10-Q Filing

KOSS CORP CIK: 56701 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0000056701-12-000006`
Period End Date	20120331
Filing Date	20120511
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	koss-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 64 Cash Flow Statement 48

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$16.20K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$278.83K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$132.87K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.39K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $16,197 and $278,828, respectively	`AccountsReceivableNetCurrent`	$6.02M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $16,197 and $278,828, respectively	`AccountsReceivableNetCurrent`	$4.16M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$7.87M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$9.15M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$292.78K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$484.37K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$258.29K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.03M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$818.49K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$14.74M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$15.62M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.95M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$3.08M	USD	Point-in-time
Product software development costs	`ProductSoftwareDevelopmentCostNet`	$3.23M	USD	Point-in-time
Product software development costs	`ProductSoftwareDevelopmentCostNet`	$4.20M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.63M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.84M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.20M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$3.84M	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$10.24M	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$8.70M	USD	Point-in-time
Total Assets	`Assets`	$27.41M	USD	Point-in-time
Total Assets	`Assets`	$27.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.64M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.92M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.99M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$442.96K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$442.96K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.15M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$599.94K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$6.93M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.68M	USD	Point-in-time
Line of credit facility	`LongTermLineOfCredit`	$1.50M	USD	Point-in-time
Line of credit facility	`LongTermLineOfCredit`	$1.40M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.98M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.10M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$125.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$125.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$776.07K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$776.07K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$4.28M	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$4.51M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.43M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.96M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,382,706 shares	`CommonStockValue`	$36.91K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,382,706 shares	`CommonStockValue`	$36.91K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$2.51M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$2.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.94M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.45M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$16.49M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.41M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.92M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$8.23M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$31.25M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$26.98M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$8.42M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$18.29M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.08M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.70M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.28M	USD	3 Qtrs
Gross profit	`GrossProfit`	$3.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.97M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.71M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.40M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.83M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.02M	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$94.64K	USD	3 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-376.54K	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-1.14M	USD	3 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-617.10K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.33M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.40M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$7.69M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$8.49M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$751.13K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.47M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.59M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.06M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.32K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$13.19K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.32K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$13.22K	USD	3 Qtrs
Interest expense	`InterestExpense`	$109.72K	USD	1 Quarter
Interest expense	`InterestExpense`	$-148.16K	USD	3 Qtrs
Interest expense	`InterestExpense`	$321.73K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-212.70K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$242.02K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-96.53K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$177.48K	USD	3 Qtrs
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-308.52K	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.16M	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.77M	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$967.95K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$993.16K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.58M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$326.99K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$96.44K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$757.85K	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$640.96K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.59M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.01M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$896.72K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.35	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.27	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.35	USD	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.18	USD	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.18	USD	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$640.96K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.59M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.01M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$896.72K	USD	1 Quarter
Net recoveries of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-22.22K	USD	3 Qtrs
Net recoveries of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-6.02K	USD	3 Qtrs
Loss on disposals of equipment and leasehold improvements	`GainLossOnDispositionOfProperty`	$-87.82K	USD	3 Qtrs
Loss on disposals of equipment and leasehold improvements	`GainLossOnDispositionOfProperty`	$-715.00	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$450.28K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$510.90K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$332.25K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$362.57K	USD	3 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-954.00	USD	3 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$565.03K	USD	3 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$2.76K	USD	3 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$12.71K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$125.97K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$169.39K	USD	3 Qtrs
Net changes in operating assets and liabilities (Note 11)	`IncreaseDecreaseInOperatingCapital`	$3.26M	USD	3 Qtrs
Net changes in operating assets and liabilities (Note 11)	`IncreaseDecreaseInOperatingCapital`	$111.24K	USD	3 Qtrs
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$901.87K	USD	3 Qtrs
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.88M	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$348.50K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$348.56K	USD	3 Qtrs
Purchases of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$842.66K	USD	3 Qtrs
Purchases of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$373.94K	USD	3 Qtrs
Product software development expenditures	`PaymentsForSoftware`	$967.53K	USD	3 Qtrs
Product software development expenditures	`PaymentsForSoftware`	$669.45K	USD	3 Qtrs
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.86M	USD	3 Qtrs
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.69M	USD	3 Qtrs
Net proceeds from line of credit facility	`ProceedsFromLinesOfCredit`	$100.00K	USD	3 Qtrs
Net proceeds from line of credit facility	`ProceedsFromLinesOfCredit`	$2.35M	USD	3 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$1.33M	USD	3 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$1.33M	USD	3 Qtrs
Payment on insurance policy loan	`PaymentOnInsurancePolicyLoan`	$54.99K	USD	3 Qtrs
Payment on insurance policy loan	`PaymentOnInsurancePolicyLoan`	-	USD	3 Qtrs
Net cash flows (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.23M	USD	3 Qtrs
Net cash flows (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$966.12K	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$7.37K	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-41.15K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$132.87K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$119.39K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$132.87K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$119.39K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.