10-Q Filing

KOSS CORP CIK: 56701 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000056701-13-000049`
Period End Date	20130930
Filing Date	20131101
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	koss-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 33 Cash Flow Statement 44

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$61.32K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$43.41K	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`	$50.03K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$195.19K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.45M	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 $61,322 and $43,405, respectively	`AccountsReceivableNetCurrent`	$12.19M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $61,322 and $43,405, respectively	`AccountsReceivableNetCurrent`	$3.41M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$10.50M	USD	Point-in-time
Inventories	`InventoryNet`	$9.76M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$465.59K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$546.33K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$900.67K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.18M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.36M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.34M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentCostNet`	$2.31M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentCostNet`	$2.67M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$631.78K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$419.53K	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.61M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.94M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$7.71M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$7.88M	USD	Point-in-time
Total assets	`Assets`	$35.23M	USD	Point-in-time
Total assets	`Assets`	$29.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.76M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.69M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.71M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.01M	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`	$2.73M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$697.43K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.57M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.91M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.38M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.29M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$154.75K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$156.54K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$740.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$740.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.19M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.10M	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`	$3.45M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$3.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.09M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.23M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$29.31M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$8.91M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$6.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.57M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.25M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.25M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.83M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.02M	USD	1 Quarter
Unauthorized transaction related recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-708.72K	USD	1 Quarter
Unauthorized transaction related recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-382.73K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.64M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$135.88K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$615.15K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$10.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$29.31K	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$7.61K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-29.30K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-7.61K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$128.27K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$585.85K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$219.70K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$48.87K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$79.40K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$366.15K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
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`	$0.06	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$79.40K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$366.15K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.63K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-100.06K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$209.82K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$214.98K	USD	1 Quarter
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$364.54K	USD	1 Quarter
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$364.54K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$172.53K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$148.50K	USD	1 Quarter
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$219.69K	USD	1 Quarter
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$70.96K	USD	1 Quarter
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$6.10K	USD	1 Quarter
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$81.74K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-81.48K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$57.75K	USD	1 Quarter
Net changes in operating assets and liabilities (see note 12)	`IncreaseDecreaseInOperatingCapital`	$2.41M	USD	1 Quarter
Net changes in operating assets and liabilities (see note 12)	`IncreaseDecreaseInOperatingCapital`	$-3.88M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.52M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.04M	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$257.36K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$242.02K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$294.25K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$235.20K	USD	1 Quarter
Product software development expenditures	`PaymentsForSoftware`	-	USD	1 Quarter
Product software development expenditures	`PaymentsForSoftware`	$22.58K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-574.19K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-477.22K	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.20M	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$442.96K	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$442.96K	USD	1 Quarter
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.76M	USD	1 Quarter
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-442.96K	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$3.60M	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$145.16K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$195.19K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.45M	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`	$195.19K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.45M	USD	Point-in-time

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