10-K Filing

KOSS CORP CIK: 56701 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0000056701-14-000028`
Period End Date	20140630
Filing Date	20140828
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	koss-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 30 Cash Flow Statement 42 Stockholders Equity 14

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$20.50K	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`	$1.90M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $20,501 and $43,405, respectively	`AccountsReceivableNetCurrent`	$12.19M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $20,501 and $43,405, respectively	`AccountsReceivableNetCurrent`	$3.16M	USD	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`	$10.50M	USD	Point-in-time
Inventories	`InventoryNet`	$7.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$148.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$465.59K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.11M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.17M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.18M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.84M	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`	$1.62M	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`	$4.98M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$7.71M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$6.60M	USD	Point-in-time
Total assets	`Assets`	$24.39M	USD	Point-in-time
Total assets	`Assets`	$35.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.69M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.85M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.71M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$442.96K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$175.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$2.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.57M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.32M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.38M	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`	$336.77K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.27M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.84M	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`	$4.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.09M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.10M	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`	$24.39M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$23.84M	USD	Annual
Net sales	`SalesRevenueNet`	$35.76M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$17.82M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$22.36M	USD	Annual
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$6.31M	USD	Annual
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	Annual
Gross profit (loss)	`GrossProfit`	$13.41M	USD	Annual
Gross profit (loss)	`GrossProfit`	$-281.82K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.47M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.35M	USD	Annual
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-745.79K	USD	Annual
Unauthorized transaction related costs and recoveries, net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-7.59M	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.76M	USD	Annual
Total operating expenses	`OperatingExpenses`	$9.72M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-10.00M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$7.64M	USD	Annual
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-49.59K	USD	Annual
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-56.09K	USD	Annual
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.70M	USD	Annual
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-9.96M	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$2.27M	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-4.40M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-5.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$5.43M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.75	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.74	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.74	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.75	USD	Annual
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.24	USD	Annual
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.18	USD	Annual

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-5.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$5.43M	USD	Annual
Provision for (recoveries of previously written off) doubtful accounts	`ProvisionForDoubtfulAccounts`	$13.56K	USD	Annual
Provision for (recoveries of previously written off) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-182.02K	USD	Annual
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-212.30K	USD	Annual
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$6.31M	USD	Annual
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$734.66K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$840.22K	USD	Annual
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$364.54K	USD	Annual
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$1.56M	USD	Annual
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$583.07K	USD	Annual
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$684.55K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$729.72K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.61M	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$51.97K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$120.63K	USD	Annual
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$198.64K	USD	Annual
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-210.20K	USD	Annual
Net changes in operating assets and liabilities (see note 17)	`IncreaseDecreaseInOperatingCapital`	$-4.18M	USD	Annual
Net changes in operating assets and liabilities (see note 17)	`IncreaseDecreaseInOperatingCapital`	$6.02M	USD	Annual
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.50M	USD	Annual
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.59M	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$259.28K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$243.94K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$535.87K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$655.48K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-914.76K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-779.81K	USD	Annual
Dividends paid to stockholders	`PaymentsOfDividends`	$1.77M	USD	Annual
Dividends paid to stockholders	`PaymentsOfDividends`	$1.77M	USD	Annual
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.77M	USD	Annual
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.77M	USD	Annual
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$809.61K	USD	Annual
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.04M	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$859.64K	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Stockholders' equity at period start	`StockholdersEquity`	$15.24M	USD	Point-in-time
Stockholders' equity at period start	`StockholdersEquity`	$17.10M	USD	Point-in-time
Stockholders' equity at period start	`StockholdersEquity`	$21.39M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-5.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$5.43M	USD	Annual
Dividends declared	`DividendsCommonStockCash`	$1.33M	USD	Annual
Dividends declared	`DividendsCommonStockCash`	$1.77M	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$583.07K	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$684.55K	USD	Annual
Income tax benefit from stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$48.08K	USD	Annual
Income tax benefit from stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$55.50K	USD	Annual
Stockholders' equity at period end	`StockholdersEquity`	$15.24M	USD	Point-in-time
Stockholders' equity at period end	`StockholdersEquity`	$17.10M	USD	Point-in-time
Stockholders' equity at period end	`StockholdersEquity`	$21.39M	USD	Point-in-time

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