10-Q Filing

KOSS CORP CIK: 56701 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0000056701-19-000016`
Period End Date	20190331
Filing Date	20190510
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	koss-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 47 Cash Flow Statement 48 Stockholders Equity 17

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$94.79K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.85K	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`	$2.72M	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`	$1.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $82,787 and $51,854, respectively	`AccountsReceivableNetCurrent`	$2.81M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.40M	shares	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 outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Inventories, net	`InventoryNet`	$6.14M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.73M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$275.31K	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`	$42.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.58M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.13M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$913.81K	USD	Point-in-time
Deferred Income Tax Assets, Net	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Deferred Income Tax Assets, Net	`DeferredIncomeTaxAssetsNet`	$13.28K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.91M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.10M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.53M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.37M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.48M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.46M	USD	Point-in-time
Total assets	`Assets`	$22.95M	USD	Point-in-time
Total assets	`Assets`	$22.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.21M	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`	$741.13K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$606.47K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$690.90K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$262.64K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$254.42K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.82M	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`	$2.41M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$168.47K	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$156.79K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.65M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.85M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.22M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.04M	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`	$37.02K	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
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.75M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.09M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.65M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.95M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.78M	USD	Point-in-time

Income Statement 47 line items

Line Item	Tag	Value	Unit	Period
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.37M	USD	3 Qtrs
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.06M	USD	3 Qtrs
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.86M	USD	1 Quarter
Revenue from Contract with Customer, Including Assessed Tax	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.39M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.91M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$11.79M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.15M	USD	3 Qtrs
Gross profit	`GrossProfit`	$4.57M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.80M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.20M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.51M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.77M	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	3 Qtrs
Interest expense	`InterestExpense`	$5.22K	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-757.88K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$149.29K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$350.84K	USD	3 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-634.27K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$3.05M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$4.27K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$-23.02K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$-23.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.68M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$172.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$373.84K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-762.15K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.05	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.50	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.05	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.50	USD	3 Qtrs
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	3 Qtrs
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.38M	shares	3 Qtrs
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.38M	shares	3 Qtrs
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	3 Qtrs
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.38M	shares	1 Quarter
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`	$-3.68M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$172.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$373.84K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-762.15K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$4.04K	USD	3 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.63K	USD	3 Qtrs
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	`GainLossOnDispositionOfAssets`	-	USD	3 Qtrs
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	`GainLossOnDispositionOfAssets`	$-343.00	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$336.95K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$385.22K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$248.62K	USD	3 Qtrs
Stock-based compensation expense	`StockOptionPlanExpense`	$97.83K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$82.79K	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$292.19K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-13.28K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.04M	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$181.40K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$34.80K	USD	3 Qtrs
Change in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-109.16K	USD	3 Qtrs
Change in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-96.12K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$137.72K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$131.97K	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`	$-954.13K	USD	3 Qtrs
Net changes in operating assets and liabilities (see note 10)	`IncreaseDecreaseInOperatingCapital`	$-1.79M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.52M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.84M	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$118.65K	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`	$123.08K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-241.72K	USD	3 Qtrs
Cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-381.68K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	3 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	3 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$46.68K	USD	3 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.14M	USD	3 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.64M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	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`	$1.57M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	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`	$1.57M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.75M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.09M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.41M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$14.65M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$14.92M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$14.20M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-3.68M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$172.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$373.84K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-762.15K	USD	1 Quarter
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$97.83K	USD	1 Quarter
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$292.19K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	3 Qtrs

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