10-Q Filing

KOSS CORP CIK: 56701 Q3 2015

Filing Information

Form Type	10-Q
Accession Number	`0000056701-15-000013`
Period End Date	20150331
Filing Date	20150508
Fiscal Year	2015
Fiscal Period	Q3
XBRL Instance	koss-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 60 Cash Flow Statement 50

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.87K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$20.50K	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`	$1.90M	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`	$1.04M	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
Accounts receivable, less allowance for doubtful accounts of $35,865 and $20,501, respectively	`AccountsReceivableNetCurrent`	$2.78M	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 $35,865 and $20,501, respectively	`AccountsReceivableNetCurrent`	$3.16M	USD	Point-in-time
Inventories	`InventoryNet`	$7.05M	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`	$6.07M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$531.88K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$148.20K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$277.91K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.11M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.58M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.72M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.84M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.65M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.87M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.62M	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`	$7.19M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$6.60M	USD	Point-in-time
Total assets	`Assets`	$21.57M	USD	Point-in-time
Total assets	`Assets`	$24.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.46M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.85M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.78M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$175.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$175.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.33M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.14M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.32M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$247.08K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$336.77K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.39M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.15M	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`	$4.47M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$4.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.84M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.39M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$18.51M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$4.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$17.65M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$6.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.89M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.14M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.15M	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$4.54M	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$967.36K	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.37M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.01M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.10M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.35M	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$78.57K	USD	3 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$1.08K	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-827.71K	USD	3 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-231.16K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.09M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$7.27M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.12M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-6.31M	USD	3 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$282.60K	USD	3 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$115.80K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-1.03M	USD	1 Quarter
Interest expense (income)	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$12.81K	USD	3 Qtrs
Interest expense (income)	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-65.54K	USD	1 Quarter
Interest expense (income)	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	$-49.74K	USD	3 Qtrs
Interest expense (income)	`Interestexpenserecoveriesrelatedtodebtandtaxpositions`	-	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$115.80K	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.26M	USD	3 Qtrs
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$269.78K	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`	$-2.86M	USD	3 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$141.98K	USD	3 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$58.59K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.40M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$57.22K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-25.12K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$127.81K	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.46	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.46	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	-	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`	-	USD	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-3.40M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$57.22K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-25.12K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$127.81K	USD	3 Qtrs
Provision for (recoveries of previously written off) doubtful accounts	`ProvisionForDoubtfulAccounts`	$43.28K	USD	3 Qtrs
Provision for (recoveries of previously written off) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-102.57K	USD	3 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	$-14.95K	USD	3 Qtrs
Loss on disposals of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	$4.54M	USD	3 Qtrs
Impairment of capitalized software, inventory and related items	`Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown`	-	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$569.03K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$437.34K	USD	3 Qtrs
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	$364.54K	USD	3 Qtrs
Amortization of product software development expenditures	`AmortizationOfIntangibleAssets`	-	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$474.50K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$516.83K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$156.01K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$172.48K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.43M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$309.97K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$86.49K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$114.95K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-357.92K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-25.84K	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$1.63M	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$-4.34M	USD	3 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-359.48K	USD	3 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.94M	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$231.78K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$243.30K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$480.50K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$263.57K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-723.80K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-495.36K	USD	3 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$1.33M	USD	3 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	-	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.33M	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.89M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-854.83K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	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`	$1.04M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	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`	$1.04M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time

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