., where he managed investment banking origination activities of the
Asia-Pacific Group within Wachovia Securities Corporate and Investment Banking Division.
|                         |  |     | 
|                         |  |     |  |                         |  | Based on Mr. Snellings experience in international banking and finance, the Board believes that he is well qualified to serve as a director of the Company.                                                                                                                                                                                                                                                                                                                                                                                                      



|(1) | Member of the Audit Committee
|--- | -----------------------------

Board of Directors and Committees

The Companys Board presently consists of seven directors. The Board has determined that five of the seven current directors, Messrs.
Choong, Hunt, Manski, Sethi and Snellings, meet the definition of independence as established by the NYSE MKT listing rules.

The Board
presently has one standing committee, the Audit Committee, which is a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and Rule 10A-3 thereunder.

The Companys Audit Committee currently consists of Mr. Sethi (Chairman), Mr. Hunt and Mr. Snellings, each of whom the
Board has determined meet the definition of independence as established by the NYSE MKT listing rules and SEC rules. Mr. Sethi is currently the Chairman of the Audit Committee and the audit committee financial expert. Pursuant to
Section 803(B)(2)(c) of the NYSE MKT Company Guide (the Company Guide), as a smaller reporting company the Company is required to have an audit committee of at least two independent members, as defined by the listing standards of
the NYSE MKT.

The Audit Committee is empowered by the Board, among other things, to: (i) serve as an independent and objective party
to monitor the Companys financial reporting process, internal control system and disclosure control system; (ii) review and appraise the audit efforts of the Companys independent accountants; (iii) assume direct responsibility
for the appointment, compensation, retention and oversight of the work of the outside auditors and for the resolution of disputes between the outside auditors and the Companys management regarding financial reporting issues; and
(iv) provide the opportunity for direct communication among the independent accountants, financial and senior management and the Board. During Fiscal 2014, the Audit Committee performed its duties under a written charter approved by the Board
and formally met four times. A copy of the Companys Audit Committee Charter is posted on the Companys website: www.emersonradio.com on the Investor Relations page.

In addition, in March 2013, the Company formed an ad hoc Special Committee consisting solely of independent directors to evaluate possible
strategic alternatives intended to enhance stockholder value. The Special Committee currently consists of Messrs. Choong, Hunt, Manski, Sethi and Snellings.

Director Qualifications

The Board
believes that the Company and its stockholders are best served by having leadership personnel from the Companys principal stockholder and individuals who have extensive experience in the Companys industry and knowledge of the
Companys competitive landscape serve on its Board. The Board also believes that the backgrounds and qualifications of its directors, considered as a group, should provide a composite mix of experience, knowledge and abilities that will allow
the Board to fulfill its responsibilities. Please refer to the biographies of each of the Companys directors for a discussion of the specific experience, qualifications, attributes or skills that led to the conclusion that each individual
should serve as a director.

Codes of Ethics

The Company has adopted a Code of Ethics for Senior Financial Officers (Code of Ethics) that applies to its Chief Executive
Officer, Chief Financial Officer, Chief Accounting Officer, Controller and Treasurer. This Code of Ethics was established with the intention of focusing Senior Financial Officers on areas of ethical risk, providing guidance to help them recognize
and deal with ethical issues, providing mechanisms to report unethical conduct, fostering a culture of honesty and accountability, deterring wrongdoing and promoting fair and accurate disclosure and financial reporting.



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The Company has also adopted a Code of Conduct for Officers, Directors and Employees of Emerson
Radio Corp. and its Subsidiaries (Code of Conduct). We prepared this Code of Conduct to help all officers, directors and employees understand and comply with the Companys policies and procedures. Overall, the purpose of the
Companys Code of Conduct is to deter wrongdoing and promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair,
accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the SEC and in other public communications made by the Company; (iii) compliance with applicable governmental laws, rules and
regulations; (iv) prompt internal reporting of code violations to an appropriate person or persons identified in the Code of Conduct; and (v) accountability for adherence to the Code of Conduct.

The Code of Ethics and the Code of Conduct are posted on the Companys website: www.emersonradio.com on the Investor Relations
page. If the Company makes any substantive amendments to, or grant any waiver (including any implicit waiver) from a provision of the Code of Ethics or the Code of Conduct, and that relates to any element of the Code of Ethics definition enumerated
in Item 406 (b) of Regulation S-K, the Company will disclose the nature of such amendment or waiver on its website or in a current report on Form 8-K.

