SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED): September 13,
2007
THE
SINGING MACHINE COMPANY, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-24968
|
95-3795478
|
|
(State
or other jurisdiction
|
(Commission
File Number)
|
(IRS
Employer
|
|
of
incorporation)
|
|
Identification
No.)
|
6601
Lyons Road, Bldg. A-7, Coconut Creek, Fl 33073
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code (954) 596-1000
Copies
to:
Darrin
M.
Ocasio, Esq.
Sichenzia
Ross Friedman Ference LLP
1065
Avenue of the Americas
New
York,
New York 10018
Phone:
(212) 930-9700
Fax:
(212) 930-9725
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On
September 13, 2007, the Singing Machine (the "Company") received a written
notice from the American Stock Exchange (the "AMEX") advising that the Company
was not in compliance with the AMEX's listing requirements (contained in Section
1003(a)(ii) of the AMEX Company Guide) because its has shareholders’ equity of
less than $4,000,000 and losses from continuing operations and/or net losses
in
three out of its four most recent fiscal years.
In
order
to maintain its AMEX listing, the Company must submit a recovery plan by October
15, 2007, advising the AMEX of action it has taken or will take to bring the
Company into compliance with the continued listing standards by March 13, 2008.
Acceptance of such plan is at the discretion of the AMEX. If the plan is
accepted, the Company will be able to continue its listing during the plan
period, during which time it will be subject to periodic review to determine
whether it is making progress consistent with the plan. If the Company is not
in
compliance with the listing standards by March 13, 2008 or fails the periodic
reviews, the AMEX will initiate delisting proceedings.
The
Company, at this time, is planning to prepare and submit, in a timely manner,
a
plan in accordance with the AMEX requirements.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a)
FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not
applicable.
(b)
PRO
FORMA FINANCIAL INFORMATION.
Not
applicable.
(c)
EXHIBITS.
INDEX
TO EXHIBITS
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Exhibit No.
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|
Description
|
|
99.1
|
|
Press
release of The Singing Machine Company, Inc. dated September 19,
2007
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
THE
SINGING MACHINE COMPANY, INC.
| Date: September 19,
2007 |
/s/
Anton Handal
Anton
Handal
Chief
Executive Officer
|