10-Q Filing

KOSS CORP CIK: 56701 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0000056701-18-000004`
Period End Date	20171231
Filing Date	20180131
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	koss-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 44 Cash Flow Statement 42

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.87K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$52.94K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$807.91K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$459.77K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $52,938 and $55,872, respectively	`AccountsReceivableNetCurrent`	$3.69M	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 $52,938 and $55,872, respectively	`AccountsReceivableNetCurrent`	$3.93M	USD	Point-in-time
Inventories	`InventoryNet`	$8.35M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$7.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$276.86K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$206.40K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$31.99K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.81K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.89M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.95M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.41M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.37M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.04M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.02M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.33M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$6.33M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.07M	USD	Point-in-time
Total assets	`Assets`	$19.59M	USD	Point-in-time
Total assets	`Assets`	$23.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.24M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.15M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.29M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.31M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$157.04K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$164.42K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.47M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.77M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.85M	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`	$5.59M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.42M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.82M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.59M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.42M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$6.69M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$11.95M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$5.88M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$13.04M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.48M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.39M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.89M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.15M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.56M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.89M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.76M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.45M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.99M	USD	1 Quarter
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.77K	USD	1 Quarter
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$34.10K	USD	2 Qtrs
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-16.18K	USD	2 Qtrs
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-3.40K	USD	1 Quarter
Interest expense	`InterestExpense`	$964.00	USD	2 Qtrs
Interest expense	`InterestExpense`	$5.22K	USD	2 Qtrs
Interest expense	`InterestExpense`	$2.53K	USD	1 Quarter
Interest expense	`InterestExpense`	$118.00	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$350.75K	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$84.90K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$122.86K	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$222.61K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$126.42K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$3.04M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$82.49K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.02M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$224.32K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.92M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$140.11K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.40	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.03	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.40	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.40	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.40	USD	2 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$224.32K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.92M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$140.11K	USD	1 Quarter
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-4.34K	USD	2 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-1.81K	USD	2 Qtrs
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-343.00	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`	$263.55K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$177.04K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$165.83K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$82.79K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$88.52K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$76.05K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.04M	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$172.21K	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`	$91.81K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$75.00K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$75.00K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$3.52K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$12.78K	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$388.50K	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$539.67K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$230.12K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$335.38K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$130.90K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$131.77K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-467.15K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-361.02K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$27.48K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$72.52K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	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`	$459.77K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	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`	$459.77K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	USD	Point-in-time

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