Executive Officers

The following table sets forth
certain information regarding the executive officers of Emerson:



|                |  |     |    |  |          |                                                      |                    |  |      | 
|--------------- |  | --- | -- |  | -------- | ---------------------------------------------------- | ------------------ |  | ---- | 
|Name            |  | Age |    |  | Position |                                                      | YearBecame Officer | 
|Duncan Hon      |  |     | 54 |  |          | Chief Executive Officer and Director                 |                    |  | 2009 | 
|Andrew L. Davis |  |     | 47 |  |          | Executive Vice President and Chief Financial Officer |                    |  | 2010 | 

Duncan Honhas served as the Companys Chief Executive Officer since August 2011 and a director of
the Company since February 2009. Until his appointment as the Companys Chief Executive Officer, Mr. Hon served as the Companys Deputy Chief Executive Officer since November 2009. See Mr. Hons biographical information
above.

Andrew L. Davishas served as the Companys Executive Vice President and Chief Financial Officer since September 2010.
Mr. Davis also serves as Secretary of the Company, a position to which he was elected in November 2007. Previously, from August 2007 to September 2010, Mr. Davis served as Vice President, Finance and Corporate Controller of the Company.
Prior to joining the Company, Mr. Davis held various executive and managerial positions in accounting and finance with several companies, most recently CA, Inc., and prior to that, ce Global Sourcing AG. Mr. Davis is a C.P.A., holds a
B.B.A. in Accounting from Iowa State University and an M.B.A. from the University of Connecticut.

Section 16(a) Beneficial Ownership Reporting
Compliance

Section 16(a) of the Exchange Act requires the Companys directors, officers, and stockholders who beneficially
own more than 10% of any class of its equity securities registered pursuant to Section 12 of the Exchange Act, to file initial reports of ownership and reports of changes in ownership with respect to the Companys equity securities with
the SEC and the NYSE MKT. All reporting persons are required to furnish the Company with copies of all reports that such reporting persons file with the SEC pursuant to Section 16(a) of the Exchange Act.

Based solely upon a review of Forms 3 and 4 and amendments to these forms furnished to the Company, and Forms 5, along with amendments
thereto, all parties subject to the reporting requirements of Section 16(a) timely filed all such required reports during and with respect to Fiscal 2015.



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ITEM 11  EXECUTIVE COMPENSATION AND OTHER INFORMATION

Summary Compensation Table

The following
Summary Compensation Table sets forth information concerning compensation for services rendered in all capacities to the Company and its subsidiaries for Fiscal 2015 and for the fiscal year ended March 31, 2014 (Fiscal 2014) which
was awarded to, earned by or paid to each person who served as the Companys principal executive officer at any time during Fiscal 2015, the two most highly compensated executive officers other than the principal executive officer who were
serving as executive officers as of March 31, 2015 and up to two additional individuals for whom disclosure would have been provided but for the fact that the individual was not serving as an executive officer of the smaller reporting company
as of March 31, 2015 (collectively, the Named Executive Officers).



|                            |  |            |      |  |           |   |         |             |  |   |                          |  |  |           |        |     |  |   |         | 
|--------------------------- |  | ---------- | ---- |  | --------- | - | ------- | ----------- |  | - | ------------------------ |  |  | --------- | ------ | --- |  | - | ------- | 
|Name and
Principal Position |  | FiscalYear |      |  | Salary($) |   |         | Bonus($)(1) |  |   | All OtherCompensation($) |  |  | Total ($) |       
|Duncan Hon                  |  |            | 2015 |  |           | $ | 475,000 |             |  |   |                         |  |  |           |       |     |  | $ | 475,000 | 
|Chief Executive Officer     |  |            | 2014 |  |           | $ | 475,000 |             |  | $ | 118,750                  |  |  |           |       |     |  | $ | 593,750 | 
|Andrew L. Davis             |  |            | 2015 |  |           | $ | 321,595 |             |  | $ | 41,688                   |  |  | $         | 13,023 | (2) |  | $ | 376,306 | 
|Chief Financial Officer     |  |            | 2014 |  |           | $ | 295,969 |             |  | $ | 86,625                   |  |  | $         | 17,444 | (2) |  | $ | 400,038 | 



|(1) | Represents bonus paid during the fiscal year.
|--- | ---------------------------------------------

|(2) | Represents the incremental cost to the Company of all personnel benefits, including match for its 401(K) plan, provided to our Named Executive Officers. Such personnel benefits are available to all employees of the
Company in accordance with the Companys standard employment practices.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Employment Agreements.

During Fiscal 2015, the Company had employment agreements with certain of its Named Executive Officers, each of which is described below.

