10-Q Filing

KOSS CORP CIK: 56701 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0000056701-17-000015`
Period End Date	20170331
Filing Date	20170512
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	koss-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 44 Cash Flow Statement 40

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`	$51.42K	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`	$735.39K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$918.30K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$754.16K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	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 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 $51,416 and $55,175, respectively	`AccountsReceivableNetCurrent`	$3.53M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $51,416 and $55,175, respectively	`AccountsReceivableNetCurrent`	$2.95M	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
Inventories	`InventoryNet`	$7.95M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$374.25K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$281.10K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$54.13K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$583.51K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.73M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.50M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.21M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.02M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.99M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.67M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.01M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$8.88M	USD	Point-in-time
Total assets	`Assets`	$22.60M	USD	Point-in-time
Total assets	`Assets`	$24.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.97M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.60M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.57M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.68M	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`	$178.25K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$166.60K	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`	$5.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.04M	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`	$5.34M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.07M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.56M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.60M	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`	$4.77M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$18.76M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$17.81M	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`	$3.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.89M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.71M	USD	3 Qtrs
Gross profit	`GrossProfit`	$6.42M	USD	3 Qtrs
Gross profit	`GrossProfit`	$2.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$950.30K	USD	1 Quarter
Gross profit	`GrossProfit`	$5.10M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.97M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.11M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.73M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.86M	USD	3 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.36M	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$73.76K	USD	3 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.29M	USD	3 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$39.66K	USD	1 Quarter
Interest expense	`InterestExpense`	$6.08K	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$964.00	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-704.31K	USD	3 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.84M	USD	3 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.37M	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.06M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$497.87K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$62.52K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$685.31K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$188.95K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$1.16M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-893.26K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$869.69K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.16	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.15	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.12	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.16	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.12	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$1.16M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-893.26K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$869.69K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
(Recovery) of provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-20.49K	USD	3 Qtrs
(Recovery) of provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-4.84K	USD	3 Qtrs
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-6.23K	USD	3 Qtrs
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-40.71K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$367.37K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$375.79K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$366.67K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$265.57K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$190.02K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$303.24K	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`	$187.56K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$44.18K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$116.33K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$75.00K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementDistributionsPaid`	$112.50K	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$1.70M	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 9)	`IncreaseDecreaseInOperatingCapital`	$-761.85K	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$339.45K	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$517.61K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$129.54K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$133.77K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$365.08K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$291.87K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-498.85K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-421.41K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-81.96K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$18.76K	USD	3 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`	$918.30K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$754.16K	USD	Point-in-time
Cash and cash equivalents at beginning 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`	$918.30K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$754.16K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time

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