10-Q Filing

KOSS CORP CIK: 56701 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0000056701-19-000006`
Period End Date	20181231
Filing Date	20190125
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	koss-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 51 Cash Flow Statement 48 Stockholders Equity 17

Balance Sheet 65 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`	$2.25M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $82,787 and $51,854, respectively	`AccountsReceivableNetCurrent`	$4.71M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $82,787 and $51,854, respectively	`AccountsReceivableNetCurrent`	$3.01M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$7.19M	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`	$206.78K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$266.64K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.35K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.38K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.74M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$995.87K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.13M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.98M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.10M	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`	$9.50M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.48M	USD	Point-in-time
Total assets	`Assets`	$22.78M	USD	Point-in-time
Total assets	`Assets`	$23.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.79M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$788.96K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$637.75K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$622.96K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$690.90K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$254.42K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$259.87K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.31M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.39M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.41M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$168.47K	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$155.02K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.85M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.72M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.28M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.57M	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`	$5.99M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.75M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.62M	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 stockholders' equity	`StockholdersEquity`	$14.65M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.78M	USD	Point-in-time

Income Statement 51 line items

Line Item	Tag	Value	Unit	Period
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$11.97M	USD	2 Qtrs
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.89M	USD	1 Quarter
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.41M	USD	1 Quarter
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$11.20M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.01M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.75M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$7.70M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.41M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.49M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.88M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.56M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.45M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.53M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.26M	USD	2 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-16.18K	USD	2 Qtrs
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-1.77K	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$-2.25K	USD	1 Quarter
Unauthorized transaction related costs (recoveries), net	`UnauthorizedTransactionRelatedCostsRecoveriesNet`	$28.60K	USD	2 Qtrs
Interest expense	`InterestExpense`	$5.22K	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$2.53K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$201.56K	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$123.61K	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$134.12K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$75.94K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$25.00	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$3.02M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.04M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$201.53K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$134.12K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.40	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.40	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.40	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.40	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	2 Qtrs
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.38M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.42M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.38M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.38M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$201.53K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$134.12K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-4.34K	USD	2 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$30.81K	USD	2 Qtrs
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	`GainLossOnDispositionOfAssets`	-	USD	2 Qtrs
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	`GainLossOnDispositionOfAssets`	$-343.00	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$263.55K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$248.83K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$97.56K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$194.36K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$165.83K	USD	2 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$82.79K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	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`	$24.74K	USD	2 Qtrs
Change in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-81.39K	USD	2 Qtrs
Change in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-101.77K	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$87.98K	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`	$-97.50K	USD	2 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$-771.70K	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.35M	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$388.50K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$230.12K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$112.60K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$130.90K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$122.92K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-235.51K	USD	2 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-361.02K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	2 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	2 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$46.68K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.17M	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$27.48K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.25M	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`	$1.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.25M	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`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.99M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.75M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.62M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$14.20M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$14.41M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$14.65M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$201.53K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$134.12K	USD	1 Quarter
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$194.36K	USD	2 Qtrs
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$97.56K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	2 Qtrs

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