Duncan Hon.Duncan Hon, our Chief Executive Officer, entered into an employment agreement, effective April 1, 2011, with a
wholly-owned, indirect subsidiary of the Company. Such agreement replaced his prior terminated agreements with the Company and sets forth the terms and conditions pursuant to which Mr. Hon would serve as the Companys Deputy Chief
Executive Officer and, subsequently, as Chief Executive Officer. The agreement provides for an annual base salary of 2,925,000 Hong Kong Dollars (HKD) and an annual discretionary bonus payable at any time as recommended by the Board. The
contract extends until the earlier of the retirement of Mr. Hon on the first day of the following month immediately after his 60th birthday, or the termination of the agreement by either the
Company or Mr. Hon upon the delivery from one to the other of one month prior written notice. In November 2011, the Board approved an increase to Mr. Hons base annual salary to $475,000 effective August 31, 2011.

Andrew L. Davis. Andrew L. Davis, our Executive Vice President and Chief Financial Officer, entered into an employment agreement with
the Company on August 1, 2007, which provided that Mr. Davis shall serve as the Companys Vice President Finance and Corporate Controller. The employment agreement was further amended on March 5, 2015. The agreement, as amended,
provides for, among other things, (i) an increase in Mr. Daviss annual base salary from $317,625.00 to $333,506.25; (ii) a retention bonus in the aggregate amount of $166,753.00 (less applicable withholdings and deductions),
which shall be payable in three (3) installments as follows: (a) $41,688.25 (less applicable withholdings and deductions) on March 31, 2015; (b) $41,688.25 (less applicable withholdings and deductions) on June 30, 2015; and
(c) $83,376.50 (less applicable withholdings and deductions) on August 31, 2015, subject, in each case, to Mr. Daviss continued employment on the applicable payment date, Mr. Davis having been terminated other than for
cause or due to death or disability prior to the applicable payment date or Mr. Davis having resigned for good reason prior to the applicable payment date and (iii) in the event of a termination of his employment other than for cause or
due to death or disability or a resignation for good reason, continuation of his base salary, at the rate then in effect, for a period of six months, payable in accordance with the Companys customary payroll practices and procedures, subject
to a customary release agreement.

Under Mr. Daviss employment agreement, as amended, the terms below are generally defined as follows:

cause means Mr. Daviss (i) material default or other material breach of his obligations under the agreement,
subject to notice requirements and cure periods as set forth in the agreement; (ii) willful failure to perform material duties under the agreement that are reasonably assigned to him by the Company, subject to notice requirements and cure
periods as set forth in the agreement; (iii) gross negligence or willful misconduct in the performance of his duties under the agreement, subject to notice requirements and



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cure periods as set forth in the agreement; or (iv) dishonesty, insubordination, or other willful act detrimental to the Company or its good will or damaging to its relationships with its
customers, investors, suppliers, or employees, including, without limitation, (A) use of alcohol or illegal drugs such as to interfere with the performance of his obligations under the agreement , (B) conviction of or plea of guilty or no
contest to a felony or any crime involving moral turpitude, dishonesty, or theft, and (C) material failure to comply with applicable laws or governmental regulations with respect to Company operations or the performance of his duties; provided
however that no act or failure to act, on the part of Mr. Davis, shall constitute cause unless it is done, or omitted to be done, by Mr. Davis in bad faith or without Mr. Daviss reasonable belief that his action or
omission was (i) in the best interest of the Company, (ii) necessary to preserve the Companys or Mr. Daviss own reputation and/or (iii) required to comply with applicable laws, rule or regulations; and

good reason means that Mr. Davis has complied with the appropriate notice procedures following the occurrence of any of the
following without the executives prior written consent: (i) a reduction in Mr. Daviss base salary; (ii) a material diminution in Mr. Daviss position (other than temporarily due to illness or injury or as
required by applicable law); (iii) a material breach of the Companys payment obligations to Mr. Davis; or (iv) Mr. Davis is directed by the Company to engage in conduct that he reasonably believes is unlawful, unethical or
immoral; provided, that, in each case, the Company has failed to cure such occurrence within 30 days after receipt of the appropriate notice from Mr. Davis.

Outstanding Equity Awards at Fiscal Year End

None of the Companys Named Executive Officers held any outstanding equity awards at March 31, 2015.



10



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##### Table of Contents

Compensation of Directors

During Fiscal 2015, our directors and former directors who were not employees (Outside Directors), specifically Messrs. Batchelor,
Choong, Vincent Fok (who served as a director until the annual meeting held on October 8, 2014), Hunt, Manski, Sethi and Snellings were paid $33,669, $149,140, $36,332, $89,500, $176,393, $91,834 and $166,473, respectively, for serving on the
Board and on our various committees during the period. The Company does not compensate directors who are employees of the Company for their services as directors.

Outside Directors are each paid an annual directors fee of $50,000. The Outside Director serving as the Chairman of the Board receives
an additional annual fee of $20,000. Each Outside Director serving on the audit committee of the Board receives an additional fee of $15,000 per annum with no additional fee for serving as chairman of the audit committee. The Outside Director
serving as the Chairman of the special committee receives an additional fee of $20,000 per month. Each Outside Director serving on the special committee of the Board receives an additional fee of $12,500 per month. The Company does not pay any
additional fees for attendance at meetings of the Board or the committees. Audit committee fees are paid in four equal quarterly installments per annum and special committee fees are paid in monthly installments. Audit committee and special
committee fees are pro-rated in situations where an Outside Director serves less than a full one year or periodic term.

