10-Q Filing

KOSS CORP CIK: 56701 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000056701-21-000036`
Period End Date	20210930
Filing Date	20211029
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	koss-20210930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 28 Cash Flow Statement 48 Stockholders Equity 17

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$41.98K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$41.50K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.23M	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`	$6.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $41,980 and $41,499, respectively	`AccountsReceivableNetCurrent`	$2.12M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $41,980 and $41,499, respectively	`AccountsReceivableNetCurrent`	$2.24M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.14M	shares	Point-in-time
Inventories, net	`InventoryNet`	$7.29M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.90M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.61M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$650.09K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$456.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.14M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$15.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.30M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.28M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.26M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.23M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.31M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$7.45M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$7.19M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.49M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.69M	USD	Point-in-time
Total assets	`Assets`	$26.32M	USD	Point-in-time
Total assets	`Assets`	$28.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$398.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.02M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$665.57K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$653.91K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$694.63K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$616.60K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$288.95K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$292.03K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$5.57K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$4.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.05M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.54M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.49M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$184.52K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$188.93K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$1.94M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.02M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.67M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.75M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,137,795 and 8,608,706, respectively	`CommonStockValue`	$45.69K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,137,795 and 8,608,706, respectively	`CommonStockValue`	$43.04K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$10.80M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$12.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$20.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$26.32M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.37M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.57M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.58M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.51M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.78M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-198.96K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$130.46K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$100.00K	USD	Point-in-time
Other income	`OtherNonoperatingIncomeExpense`	$100.00K	USD	1 Quarter
Interest income (expense)	`InterestIncomeExpenseNonoperatingNet`	$633.00	USD	1 Quarter
Interest income (expense)	`InterestIncomeExpenseNonoperatingNet`	$-2.05K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-98.33K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$128.41K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.03K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.48K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-99.36K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$126.93K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.84M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.84M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-99.36K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$126.93K	USD	1 Quarter
(Recovery of) provision for doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$480.00	USD	1 Quarter
(Recovery of) provision for doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$10.70K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$74.28K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$80.44K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$152.99K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$138.88K	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`	$167.08K	USD	1 Quarter
Provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$21.00K	USD	1 Quarter
Provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$88.81K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-120.59K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$922.66K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.39M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-241.54K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$194.09K	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 payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.03K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$111.25K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$624.51K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-11.66K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$269.33K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$127.16K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-82.44K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-180.90K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-928.09K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$265.00K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$57.19K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$103.57K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$95.73K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-152.92K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-368.56K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.36M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.36M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$283.03K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-549.46K	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$7.23M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$6.95M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$7.23M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$6.95M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	9.14M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Balance	`StockholdersEquity`	$15.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$20.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-99.36K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$126.93K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$138.88K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$152.99K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.36M	USD	1 Quarter
Balance	`StockholdersEquity`	$15.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$20.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.14M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time

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