10-Q Filing

KOSS CORP CIK: 56701 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0000056701-16-000055`
Period End Date	20151231
Filing Date	20160129
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	koss-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 40 Cash Flow Statement 42

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.93K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$751.15K	USD	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`	$2.13M	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 $12,929 and $26,052, respectively	`AccountsReceivableNetCurrent`	$2.51M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $12,929 and $26,052, respectively	`AccountsReceivableNetCurrent`	$2.82M	USD	Point-in-time
Inventories	`InventoryNet`	$7.18M	USD	Point-in-time
Inventories	`InventoryNet`	$7.04M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$348.04K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$388.34K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$205.53K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$65.06K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.93M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.61M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.59M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.94M	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`	$7.23M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$7.56M	USD	Point-in-time
Total assets	`Assets`	$22.43M	USD	Point-in-time
Total assets	`Assets`	$23.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.17M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.58M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.07M	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`	$192.42K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$219.23K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.07M	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`	$4.87M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$4.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.69M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.88M	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`	$23.22M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$7.04M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$12.51M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$12.76M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$7.23M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.63M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.26M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.45M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.25M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.31M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.83M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.03M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.09M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.09M	USD	2 Qtrs
Interest expense	`InterestExpense`	$12.81K	USD	2 Qtrs
Interest expense	`InterestExpense`	$757.00	USD	1 Quarter
Interest expense	`InterestExpense`	$6.08K	USD	2 Qtrs
Interest expense	`InterestExpense`	$8.48K	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$635.48K	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$473.27K	USD	2 Qtrs
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$307.08K	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$153.98K	USD	2 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$83.39K	USD	2 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$141.50K	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	$187.44K	USD	2 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$248.84K	USD	1 Quarter
Net income	`NetIncomeLoss`	$70.59K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$165.59K	USD	1 Quarter
Net income	`NetIncomeLoss`	$285.83K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$386.63K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.01	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.04	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	2 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$70.59K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$165.59K	USD	1 Quarter
Net income	`NetIncomeLoss`	$285.83K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$386.63K	USD	1 Quarter
(Recoveries of previously written off) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$29.30K	USD	2 Qtrs
(Recoveries of previously written off) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-14.18K	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-3.36K	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-4.99K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$251.94K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$328.80K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$318.49K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$245.41K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$155.90K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$129.40K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$46.97K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$138.80K	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$105.19K	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$132.29K	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$735.00	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$47.54K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	-	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$75.00K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 8)	`IncreaseDecreaseInOperatingCapital`	$-859.00K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 8)	`IncreaseDecreaseInOperatingCapital`	$1.48M	USD	2 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.52M	USD	2 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-693.41K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.38K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$231.62K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$259.66K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$223.23K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-454.85K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-389.04K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.13M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-1.15M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$751.15K	USD	Point-in-time
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`	$2.13M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$751.15K	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`	$2.13M	USD	Point-in-time

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