10-Q Filing

KOSS CORP CIK: 56701 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0000056701-14-000006`
Period End Date	20131231
Filing Date	20140214
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	koss-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 69 Cash Flow Statement 52

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$43.41K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$76.90K	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`	$859.64K	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`	$2.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$193.33K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $76,900 and $43,405, respectively	`AccountsReceivableNetCurrent`	$4.24M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $76,900 and $43,405, respectively	`AccountsReceivableNetCurrent`	$12.19M	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$9.09M	USD	Point-in-time
Inventories	`InventoryNet`	$10.50M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$465.59K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$568.49K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.83M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.63M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.15M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.34M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentExpendituresNet`	$2.31M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentExpendituresNet`	-	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentExpendituresNet`	$2.67M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$419.53K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.84M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.61M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.93M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$6.78M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$7.71M	USD	Point-in-time
Total assets	`Assets`	$35.23M	USD	Point-in-time
Total assets	`Assets`	$27.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.19M	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`	$2.68M	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`	$860.80K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$2.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.57M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.18M	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`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$154.75K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$740.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$591.06K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.27M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.06M	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`	$3.62M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$3.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.83M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$27.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.23M	USD	Point-in-time

Income Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$13.35M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$8.64M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$17.56M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$6.52M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.88M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.54M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$9.11M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$11.55M	USD	2 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$4.54M	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	2 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$4.54M	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$6.01M	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$2.76M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-301.57K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-2.55M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.57M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.02M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.75M	USD	1 Quarter
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-812.34K	USD	1 Quarter
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-596.54K	USD	2 Qtrs
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-1.20M	USD	2 Qtrs
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$112.17K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.97M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.83M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.86M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.18M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-5.28M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-5.41M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$566.46K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$10.00	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	2 Qtrs
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$15.80K	USD	2 Qtrs
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$27.21K	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$56.52K	USD	2 Qtrs
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$8.19K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-56.51K	USD	2 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-8.19K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-27.21K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-15.80K	USD	2 Qtrs
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.13M	USD	2 Qtrs
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.42M	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$539.26K	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.29M	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-1.92M	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-1.97M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$420.26K	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$200.57K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.37M	USD	2 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$704.84K	USD	2 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$338.69K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.46	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.47	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.46	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.47	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`	$0.12	USD	2 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	2 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`	$0.06	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.37M	USD	2 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$704.84K	USD	2 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$338.69K	USD	1 Quarter
Provision for (recoveries of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-84.48K	USD	2 Qtrs
Provision for (recoveries of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$6.54K	USD	2 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-124.48K	USD	2 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	2 Qtrs
Impairment of capitalized software, inventory & related items	`Writedownofcapitalizedsoftwareinventorytooling`	$4.54M	USD	2 Qtrs
Impairment of capitalized software, inventory & related items	`Writedownofcapitalizedsoftwareinventorytooling`	-	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$433.16K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$422.18K	USD	2 Qtrs
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$364.54K	USD	2 Qtrs
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$762.47K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$171.82K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$344.35K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$293.94K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$145.44K	USD	1 Quarter
Provision for (benefit from) deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.07M	USD	2 Qtrs
Provision for (benefit from) deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$420.26K	USD	2 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$78.67K	USD	2 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$5.43K	USD	2 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-239.87K	USD	2 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$148.08K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 13)	`IncreaseDecreaseInOperatingCapital`	$1.96M	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 13)	`IncreaseDecreaseInOperatingCapital`	$-3.78M	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$929.66K	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.60M	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$242.66K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$258.00K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$435.86K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$354.32K	USD	2 Qtrs
Product software development expenditures	`PaymentsForSoftware`	$45.16K	USD	2 Qtrs
Product software development expenditures	`PaymentsForSoftware`	-	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-678.52K	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-657.47K	USD	2 Qtrs
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.20M	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$885.92K	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$1.33M	USD	2 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-885.92K	USD	2 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-128.89K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$2.03M	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$143.30K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$193.33K	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`	$50.03K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$193.33K	USD	Point-in-time

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