The company's financials don't support this is a cheap product sold expensively.
Their operating margins are about the average household soft goods companies. They have excessive debt load. (Debt/Equity is almost 5.)
Those financials suggest this is not a particular well run company.
The grift appears to be getting idiot bankers to continue lending money, even as revenues flatlined, so that now a $152 million company is carrying $126 million is debt.
This is not a capital intensive industry, so it appears that for some years they were borrowing to cover debt payments on prior loans.
He's been cut off from most of his line of credit sources & he's lost major retail distribution. That's why all the half price stuff has been pushed the last several months. That looks like shedding excess inventory, because with volume down, operating inventory & safety stock volume has to be cut.
As near as I can figure (I don't know the details of all the loan periods), there's about $17 million per year in debt service.
Operating margins are around 28%, so maybe $42 million. From that, SG&A & debt service are paid. SG&A is all overhead not directly related to cost of manufacture, plus the $17 million.
There might be $12 million left, or about 8% of sales. BEFORE taxes.
And, all of those numbers were before he lost WalMart, Kohl's, BB&B and a few others.
He's going broke. All these histrionics are being funded by someone in the shadows. He's not that good with money.