10-Q Filing

KOSS CORP CIK: 56701 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000056701-22-000030`
Period End Date	20220930
Filing Date	20221028
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	koss-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 28 Cash Flow Statement 50 Stockholders Equity 18

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.50K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.03K	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`	$20.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.21M	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 $9,496 and $2,027, respectively	`AccountsReceivableNetCurrent`	$1.85M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $9,496 and $2,027, respectively	`AccountsReceivableNetCurrent`	$1.77M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$8.63M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.18M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.15M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.18M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$188.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$398.47K	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`	$30.94M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.03M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.25M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.19M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$5.97M	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`	$9.16M	USD	Point-in-time
Total assets	`Assets`	$29.96M	USD	Point-in-time
Total assets	`Assets`	$41.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$521.42K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$796.16K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.51M	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`	$393.25K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$223.53K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$227.12K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$3.03K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$600.97K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.26M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.98M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.94M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$133.11K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$169.21K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.97M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$3.02M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.08M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.34M	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 9,179,795 and 9,147,795, respectively	`CommonStockValue`	$45.90K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,179,795 and 9,147,795, respectively	`CommonStockValue`	$45.74K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$12.65M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$12.81M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.94M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$20.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.80M	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`	$41.14M	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`	$3.35M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.78M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.58M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.78M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$23.67M	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-198.96K	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-22.48M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$33.00M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$100.00K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$633.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$27.06K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-98.33K	USD	1 Quarter
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.54M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$597.94K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.03K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$9.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-99.36K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.16M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.84M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.85M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.84M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$9.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-99.36K	USD	1 Quarter
Provision for doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$7.47K	USD	1 Quarter
Provision for doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$480.00	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$80.44K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$67.61K	USD	1 Quarter
Noncash operating lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$2.56K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$138.88K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$88.03K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$140.30K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$167.08K	USD	1 Quarter
Provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$88.81K	USD	1 Quarter
Provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$42.30K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-66.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-120.59K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.39M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-732.87K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$194.09K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$209.99K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$597.94K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.03K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-274.75K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$624.51K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-11.66K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$954.34K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-186.74K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-82.44K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-928.09K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.69M	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.77K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$57.19K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$95.73K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$87.99K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-152.92K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-99.77K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$70.44K	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 cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$70.44K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.66M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$283.03K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.21M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.87M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.87M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	9.18M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.15M	shares	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$20.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$9.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-99.36K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$88.03K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$138.88K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$70.44K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.36M	USD	1 Quarter
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$20.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.18M	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.