10-Q Filing

KOSS CORP CIK: 56701 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000056701-20-000008`
Period End Date	20200930
Filing Date	20201105
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	koss-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 25 Cash Flow Statement 47 Stockholders Equity 16

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$74.08K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$89.75K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $89,747 and $74,082, respectively	`AccountsReceivableNetCurrent`	$2.32M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $89,747 and $74,082, respectively	`AccountsReceivableNetCurrent`	$3.23M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.54M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$5.30M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$267.65K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$467.76K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$13.14K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$14.62K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.14M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$983.64K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.17M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.58M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.51M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$7.14M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.88M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.65M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.46M	USD	Point-in-time
Total assets	`Assets`	$22.58M	USD	Point-in-time
Total assets	`Assets`	$23.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$938.96K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$827.71K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$849.43K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$580.10K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$423.64K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$544.25K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$276.95K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$279.90K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$506.70K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$506.70K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.62M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.33M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.32M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$170.28K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$176.83K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.23M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.31M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.73M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.85M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831	`CommonStockValue`	$37.02K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831	`CommonStockValue`	$37.02K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$7.04M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.28M	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.21M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.41M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.06M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.64M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.35M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.51M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.66M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-317.15K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$130.46K	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNonoperatingNet`	$-2.05K	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNonoperatingNet`	$6.40K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$128.41K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-310.75K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.48K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$126.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-310.75K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$126.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-310.75K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.58K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$10.70K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$94.36K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$74.28K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$148.19K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$152.99K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.32K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$157.28K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$144.87K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$37.02K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$21.00K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$922.66K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-520.40K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.33K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-241.54K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$97.15K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$200.12K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.48K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$2.26K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$111.25K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-864.20K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$61.10K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$269.33K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-25.19K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$127.16K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-622.28K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-180.90K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$163.88K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$265.00K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$112.63K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$103.57K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-276.51K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-368.56K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-898.79K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-549.46K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$126.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-310.75K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$148.19K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$152.99K	USD	1 Quarter
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time

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