10-Q Filing

KOSS CORP CIK: 56701 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0000056701-13-000017`
Period End Date	20130331
Filing Date	20130510
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	koss-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 65 Cash Flow Statement 50

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$31.56K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$33.01K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$505.97K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.39K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $33,009 and $31,559, respectively	`AccountsReceivableNetCurrent`	$5.33M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $33,009 and $31,559, respectively	`AccountsReceivableNetCurrent`	$3.62M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$9.99M	USD	Point-in-time
Inventories	`InventoryNet`	$9.40M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$798.87K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$387.07K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$918.82K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$963.30K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.12M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.74M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.42M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentCostNet`	$4.23M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentCostNet`	$3.14M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.36M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$991.23K	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.30M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.58M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$9.89M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$8.71M	USD	Point-in-time
Total assets	`Assets`	$28.75M	USD	Point-in-time
Total assets	`Assets`	$26.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.14M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.94M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.37M	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`	$1.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.57M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.20M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.37M	USD	Point-in-time
Derivative liability	`DerivativeFairValueOfDerivativeNet`	$-145.08K	USD	Point-in-time
Derivative liability	`DerivativeFairValueOfDerivativeNet`	$-135.33K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$740.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$754.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.09M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.93M	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`	$3.07M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$2.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$14.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$26.95M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.75M	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$26.98M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$8.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$8.23M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$25.86M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.70M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.08M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.55M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.31M	USD	3 Qtrs
Gross profit	`GrossProfit`	$10.28M	USD	3 Qtrs
Gross profit	`GrossProfit`	$3.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.13M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.11M	USD	1 Quarter
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`	$-1.14M	USD	3 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-1.04M	USD	3 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$152.00K	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-617.10K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.69M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$3.26M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.40M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.09M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.22M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$751.13K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$40.07K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.59M	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$29.32K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$11.00	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.32K	USD	1 Quarter
Interest expense	`InterestExpenseRelatedToDebtAndTaxPositions`	$39.73K	USD	3 Qtrs
Interest expense	`InterestExpenseRelatedToDebtAndTaxPositions`	$-212.70K	USD	1 Quarter
Interest expense	`InterestExpenseRelatedToDebtAndTaxPositions`	$-16.79K	USD	1 Quarter
Interest expense	`InterestExpenseRelatedToDebtAndTaxPositions`	$-148.16K	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$242.02K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-39.72K	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$177.48K	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$16.79K	USD	1 Quarter
Income before income tax (benefit) provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.77M	USD	3 Qtrs
Income before income tax (benefit) provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$56.86K	USD	1 Quarter
Income before income tax (benefit) provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.18M	USD	3 Qtrs
Income before income tax (benefit) provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$993.16K	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$757.85K	USD	3 Qtrs
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$96.44K	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-58.58K	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$361.68K	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$820.28K	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.01M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$115.44K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$896.72K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.27	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	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
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	Point-in-time
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.18	USD	3 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$820.28K	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.01M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$115.44K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$896.72K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-632.00	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-6.02K	USD	3 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-715.00	USD	3 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-124.48K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$510.90K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$628.11K	USD	3 Qtrs
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$1.16M	USD	3 Qtrs
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	-	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$362.57K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$440.53K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$146.59K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$100.64K	USD	1 Quarter
Provision for (benefit of) deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$410.66K	USD	3 Qtrs
Provision for (benefit of) deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-954.00	USD	3 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$12.71K	USD	3 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$15.60K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$125.97K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$181.87K	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 12)	`IncreaseDecreaseInOperatingCapital`	$1.21M	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 12)	`IncreaseDecreaseInOperatingCapital`	$111.24K	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.54M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.88M	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$258.64K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$348.56K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$432.75K	USD	3 Qtrs
Purchase 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`	$67.74K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-759.13K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.69M	USD	3 Qtrs
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$100.00K	USD	3 Qtrs
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	3 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$1.33M	USD	3 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$1.33M	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.23M	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.33M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$455.94K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-41.15K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$505.97K	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`	$50.03K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$505.97K	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.