Additionally, the
Companys directors are reimbursed their expenses for attendance at meetings.

The following table provides certain information with
respect to the compensation earned or paid to the Companys Outside Directors during Fiscal 2015.

Directors Compensation



|                      |  |                              |         |  |           |   |         | 
|--------------------- |  | ---------------------------- | ------- |  | --------- | - | ------- | 
|Name                  |  | FeesEarnedor Paid inCash ($) |         |  | Total ($) |  
|John Howard Batchelor |  | $                            | 33,669  |  |           | $ | 33,669  | 
|Lionel Choong         |  | $                            | 149,140 |  |           | $ | 149,140 | 
|Vincent Fok           |  | $                            | 36,332  |  |           | $ | 36,332  | 
|Greg Hunt             |  | $                            | 89,500  |  |           | $ | 89,500  | 
|Mark Manski           |  | $                            | 176,393 |  |           | $ | 176,393 | 
|Kareem E. Sethi       |  | $                            | 91,834  |  |           | $ | 91,834  | 
|Terence A. Snellings  |  | $                            | 166,473 |  |           | $ | 166,473 | 





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##### Table of Contents

ITEM 12  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS

The following table sets forth, as of July 29, 2015, the beneficial ownership of (i) each
current director; (ii) each of the Companys Named Executive Officers; (iii) the Companys current directors and executive officers as a group; and (iv) each stockholder known by the Company to own beneficially more than 5%
of the Companys outstanding shares of common stock. Common stock beneficially owned and percentage ownership as of July 29, 2015 was based on 27,129,832 shares outstanding. Except as otherwise noted, the address of each of the following
beneficial owners is c/o Emerson Radio Corp., 3 University Plaza, suite 405, Hackensack, New Jersey 07601.



|                                                            |  |                                              |            |     |                      |  |      |     
|----------------------------------------------------------- |  | -------------------------------------------- | ---------- | --- | -------------------- |  | ---- | ----
|Name and Address of Beneficial Owners                       |  | Amount and Nature ofBeneficial Ownership (1) |            |     | Percent of Class (1) | 
|John Howard Batchelor                                       |  |                                              | 0          |     |                      |  | 0    | %   
|Lionel Choong                                               |  |                                              | 0          |     |                      |  | 0    | %   
|Duncan Hon                                                  |  |                                              | 0          |     |                      |  | 0    | %   
|Greg Hunt                                                   |  |                                              | 0          |     |                      |  | 0    | %   
|Mark Manski                                                 |  |                                              | 0          |     |                      |  | 0    | %   
|Kareem E. Sethi                                             |  |                                              | 0          |     |                      |  | 0    | %   
|Terence A. Snellings                                        |  |                                              | 0          |     |                      |  | 0    | %   
|Andrew L. Davis                                             |  |                                              | 0          |     |                      |  | 0    | %   
|S&T International Distribution Limited                      |  |                                              | 15,243,283 | (2) |                      |  | 56.2 | %(2)
|Lloyd I. Miller, III (3)                                    |  |                                              | 1,571,298  |     |                      |  | 5.8  | %   
|All Directors and Executive Officers as a Group (8 persons) |  |                                              | 0          |     |                      |  | 0    |     



|(1) | Based on 27,129,832 shares of common stock outstanding as of July 29, 2015. Each beneficial owners percentage ownership of common stock is determined by assuming that options that are held by such person (but
not those held by any other person) and that are exercisable or convertible within 60 days of July 29, 2015 have been exercised. Except as otherwise indicated, the beneficial ownership table does not include common stock issuable upon exercise
of outstanding options, which are not currently exercisable within 60 days of July 29, 2015. Except as otherwise indicated and based upon the Companys review of information as filed with the SEC, the Company believes that the beneficial
owners of the securities listed have sole or shared investment and voting power with respect to such shares, subject to community property laws where applicable.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Grande, a Bermuda corporation, has, together with S&T International Distribution Limited (S&T), a subsidiary of Grande, and Grande N.A.K.S. Ltd., a subsidiary of Grande (together with Grande, the
Reporting Persons), had the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 56.2%, of the outstanding common stock of Emerson. On May 31, 2011, upon application of a major creditor, the High
Court of Hong Kong appointed Fok Hei Yu (who is also known by the anglicized name Vincent Fok), a former director, and Roderick John Sutton, both of FTI Consulting (Hong Kong) Limited (FTI), as Joint and Several Provisional Liquidators
over Grande (the Provisional Liquidators over Grande). Accordingly, as of May 31, 2011, the directors of Grande no longer have the ability to exercise control over Grande or the power to direct the voting and disposition of the
15,243,283 shares described in this footnote (2). Instead, Mr. Fok, as a Provisional Liquidator over Grande, has such power. Information with respect to the ownership of these shares was obtained from a Schedule 13D/A filed with the SEC on
July 9, 2014.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Lloyd I. Miller, III has sole voting and dispositive power with respect to 1,526,798 of the reported securities and shared voting and dispositive power with respect to 44,500 of the reported securities. The address of
Lloyd I. Miller, III is 3300 South Dixie Highway, Suite 1-365, West Palm Beach, Florida 33405. Information with respect to the ownership of these shares was obtained from a Schedule 13D/A filed with the SEC on July 28, 2015.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Equity Compensation Plan Information

