10-K Filing

KOSS CORP CIK: 56701 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0000056701-16-000084`
Period End Date	20160630
Filing Date	20160825
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	koss-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 22 Cash Flow Statement 36 Stockholders Equity 10

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.05K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.17K	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`	$735.39K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	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
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $55,175 and $26,052, respectively	`AccountsReceivableNetCurrent`	$3.53M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $55,175 and $26,052, respectively	`AccountsReceivableNetCurrent`	$2.82M	USD	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`	$8.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$348.04K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$281.10K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$205.53K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$583.51K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.73M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.59M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.21M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.91M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.36M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.67M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$8.88M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$9.27M	USD	Point-in-time
Total assets	`Assets`	$22.43M	USD	Point-in-time
Total assets	`Assets`	$24.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.97M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.58M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.57M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.75M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.11M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.19M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$178.25K	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`	$2.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.93M	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`	$5.07M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.69M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.19M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.12M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$24.23M	USD	Annual
Net sales	`SalesRevenueNet`	$26.00M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$15.78M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$17.06M	USD	Annual
Gross profit	`GrossProfit`	$8.94M	USD	Annual
Gross profit	`GrossProfit`	$8.45M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.96M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.90M	USD	Annual
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$31.03K	USD	Annual
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.29M	USD	Annual
Interest expense	`InterestExpense`	$6.08K	USD	Annual
Interest expense	`InterestExpense`	$12.81K	USD	Annual
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.26M	USD	Annual
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$499.99K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$17.38K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$874.04K	USD	Annual
Net income	`NetIncomeLoss`	$1.39M	USD	Annual
Net income	`NetIncomeLoss`	$482.61K	USD	Annual
Basic	`EarningsPerShareBasic`	$0.07	USD	Annual
Basic	`EarningsPerShareBasic`	$0.19	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.07	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.19	USD	Annual

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.39M	USD	Annual
Net income	`NetIncomeLoss`	$482.61K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$28.51K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$25.73K	USD	Annual
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-40.71K	USD	Annual
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-14.95K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$559.63K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$487.13K	USD	Annual
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$444.18K	USD	Annual
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$630.54K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$702.01K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$284.78K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$150.31K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$177.74K	USD	Annual
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$230.23K	USD	Annual
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$-12.61K	USD	Annual
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$150.00K	USD	Annual
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$50.00K	USD	Annual
Net changes in operating assets and liabilities (see note 14)	`IncreaseDecreaseInOperatingCapital`	$2.68M	USD	Annual
Net changes in operating assets and liabilities (see note 14)	`IncreaseDecreaseInOperatingCapital`	$2.13M	USD	Annual
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$314.62K	USD	Annual
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-340.59K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.70K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$231.94K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$326.61K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$449.80K	USD	Annual
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-558.55K	USD	Annual
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-579.50K	USD	Annual
Net (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-899.14K	USD	Annual
Net (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-264.87K	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Stockholders' equity at period start	`StockholdersEquity`	$16.35M	USD	Point-in-time
Stockholders' equity at period start	`StockholdersEquity`	$15.24M	USD	Point-in-time
Stockholders' equity at period start	`StockholdersEquity`	$18.19M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.39M	USD	Annual
Net income	`NetIncomeLoss`	$482.61K	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$444.18K	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$630.54K	USD	Annual
Stockholders' equity at period end	`StockholdersEquity`	$16.35M	USD	Point-in-time
Stockholders' equity at period end	`StockholdersEquity`	$15.24M	USD	Point-in-time
Stockholders' equity at period end	`StockholdersEquity`	$18.19M	USD	Point-in-time

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