10-Q Filing

KOSS CORP CIK: 56701 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0000056701-14-000010`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	koss-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 61 Cash Flow Statement 50

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`	$60.81K	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`	$2.75M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$505.97K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	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
Accounts receivable, less allowance for doubtful accounts of $60,815 and $43,405, respectively	`AccountsReceivableNetCurrent`	$2.35M	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 $60,815 and $43,405, respectively	`AccountsReceivableNetCurrent`	$12.19M	USD	Point-in-time
Inventories	`InventoryNet`	$9.67M	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`	$10.50M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$339.80K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$465.59K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.17M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.75M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.05M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.34M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentExpendituresNet`	$2.67M	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentExpendituresNet`	-	USD	Point-in-time
Product software development expenditures, net	`ProductSoftwareDevelopmentExpendituresNet`	$2.31M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$419.53K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$2.39M	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`	$7.33M	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`	$26.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.69M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.55M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.71M	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`	$284.58K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$2.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.57M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.17M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.38M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$154.75K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$448.99K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$740.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.62M	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`	$8.94M	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`	$3.26M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$3.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.09M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.19M	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`	$26.13M	USD	Point-in-time

Income Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$17.65M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$8.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$25.86M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$4.30M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.32M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.55M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.00M	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$4.54M	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	3 Qtrs
Gross profit	`GrossProfit`	$792.07K	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.31M	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`	$7.93M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.11M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.35M	USD	1 Quarter
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-231.16K	USD	1 Quarter
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-827.71K	USD	3 Qtrs
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$152.00K	USD	1 Quarter
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-1.04M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.10M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$8.09M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$3.26M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.22M	USD	3 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$40.07K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-1.03M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-6.31M	USD	3 Qtrs
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-49.74K	USD	3 Qtrs
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-65.54K	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-16.79K	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$39.72K	USD	3 Qtrs
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.26M	USD	3 Qtrs
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$56.86K	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.18M	USD	3 Qtrs
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-964.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-938.88K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-58.58K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-2.86M	USD	3 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$361.68K	USD	3 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.40M	USD	3 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$820.28K	USD	3 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$115.44K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-25.12K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.46	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.46	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
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 (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.40M	USD	3 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$820.28K	USD	3 Qtrs
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$115.44K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-25.12K	USD	1 Quarter
Recoveries of previously written off accounts	`ProvisionforDoubtfulAccountsNetofRecoveries`	$-632.00	USD	3 Qtrs
Recoveries of previously written off accounts	`ProvisionforDoubtfulAccountsNetofRecoveries`	$-102.57K	USD	3 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	3 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-124.48K	USD	3 Qtrs
Impairment of capitalized software, inventory & related items	`Writedownofcapitalizedsoftwareinventorytooling`	$4.54M	USD	3 Qtrs
Impairment of capitalized software, inventory & related items	`Writedownofcapitalizedsoftwareinventorytooling`	-	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$569.03K	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`	$364.54K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$172.48K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$516.83K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$440.53K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$146.59K	USD	1 Quarter
Provision for (benefit from) deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.43M	USD	3 Qtrs
Provision for (benefit from) deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$410.66K	USD	3 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$86.49K	USD	3 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$15.60K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-357.92K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$181.87K	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 13)	`IncreaseDecreaseInOperatingCapital`	$-4.34M	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 13)	`IncreaseDecreaseInOperatingCapital`	$1.21M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.54M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.94M	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$243.30K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$258.64K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$480.50K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$432.75K	USD	3 Qtrs
Product software development expenditures	`PaymentsForSoftware`	$67.74K	USD	3 Qtrs
Product software development expenditures	`PaymentsForSoftware`	-	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-759.13K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-723.80K	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`	$-1.33M	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.33M	USD	3 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$455.94K	USD	3 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.89M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	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`	$50.03K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	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`	$50.03K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time

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