10-Q Filing

KOSS CORP CIK: 56701 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0000056701-17-000006`
Period End Date	20161231
Filing Date	20170126
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	koss-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 44 Cash Flow Statement 40

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$807.91K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.13M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $54,237 and $55,175, respectively	`AccountsReceivableNetCurrent`	$3.68M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $54,237 and $55,175, respectively	`AccountsReceivableNetCurrent`	$3.53M	USD	Point-in-time
Inventories	`InventoryNet`	$7.98M	USD	Point-in-time
Inventories	`InventoryNet`	$8.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$281.10K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$407.37K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$583.51K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$533.13K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.73M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.14M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.21M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.67M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.98M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.12M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$8.88M	USD	Point-in-time
Total assets	`Assets`	$24.12M	USD	Point-in-time
Total assets	`Assets`	$24.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.17M	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`	$3.17M	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`	$173.46K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$178.25K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.36M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.53M	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`	$5.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.59M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.12M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.12M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$13.04M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$6.69M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$12.76M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$7.23M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.48M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.89M	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`	$2.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.31M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.15M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.99M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.99M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.76M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.75M	USD	2 Qtrs
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$37.48K	USD	1 Quarter
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-3.40K	USD	1 Quarter
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$74.95K	USD	2 Qtrs
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$34.10K	USD	2 Qtrs
Interest expense	`InterestExpense`	$757.00	USD	1 Quarter
Interest expense	`InterestExpense`	$964.00	USD	2 Qtrs
Interest expense	`InterestExpense`	$6.08K	USD	2 Qtrs
Interest expense	`InterestExpense`	$118.00	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$222.61K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$473.27K	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$350.75K	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$635.48K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$248.84K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$82.49K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$187.44K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$126.42K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$140.11K	USD	1 Quarter
Net income	`NetIncomeLoss`	$285.83K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$386.63K	USD	1 Quarter
Net income	`NetIncomeLoss`	$224.32K	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.03	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$140.11K	USD	1 Quarter
Net income	`NetIncomeLoss`	$285.83K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$386.63K	USD	1 Quarter
Net income	`NetIncomeLoss`	$224.32K	USD	2 Qtrs
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-1.81K	USD	2 Qtrs
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-14.18K	USD	2 Qtrs
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-4.99K	USD	2 Qtrs
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	-	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$254.82K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$251.94K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$245.41K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$177.04K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$46.97K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$76.05K	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$132.29K	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$180.54K	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$77.55K	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$47.54K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$75.00K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$75.00K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$12.78K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$-859.00K	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$539.67K	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.52M	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$131.77K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.38K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$259.66K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$335.38K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-389.04K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-467.15K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$72.52K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.13M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	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`	$807.91K	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`	$735.39K	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`	$807.91K	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.