10-Q Filing

KOSS CORP CIK: 56701 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000056701-15-000049`
Period End Date	20150930
Filing Date	20151030
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	koss-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 20 Cash Flow Statement 40

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$11.37K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.05K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$125.40K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$180.79K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $11,370 and $26,052, respectively	`AccountsReceivableNetCurrent`	$2.91M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $11,370 and $26,052, respectively	`AccountsReceivableNetCurrent`	$2.82M	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
Inventories	`InventoryNet`	$7.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$6.92M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$420.60K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$348.04K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$327.05K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$205.53K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.70M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.59M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.52M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.91M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.87M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.62M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.36M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$7.54M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$7.23M	USD	Point-in-time
Total assets	`Assets`	$22.43M	USD	Point-in-time
Total assets	`Assets`	$21.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.17M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.58M	USD	Point-in-time
Line of credit facility	`LinesOfCreditCurrent`	-	USD	Point-in-time
Line of credit facility	`LinesOfCreditCurrent`	$400.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.09M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.08M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.11M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$219.23K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$211.87K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.29M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.38M	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`	$4.74M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$4.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.69M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.37M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.75M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$5.47M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$5.53M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.63M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.88M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.65M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.99M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$4.33K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.32K	USD	1 Quarter
(Loss) before income tax (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-162.20K	USD	1 Quarter
(Loss) before income tax (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-153.10K	USD	1 Quarter
Income tax (benefit)	`IncomeTaxExpenseBenefit`	$-58.10K	USD	1 Quarter
Income tax (benefit)	`IncomeTaxExpenseBenefit`	$-61.40K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-100.80K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-95.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`NetIncomeLoss`	$-100.80K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-95.00K	USD	1 Quarter
(Recoveries of previously written off) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-14.68K	USD	1 Quarter
(Recoveries of previously written off) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$11.02K	USD	1 Quarter
(Gain) loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$150.00	USD	1 Quarter
(Gain) loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-3.36K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$123.50K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$161.65K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$162.59K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$116.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$96.90K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$60.12K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$133.31K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$106.88K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$735.00	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-28.05K	USD	1 Quarter
Net changes in operating assets and liabilities (see note 7)	`IncreaseDecreaseInOperatingCapital`	$1.07M	USD	1 Quarter
Net changes in operating assets and liabilities (see note 7)	`IncreaseDecreaseInOperatingCapital`	$2.90M	USD	1 Quarter
Cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.04M	USD	1 Quarter
Cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.66M	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.22K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$231.46K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$46.63K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$180.54K	USD	1 Quarter
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-175.85K	USD	1 Quarter
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-412.00K	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$400.00K	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.30M	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.30M	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$400.00K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-819.48K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-1.77M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	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`	$180.79K	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`	$1.00M	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`	$180.79K	USD	Point-in-time

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