10-Q Filing

KOSS CORP CIK: 56701 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000056701-16-000091`
Period End Date	20160930
Filing Date	20161028
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	koss-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 22 Cash Flow Statement 42

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.17K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$54.69K	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`	$180.79K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$459.92K	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
Accounts receivable, less allowance for doubtful accounts of $54,689 and $55,175, respectively	`AccountsReceivableNetCurrent`	$3.26M	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 $54,689 and $55,175, respectively	`AccountsReceivableNetCurrent`	$3.53M	USD	Point-in-time
Inventories	`InventoryNet`	$7.39M	USD	Point-in-time
Inventories	`InventoryNet`	$8.60M	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`	$281.10K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$507.41K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$606.57K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$583.51K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.22M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.15M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.21M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.98M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.67M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.13M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$8.88M	USD	Point-in-time
Total assets	`Assets`	$22.94M	USD	Point-in-time
Total assets	`Assets`	$24.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$634.25K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.97M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.59M	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`	$2.22M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.19M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.19M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$171.75K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$178.25K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.37M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.36M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.93M	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`	$5.07M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.16M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.36M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.12M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.94M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$5.53M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$6.35M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.41M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.88M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.94M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.65M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.78M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.77M	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$37.48K	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$37.50K	USD	1 Quarter
Interest expense	`InterestExpense`	$846.00	USD	1 Quarter
Interest expense	`InterestExpense`	$5.32K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$128.14K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-162.20K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$43.93K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-61.40K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-100.80K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$84.21K	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 42 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-100.80K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$84.21K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-14.68K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$705.00	USD	1 Quarter
(Gain) on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
(Gain) on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$150.00	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$123.50K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$123.84K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$116.00K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$88.52K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$60.12K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$66.99K	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`	$181.18K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$38.78K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$9.45K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$37.50K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$37.50K	USD	1 Quarter
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$1.07M	USD	1 Quarter
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$121.92K	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.04M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$62.45K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$131.61K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.22K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$206.31K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$46.63K	USD	1 Quarter
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-175.85K	USD	1 Quarter
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-337.92K	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$400.00K	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	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`	$-275.47K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$180.79K	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`	$735.39K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$459.92K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$180.79K	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`	$735.39K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$459.92K	USD	Point-in-time

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