10-K Filing

KOSS CORP CIK: 56701 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0000056701-22-000021`
Period End Date	20220630
Filing Date	20220826
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	koss-20220630x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 29 Cash Flow Statement 55 Stockholders Equity 18

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.03K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.95M	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 $2,027 and $41,500, respectively	`AccountsReceivableNetCurrent`	$2.24M	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 $2,027 and $41,500, respectively	`AccountsReceivableNetCurrent`	$1.85M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.61M	shares	Point-in-time
Inventories	`InventoryNet`	$5.90M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.15M	shares	Point-in-time
Inventories	`InventoryNet`	$8.63M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$188.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$456.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.15M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$19.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.55M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.28M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.25M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.31M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$7.19M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.74M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$8.99M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.49M	USD	Point-in-time
Total assets	`Assets`	$26.32M	USD	Point-in-time
Total assets	`Assets`	$29.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$398.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$796.16K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$665.57K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$560.36K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$543.89K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$694.63K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$288.95K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$223.53K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$4.54K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$3.03K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.05M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.49M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.94M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$169.21K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$188.93K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$3.02M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.02M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.70M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.26M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,147,795 and 8,608,706 shares, respectively	`CommonStockValue`	$45.74K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,147,795 and 8,608,706 shares, respectively	`CommonStockValue`	$43.04K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$12.65M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$10.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$22.70M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$29.96M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$26.32M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$17.61M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$19.55M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.81M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.99M	USD	Annual
Gross profit	`GrossProfit`	$6.62M	USD	Annual
Gross profit	`GrossProfit`	$6.73M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.72M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.12M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$902.02K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-390.49K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$885.50K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$362.39K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$100.00K	USD	Point-in-time
Interest income	`InterestIncomeExpenseNonoperatingNet`	$2.71K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$11.51K	USD	Annual
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.28M	USD	Annual
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$497.72K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$7.52K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$4.12K	USD	Annual
Net income	`NetIncomeLoss`	$493.59K	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.13	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.86M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.07M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.99M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.64M	shares	Annual

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$493.59K	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
(Recovery of) doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$-9.23K	USD	Annual
(Recovery of) doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$-35.30K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$293.46K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$302.62K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$463.63K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$619.14K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$208.12K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$211.64K	USD	Annual
(Benefit) provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-160.12K	USD	Annual
(Benefit) provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$308.00K	USD	Annual
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$71.25K	USD	Annual
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$150.00K	USD	Annual
Deferred compensation relieved	`DeferredCompensationArrangementWithIndividualCompensationExpense`	$-472.88K	USD	Annual
Other income - SBA loan forgiveness	`OtherNoncashIncome`	$506.70K	USD	Annual
Other income - Net gain from life insurance benefits	`GainLossOnLifeInsuranceProceeds`	$262.00K	USD	Point-in-time
Other income - Net gain from life insurance benefits	`GainLossOnLifeInsuranceProceeds`	$262.39K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-7.86K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-85.50K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-429.47K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.73M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$362.72K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-267.53K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$188.36K	USD	Annual
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-14.62K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.54K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.51K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-429.27K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$397.73K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$44.79K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$85.47K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$289.64K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-170.46K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-942.53K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$348.74K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$108.16K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$600.15K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$95.89K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$104.05K	USD	Annual
Proceeds from life insurance policy	`ProceedsFromLifeInsurancePolicies`	$2.01M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.81M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-704.21K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.39M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.31M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.31M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.39M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.26M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.95M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.21M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.95M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.00M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.21M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.95M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.15M	shares	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Net income	`NetIncomeLoss`	$493.59K	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$619.14K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$463.63K	USD	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.20M	shares	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	539,089.00	shares	Annual
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.39M	USD	Annual
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.31M	USD	Annual
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.15M	shares	Point-in-time

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