The Company did not have any equity compensation plans in existence as of March 31, 2015.

ITEM 13  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

From time to time, Emerson engages in business transactions with its controlling shareholder, Grande, and its direct and indirect subsidiaries
(together Grande). Set forth below is a summary of such transactions.

Controlling Shareholder

The Grande Holdings Limited (In Liquidation) (Grande) has, together with S&T International Distribution Limited
(S&T), a subsidiary of Grande, and Grande N.A.K.S. Ltd., a subsidiary of Grande (together with Grande, the Reporting Persons), filed, on July 9, 2014, a Schedule 13D/A with the Securities and Exchange Commission
(SEC) stating that, as of the filing date, the Reporting Persons had the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 56.2%, of the outstanding common stock of Emerson. As the Reporting Persons,
and by extension Grande (as their ultimate parent) have control of a majority of the outstanding shares of common stock of Emerson, Emerson is a Controlled company, as defined in Section 801(a) of the NYSE MKT Rules.

On May 31, 2011, upon application of a major creditor, the High Court of Hong Kong appointed Fok Hei Yu (who is also known by the
anglicized name Vincent Fok), formerly a director and Chairman of the Board of the Company, and Roderick John Sutton, both of FTI Consulting (Hong Kong) Limited (FTI), as Joint and Several Provisional Liquidators over Grande.
Accordingly, as of May 31, 2011, the directors of Grande no longer have the ability to exercise control over Grande or the power to direct the voting and disposition of the 15,243,283 shares beneficially owned by Grande. Instead, Mr. Fok
and Mr. Sutton, as Provisional Liquidators over Grande, currently have such power. In addition, on March 20, 2013, the Provisional Liquidators provided to Emerson a written statement that they are obligated to liquidate the 15,243,283
shares in the Company beneficially owned by Grande. However, in February 2014, the Provisional Liquidators for and on behalf of Grande issued a public announcement that Grande, among other things, had been in discussions with different investors to
pursue a restructuring plan and the resumption of trading of Grandes shares on the Hong Kong Stock Exchange (HKSE). In addition, in May 2014, the Provisional Liquidators for and on behalf of Grande issued a public announcement
disclosing that on May 2, 2014, Grande, the Provisional Liquidators and a creditor of Grande entered into an agreement to implement the Grande Restructuring Proposal submitted by a creditor of Grande. Based on information contained
within the public announcement issued for Grande in May 2014, if the Grande Restructuring Proposal is implemented, Mr. Christopher Ho, who served as the Companys Chairman of the Board until November 2013 and is currently the sole director
of Grande, and his associates would continue to have a majority interest in Grande and would regain the power to direct the voting and disposition of the 15,243,283 shares beneficially owned by Grande. As disclosed in the Schedule 13D/A filed by the
Reporting Persons on May 22, 2014, the Grande Restructuring Proposal includes a plan to re-list Grande on the HKSE and provides that many assets of Grande, including its shares of Emerson, would remain part of Grande. According to the public
announcement issued for Grande in May 2014, the Grande Restructuring Plan will require approvals, consents and sanctions of the HKSE, courts in Hong Kong and Bermuda, and the creditors and shareholders of Grande. In addition, on June 11, 2014,
Grande announced that it had received a summons issued by a creditor of Grande seeking the removal of the Provisional Liquidators. On June 1, 2015 the Provisional Liquidators for and on behalf of Grande issued a public announcement disclosing
that by letter dated May 29, 2015, the HKSE decided to allow Grande to proceed with Grandes Updated Resumption Proposal, subject to the satisfaction of certain conditions by December 21, 2015.

