10-Q Filing

KOSS CORP CIK: 56701 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000056701-14-000038`
Period End Date	20140930
Filing Date	20141031
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	koss-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 28 Cash Flow Statement 44

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$20.50K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$28.56K	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`	$4.45M	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`	$125.40K	USD	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
Accounts receivable, less allowance for doubtful accounts of $28,560 and $20,501, respectively	`AccountsReceivableNetCurrent`	$3.16M	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 $28,560 and $20,501, respectively	`AccountsReceivableNetCurrent`	$2.77M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$7.05M	USD	Point-in-time
Inventories	`InventoryNet`	$7.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$148.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$267.57K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.11M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.26M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.58M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.02M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.84M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.86M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.62M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.69M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.98M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.32M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$6.60M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$7.00M	USD	Point-in-time
Total assets	`Assets`	$24.39M	USD	Point-in-time
Total assets	`Assets`	$22.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.98M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.85M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$175.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$175.00K	USD	Point-in-time
Line of credit facility	`LinesOfCreditCurrent`	-	USD	Point-in-time
Line of credit facility	`LinesOfCreditCurrent`	$1.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.96M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.32M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.32M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$336.77K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$292.29K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.66M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.57M	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`	$4.16M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$4.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.11M	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`	$15.31M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.88M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$5.47M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$6.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.51M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.31M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.94M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.88M	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-708.72K	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$52.49K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.99M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.18M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-148.77K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$135.88K	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$7.61K	USD	1 Quarter
Interest expense	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$4.33K	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$128.27K	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-153.10K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-58.10K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$48.87K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-95.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$79.40K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	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	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-95.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$79.40K	USD	1 Quarter
Provision for (recoveries of previously written off) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-100.06K	USD	1 Quarter
Provision for (recoveries of previously written off) doubtful accounts	`ProvisionForDoubtfulAccounts`	$11.02K	USD	1 Quarter
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-3.36K	USD	1 Quarter
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$161.65K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$209.82K	USD	1 Quarter
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$364.54K	USD	1 Quarter
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$162.59K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$172.53K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$96.90K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$70.96K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$106.88K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$81.74K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-81.48K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$735.00	USD	1 Quarter
Net changes in operating assets and liabilities (see note 11)	`IncreaseDecreaseInOperatingCapital`	$-3.88M	USD	1 Quarter
Net changes in operating assets and liabilities (see note 11)	`IncreaseDecreaseInOperatingCapital`	$2.90M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.66M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.52M	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$242.02K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$231.46K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$180.54K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$235.20K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-412.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-477.22K	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.30M	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	-	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$442.96K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-442.96K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.30M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-1.77M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$3.60M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.45M	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`	$125.40K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.45M	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`	$125.40K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time

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