10-Q Filing

KOSS CORP CIK: 56701 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000056701-18-000044`
Period End Date	20180930
Filing Date	20181102
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	koss-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 22 Cash Flow Statement 42

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.85K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$94.79K	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`	$1.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$241.15K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $94,793 and $51,854, respectively	`AccountsReceivableNetCurrent`	$3.59M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $94,793 and $51,854, respectively	`AccountsReceivableNetCurrent`	$4.71M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$6.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$6.14M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$322.46K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$206.78K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.38K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.35K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.02M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.13M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.10M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.04M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.37M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.52M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.48M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.56M	USD	Point-in-time
Total assets	`Assets`	$22.62M	USD	Point-in-time
Total assets	`Assets`	$22.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.43M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$788.96K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$885.74K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$690.90K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$583.24K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$254.42K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$257.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.16M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.39M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.40M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$163.02K	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$168.47K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.85M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.78M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.41M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.20M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831 and 7,382,706 shares, respectively	`CommonStockValue`	$36.91K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831 and 7,382,706 shares, respectively	`CommonStockValue`	$37.02K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.75M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.48M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.41M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.78M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.62M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$5.78M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$6.08M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.95M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$30.85K	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-14.41K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$2.69K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$47.66K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$67.44K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$25.00	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$25.69K	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.97K	USD	1 Quarter
Net income	`NetIncomeLoss`	$67.41K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$21.97K	USD	1 Quarter
Net income	`NetIncomeLoss`	$67.41K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-3.65K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$42.94K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$131.36K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$125.75K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$96.80K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$83.04K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$58.85K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$172.38K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$24.45K	USD	1 Quarter
Change in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-113.10K	USD	1 Quarter
Change in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-95.00K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$45.91K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$43.99K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Net changes in operating assets and liabilities (see note 11)	`IncreaseDecreaseInOperatingCapital`	$-505.96K	USD	1 Quarter
Net changes in operating assets and liabilities (see note 11)	`IncreaseDecreaseInOperatingCapital`	$-64.26K	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$96.84K	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$707.79K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$157.24K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.79K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$130.74K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$122.75K	USD	1 Quarter
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-287.98K	USD	1 Quarter
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-137.54K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$46.68K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-191.13K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$616.92K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$241.15K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	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`	$241.15K	USD	Point-in-time

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