It is not possible at this time to predict whether Grande can satisfy the conditions established by the HKSE for the resumption or relisting
of Grande on HKSE, or whether the Grande Restructuring Proposal will receive all necessary approvals, nor can there be any assurances regarding the timing, terms or effects of implementing the Grande Restructuring Proposal or if the Provisional
Liquidators will be removed. However, even though the Provisional Liquidators continue to maintain the ability to exercise the power to direct the voting and disposition of shares, as long as the Provisional Liquidators are pursuing this
restructuring proposal that would result in Grande retaining beneficial ownership of the 15,243,283 shares of Emerson common stock, the Provisional Liquidators may not be actively seeking to liquidate those shares. If the Grande Restructuring
Proposal is completed as described within the public announcement issued for Grande in May 2014, it is expected that the 15,243,283 shares of Emerson common stock held of record by Grandes subsidiary, S&T, would remain with S&T and
that Grande would once again have the power to direct the voting and disposition of this 56.2% controlling interest in Emerson common stock. It is not possible at this time to predict what impact the removal of the Provisional Liquidators would have
on the Grande Restructuring Proposal or Emerson and Emerson cannot predict nor provide any assurances regarding the possible effects on the Company, its shareholders, the trading price of its common stock or any other consequences that could result
if the Grande Restructuring Proposal is approved and Grande again has the power to control Emerson.



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Related Party Transactions

Rented Office Space in Hong Kong

Transactions with Brighton Marketing Limited, a subsidiary of Grande

Until May 2013, at which time these charges ceased, the Company was billed for service charges from Brighton Marketing Limited, a subsidiary of
Grande, in connection with the Companys rented office space in Hong Kong. These charges totaled approximately $1,000 for the twelve month period ended March 31, 2014. Emerson owed Brighton Marketing Limited nil at March 31, 2014
pertaining to these charges.

Transactions with The Grande Properties Management Limited, a related party to Christopher Ho, the former
Chairman of the Board of Directors of the Company

The Company is charged for service charges from The Grande Properties Management
Limited, a related party to Christopher Ho, the former Chairman of the Board of Directors of the Company, in connection with the Companys rented office space in Hong Kong. Mr. Ho did not stand for re-election to serve as a director of the
Company at the Companys 2013 Annual Meeting of Stockholders held on November 7, 2013. Accordingly, Mr. Ho is no longer a director of the Company or a related party to the Company after November 7, 2013, and, consequently, such
service charges from The Grande Properties Management Limited, are not considered Related Party Transactions after November 7, 2013.

These charges totaled approximately $11,000 for the period April 1, 2013 through November 7, 2013. The Company owed nil to The
Grande Properties Management Limited related to these charges at March 31, 2014.

Transactions with Lafe Strategic Services
Limited, a related party to Christopher Ho, the former Chairman of the Board of Directors of the Company

Beginning July 3, 2012,
the Company entered into a rental agreement with Lafe Strategic Services Limited (Lafe), which is a related party to Mr. Ho, whereby the Company was leasing out excess space within its rented office space in Hong Kong to Lafe. The
rental agreement was on a month-by-month basis, cancellable by either the Company or Lafe on one months written notice. The agreement was cancelled by Lafe effective April 1, 2013 at which time Lafe owed Emerson nil in rental payable from
the arrangement. Emerson returned the approximately $6,000 to Lafe in July 2013 that Emerson had been holding as a security deposit in accordance with the terms of the agreement.

Consulting Services Provided to Emerson by one of its Former Directors

Until such agreement was cancelled by the Company effective November 7, 2013, Mr. Eduard Will, a former director of Emerson, was paid
consulting fees by the Company for work performed by Mr. Will related to a lawsuit that the Company settled in December 2013 and merger and acquisition research. Mr. Will was not re-elected to serve as a director of the Company at the
Companys 2013 Annual Meeting of Stockholders held on November 7, 2013. Accordingly, Mr. Will is no longer a director of the Company or a related party to the Company after November 7, 2013.

During the period April 1, 2013 through November 7, 2013, Emerson paid consulting fees of approximately $68,000 to Mr. Will for
such work performed by Mr. Will as well as expense reimbursements and advances, in the aggregate, of approximately $6,000 related to this consulting work and his service as a director of Emerson.

At November 7, 2013, the Company owed Mr. Will nil related to these activities.

Dividend-Related Issues with S&T

On March 2, 2010, the Board declared an extraordinary dividend of $1.10 per common share which was paid on March 24, 2010. In
connection with the Companys determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Companys tax advisors and, in reliance on the stock-for-debt exception in
the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients.

In
August 2012, the Company received a Form 886-A from the IRS which challenges the Companys conclusions and determines that the Company does not qualify for the above-referenced exception. Accordingly, the IRS has concluded that 100% of the
dividend paid was taxable to the recipients. The Company is defending its position and calculations and is contesting the position asserted by the IRS. The Company prepared and, on October 25, 2012, delivered its rebuttal to the IRS contesting
the IRS determination. There can be no assurance that the Company will be successful in defending its position.



