10-Q Filing

KOSS CORP CIK: 56701 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0000056701-16-000063`
Period End Date	20160331
Filing Date	20160513
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	koss-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 44 Cash Flow Statement 42

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.62K	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
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`	$1.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$918.30K	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
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $6,621 and $26,052, respectively	`AccountsReceivableNetCurrent`	$2.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $6,621 and $26,052, respectively	`AccountsReceivableNetCurrent`	$3.54M	USD	Point-in-time
Inventories	`InventoryNet`	$7.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$7.91M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$314.46K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$348.04K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$373.46K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$205.53K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.83M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.61M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.59M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.48M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.87M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.78M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.36M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.63M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$7.42M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$7.23M	USD	Point-in-time
Total assets	`Assets`	$23.77M	USD	Point-in-time
Total assets	`Assets`	$22.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.75M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.75M	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`	$184.48K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.89M	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`	$4.63M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$4.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.69M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.84M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.88M	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`	$23.77M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$6.00M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$18.51M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$18.76M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$6.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.34M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.14M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.89M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.37M	USD	3 Qtrs
Gross profit	`GrossProfit`	$2.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.42M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.11M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.01M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.86M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$78.57K	USD	3 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$1.08K	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.29M	USD	3 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.36M	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$6.08K	USD	3 Qtrs
Interest expense	`InterestExpense`	$12.81K	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.84M	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$115.80K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$269.78K	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.37M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$497.87K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$141.98K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$685.31K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$58.59K	USD	1 Quarter
Net income	`NetIncomeLoss`	$127.81K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$57.22K	USD	1 Quarter
Net income	`NetIncomeLoss`	$869.69K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.16M	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.16	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.16	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	3 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$127.81K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$57.22K	USD	1 Quarter
Net income	`NetIncomeLoss`	$869.69K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.16M	USD	3 Qtrs
(Recoveries of previously written off) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$43.28K	USD	3 Qtrs
(Recoveries of previously written off) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-20.49K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-14.95K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-40.71K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$437.34K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$367.37K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$474.50K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$121.26K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$156.01K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$366.67K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$303.24K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$309.97K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$142.04K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$114.95K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$-25.84K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$44.18K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$75.00K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	-	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$1.63M	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$1.70M	USD	3 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$339.45K	USD	3 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-359.48K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.54K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$231.78K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$263.57K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$291.87K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-421.41K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-495.36K	USD	3 Qtrs
Net (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-81.96K	USD	3 Qtrs
Net (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`	$1.00M	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`	$918.30K	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`	$1.04M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$918.30K	USD	Point-in-time

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