10-Q Filing

KOSS CORP CIK: 56701 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0000056701-21-000006`
Period End Date	20201231
Filing Date	20210129
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	koss-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 54 Cash Flow Statement 52 Stockholders Equity 26

Balance Sheet 69 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`	$61.10K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.39M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $61,099 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 $61,099 and $74,082, respectively	`AccountsReceivableNetCurrent`	$2.54M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$5.80M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.45M	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$403.13K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.45M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$267.65K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$10.60K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$14.62K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.15M	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`	$1.20M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.45M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.58M	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`	$9.58M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.46M	USD	Point-in-time
Total assets	`Assets`	$23.94M	USD	Point-in-time
Total assets	`Assets`	$22.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$827.71K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.11M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$580.10K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$423.64K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$641.22K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$282.88K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$276.95K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$506.70K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.09M	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`	$185.12K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$170.28K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.31M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.16M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.81M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.42M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,447,489 and 7,404,831, respectively	`CommonStockValue`	$37.24K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,447,489 and 7,404,831, respectively	`CommonStockValue`	$37.02K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$7.28M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.87M	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`	$16.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.58M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$10.14M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.93M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.16M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$9.57M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.31M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.80M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.88M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.86M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.25M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.71M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.12M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.62M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.25M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$132.53K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$2.07K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-539.76K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-222.62K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$506.70K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$506.70K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$2.66K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$6.93K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$609.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$13.32K	USD	2 Qtrs
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-215.69K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$511.43K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$639.84K	USD	2 Qtrs
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-526.44K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$4.02K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$22.00	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$22.00	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.54K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$635.82K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-215.71K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-526.46K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$508.89K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.07	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.07	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.41M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.41M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.42M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.45M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$635.82K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-215.71K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-526.46K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$508.89K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-13.34K	USD	2 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$8.11K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$153.56K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$189.14K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$309.76K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$284.89K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$11.65K	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$158.52K	USD	2 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$145.60K	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$58.00K	USD	2 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$37.02K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$75.00K	USD	2 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$75.00K	USD	2 Qtrs
Other income - SBA loan forgiveness	`OtherNoncashIncome`	$506.70K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.20M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$234.09K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$264.22K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-150.14K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$135.48K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$100.72K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-4.02K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$10.57K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-607.10K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$282.54K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$474.48K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$111.31K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-153.08K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$232.41K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$352.99K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$784.68K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$374.56K	USD	2 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$239.39K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$112.79K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$103.73K	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-478.29K	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-352.19K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$88.92K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$88.92K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$395.31K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$802.00	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	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`	$4.39M	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`	$4.00M	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`	$4.39M	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	7.45M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$14.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$635.82K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-215.71K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-526.46K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$508.89K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$284.89K	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$156.76K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$309.76K	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$136.71K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$88.92K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$88.92K	USD	2 Qtrs
Balance	`StockholdersEquity`	$14.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.45M	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.