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In the event that the Company is not successful in establishing with the IRS that the
Companys calculations were correct, then the shareholders who received the dividend likely will be subject to and liable for an assessment of additional taxes due. Moreover, the Company may be contingently liable for taxes due by certain of
its shareholders resulting from the dividend paid by the Company.

Initially, the Company withheld from the dividend paid to foreign
shareholders an amount equal to the tax liability associated with such dividend. On April 7, 2010, upon a request made to the Company by its foreign controlling shareholder, S&T, the Company entered into an agreement with S&T (the
Agreement), whereby the Company returned to S&T on April 7, 2010 that portion of the funds withheld for taxes from the dividend paid on March 24, 2010 to S&T, which the Company believed was not subject to U.S. tax based
on the Companys good-faith estimate of its accumulated earnings and profits at that time. The Agreement includes provisions pursuant to which S&T agreed to indemnify the Company for any liability imposed on it as a result of the
Companys agreement not to withhold such funds for S&Ts possible tax liability and a pledge of stock as collateral. The Company continues to assert that such dividend is largely not subject to U.S. tax based on the Companys
good-faith estimate of its accumulated earnings and profits. In addition, the Company also continues to assert that this transaction results in an off-balance sheet arrangement and a possible contingent tax liability of the Company, which, if
recognized, would be offset by the calling by the Company on S&T of the indemnification provisions of the Agreement.

In February
2011, upon the request of S&T to the Company, the Company and S&T agreed that the collateral pledged as a part of the Agreement would no longer be required and such collateral was returned by the Company to S&T in March 2011 and the
Agreement was amended and restated to remove the collateral requirement but retain the indemnification provisions. The Agreement, as amended (the Amended Agreement), remains in effect as of today.

In September 2014, the Company, with S&Ts consent, withheld $0.5 million in cash, to be pledged as collateral against the Amended
Agreement, from the dividend paid to S&T on September 30, 2014 along with such dividend paid on that date to all common stockholders. The Company holds, as of March 31, 2015, $0.5 million in cash collateral from S&T against the
Amended Agreement. In the event that (i) the Company is not successful in establishing with the IRS that the Companys calculations were correct and (ii) S&T is unable or unwilling to pay the additional taxes due or indemnify the
Company under the terms of the Amended Agreement, the Company may be liable to pay such additional taxes, which, together with penalties and interest, are currently estimated by the Company to be approximately $4.8 million as of March 31, 2015,
$0.5 million of which is collateralized in cash held by the Company as of March 31, 2015. Any such liability, should it be required to be recognized by the Company, would likely have a material adverse effect on the Companys results of
operations in the period recognized. S&T is a subsidiary of Grande, which is currently in liquidation (as described above under Controlling Shareholder). Therefore, the ability of the Company to enforce its rights to
indemnification under the Amended Agreement and to collect from S&T any additional taxes, interest and penalties due may be severely impaired.

Other

Until such shared
usage stopped, effective on January 1, 2014, the Company formerly charged Vigers Appraisal & Consulting Ltd. (Vigers), a related party of Christopher Ho, the former Chairman of the Board of Directors of the Company, for
usage of telephone and data lines maintained by Emerson. Mr. Ho did not stand for re-election to serve as a director of the Company at the Companys 2013 Annual Meeting of Stockholders held on November 7, 2013. Accordingly,
Mr. Ho is no longer a director of the Company or a related party to the Company after November 7, 2013, and, consequently, such service charges from the Company to Vigers are not considered Related Party Transactions after November 7,
2013.

During the period April 1, 2013 through November 7, 2013, Emerson invoiced Vigers approximately $3,000 under this
arrangement. Vigers owed Emerson nil at November 7, 2013 related to this activity.

Indemnification of Officers and Directors

We have entered into indemnification agreements with each of our current directors and executive officers. These agreements require us to
indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be
indemnified. We also intend to enter into indemnification agreements with our future directors and executive officers.



15



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##### Table of Contents

Review and Approval of Transactions with Related Parties

It is the policy of the Company that any proposed transaction between the Company and related parties, as defined by the Financial Accounting
Standard Boards Accounting Standards Codification Topic 850 (ASC 850) (RPT Transactions), with no minimum dollar amount threshold, must be presented to all, and approved by a majority of, those directors of the Company who are
independent within the meaning of NYSE MKT Company Guide § 803(A)(2), as may be amended from time to time. In reviewing and approving proposed transactions between the Company and related parties, the independent directors are to determine
whether the proposed transaction is entirely fair to the Company and in the Companys best interest. For purposes of the policy, related parties are as defined within ASC 850, generally, but not limited, meaning (i) an officer or director
of the Company or the member of the immediate family of any of them or (ii) any other corporation, partnership, association, limited liability company, limited liability partnership, trust or other entity or organization in which one or more of
the Companys officers or directors are (a) directors, officers, trustees or other fiduciaries or (b) have a financial interest.

