10-Q Filing

KOSS CORP CIK: 56701 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0000056701-18-000014`
Period End Date	20180331
Filing Date	20180511
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	koss-20180331.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`	$58.96K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.87K	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`	$432.28K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$754.16K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$735.39K	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 $58,960 and $55,872, respectively	`AccountsReceivableNetCurrent`	$3.93M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $58,960 and $55,872, respectively	`AccountsReceivableNetCurrent`	$3.01M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$8.35M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$6.36M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$330.07K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$206.40K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.81K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$26.86K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.95M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.27M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.41M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.04M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.34M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.02M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$6.34M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.07M	USD	Point-in-time
Total assets	`Assets`	$23.42M	USD	Point-in-time
Total assets	`Assets`	$18.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$828.54K	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`	$1.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.39M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.29M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.32M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$159.37K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$164.42K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.48M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.81M	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`	$5.67M	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`	$8.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$18.90M	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`	$4.77M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$16.28M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$4.33M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$17.81M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.71M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.36M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$11.75M	USD	3 Qtrs
Gross profit	`GrossProfit`	$950.30K	USD	1 Quarter
Gross profit	`GrossProfit`	$5.10M	USD	3 Qtrs
Gross profit	`GrossProfit`	$4.52M	USD	3 Qtrs
Gross profit	`GrossProfit`	$963.55K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.22M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.77M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.97M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.73M	USD	3 Qtrs
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$39.66K	USD	1 Quarter
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-17.45K	USD	3 Qtrs
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.26K	USD	1 Quarter
Unauthorized transaction related (recoveries) costs, net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$73.76K	USD	3 Qtrs
Interest expense	`InterestExpense`	$964.00	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$5.22K	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
(Loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-684.88K	USD	3 Qtrs
(Loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-704.31K	USD	3 Qtrs
(Loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.06M	USD	1 Quarter
(Loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-807.74K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$62.52K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$188.95K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$5.13K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.05M	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-3.73M	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-893.26K	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-812.87K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.51	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.15	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.12	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.12	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.51	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.15	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`NetIncomeLoss`	$-3.73M	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-893.26K	USD	3 Qtrs
Net (loss)	`NetIncomeLoss`	$-812.87K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-1.12M	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-4.84K	USD	3 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.63K	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`	$-343.00	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$375.79K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$385.22K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$265.57K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$248.62K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$88.52K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$82.79K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$190.02K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.04M	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$187.56K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$181.40K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$116.33K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$137.72K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$112.50K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$112.50K	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$-1.73M	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$-761.85K	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.52M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$517.61K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$365.08K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$250.62K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$131.06K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$133.77K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-498.85K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-381.68K	USD	3 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$18.76K	USD	3 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.14M	USD	3 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`	$754.16K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.57M	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`	$754.16K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.57M	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.