Director Independence

The Companys
Board presently consists of seven directors  Messrs. Batchelor, Choong, Hon, Hunt, Manski, Sethi and Snellings. The Board has determined that five of the seven current directors, Messrs. Choong, Hunt, Manski, Sethi and Snellings, meet the
definition of independence as established by the NYSE MKT listing standards and applicable SEC rules.

The Companys Audit Committee
currently consists of Messrs. Sethi (Chairman), Hunt and Snellings.

ITEM 14  PRINCIPAL ACCOUNTANT FEES
AND SERVICES

In accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the Audit Committees charter, all audit
and audit-related work and all non-audit work performed by the Companys independent accountants, MSPC Certified Public Accountants and Advisors, A Professional Corporation (MSPC), is approved in advance by the Audit Committee,
including the proposed fees for such work. The Audit Committee is informed of each service actually rendered.



| |  |  | Audit Fees.Audit fees billed to the Company by MSPC for the audit of the financial statements included in the Companys Annual Reports on Form 10-K, and reviews by MSPC of the financial statements included
in the Companys Quarterly Reports on Form 10-Q, for the fiscal years ended March 31, 2015 and 2014 totaled approximately $175,000 and $175,000, respectively.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Audit-Related Fees. The Company was billed approximately $55,000 and $55,000 by MSPC for the fiscal years ended March 31, 2015 and 2014, respectively, for audit procedures which it performed in connection
with an audit of the Companys majority shareholders consolidated financial statement for its fiscal years ended December 31, 2014 and 2013, portions of which were credited to the Companys audit fees for the audit of its
financial statements for the fiscal years ended March 31, 2015 and 2014, such Audit-Related Fees not reported under the caption Audit Fees above.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Tax Fees.MSPC billed the Company an aggregate of $60,000 and $60,000 for the fiscal years ended March 31, 2015 and 2014, respectively, for tax services, principally related to the preparation of income tax
returns and related consultation.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | All Other Fees.The Company was not billed by MSPC for the fiscal years ended March 31, 2015 and 2014, respectively, for any permitted non-audit services.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

Applicable law and regulations provide an exemption that permits certain services to be provided by the Companys outside auditors even
if they are not pre-approved. The Company has not relied on this exemption at any time since the Sarbanes-Oxley Act was enacted.

PART IV.

ITEM 15  Exhibits, Financial Statement Schedules

a (3) Exhibits. The following exhibits are filed with this Amendment No. to the Annual Report on Form 10-K/A.



|               |  |                                                                                                                                                                                                
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  |                                                                                                                                                                                                
|               | 
|31.1           |  | Certification of the Companys Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *                             
|               | 
|31.2           |  | Certification of the Companys Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *                             
|               | 
|32             |  | Certification of the Companys Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. **



|* | filed herewith
|- | --------------

|** | furnished herewith
|-- | ------------------



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this Amendment No. 1 on Form 10-K/A to the Registrants Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.



EMERSON RADIO CORP.By:

/s/ Duncan HonDuncan HonChief Executive OfficerBy:

/s/ Andrew L. DavisAndrew L. DavisChief Financial Officer


Dated: July 29, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities and on the dates indicated.



|                          |  |                                         |  |  |               | 
|------------------------- |  | --------------------------------------- |  |  | ------------- | 
|/s/ John Howard Batchelor |  | Chairman of the Board of Directors      |  |  | July 29, 2015 | 
|John Howard Batchelor     |  |                                         |  |  |               | 
|                          |  |                                        
|/s/ Lionel Choong         |  | Vice Chairman of the Board of Directors |  |  | July 29, 2015 | 
|Lionel Choong             |  |                                         |  |  |               | 
|                          |  |                                        
|/s/ Duncan Hon            |  | Chief Executive Officer and Director    |  |  | July 29, 2015 | 
|Duncan Hon                |  |                                         |  |  |               | 
|                          |  |                                        
|/s/ Gregory Hunt          |  | Director                                |  |  | July 29, 2015 | 
|Gregory Hunt              |  |                                         |  |  |               | 
|                          |  |                                        
|/s/ Mark Manski           |  | Director                                |  |  | July 29, 2015 | 
|Mark Manski               |  |                                         |  |  |               | 
|                          |  |                                        
|/s/ Kareem E. Sethi       |  | Director                                |  |  | July 29, 2015 | 
|Kareem E. Sethi           |  |                                         |  |  |               | 
|                          |  |                                        
|/s/ Terence A. Snellings  |  | Director                                |  |  | July 29, 2015 | 
|Terence A. Snellings      |  |                                         |  |  |               | 



17