10-K Filing

KOSS CORP CIK: 56701 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0000056701-23-000026`
Period End Date	20230630
Filing Date	20230825
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	koss-20230630x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 28 Cash Flow Statement 60 Stockholders Equity 18

Balance Sheet 67 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`	$6.03K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.09M	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
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
Short-term investments	`ShortTermInvestments`	$17.06M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $6,027 and $2,027, respectively	`AccountsReceivableNetCurrent`	$1.85M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.15M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.23M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $6,027 and $2,027, respectively	`AccountsReceivableNetCurrent`	$1.38M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.15M	shares	Point-in-time
Inventories	`InventoryNet`	$6.42M	USD	Point-in-time
Inventories	`InventoryNet`	$8.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$188.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$284.62K	USD	Point-in-time
Interest receivable	`InterestReceivableCurrent`	$51.15K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.08K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$86.90K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$28.38M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$953.90K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.25M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.02M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.02M	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`	$9.04M	USD	Point-in-time
Total assets	`Assets`	$29.96M	USD	Point-in-time
Total assets	`Assets`	$38.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$267.51K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$796.16K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$970.53K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$560.36K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$450.31K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$543.89K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$236.22K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$223.53K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$6.12K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$87.24K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.13M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.00M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.94M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$113.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$169.21K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$3.02M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.79M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.13M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.91M	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 9,234,795 and 9,147,795 shares, respectively	`CommonStockValue`	$45.74K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,234,795 and 9,147,795 shares, respectively	`CommonStockValue`	$46.17K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$13.11M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$12.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.46M	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`	$38.37M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.10M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$17.71M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.99M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.64M	USD	Annual
Gross profit	`GrossProfit`	$6.72M	USD	Annual
Gross profit	`GrossProfit`	$4.46M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.81M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.36M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-24.90M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$902.02K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$362.39K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$33.00M	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$520.81K	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`	$8.62M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$317.38K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$7.52K	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Net income	`NetIncomeLoss`	$8.30M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.90	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`	$0.85	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.19M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.07M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.75M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.99M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Net income	`NetIncomeLoss`	$8.30M	USD	Annual
Provision for (recovery of) doubtful accounts receivable	`ProvisionForDoubtfulAccounts`	$-35.30K	USD	Annual
Provision for (recovery of) doubtful accounts receivable	`ProvisionForDoubtfulAccounts`	$4.00K	USD	Annual
Depreciation of equipment and leasehold improvements	`Depreciation`	$293.46K	USD	Annual
Depreciation of equipment and leasehold improvements	`Depreciation`	$230.29K	USD	Annual
Accretion of discount on treasury securities	`AmortizationOfDiscountOnTreasurySecurities`	$-226.60K	USD	Annual
Noncash operating lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$8.31K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$289.68K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$463.63K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$187.33K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$211.64K	USD	Annual
Provision (benefit) for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$59.89K	USD	Annual
Provision (benefit) for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-160.12K	USD	Annual
Deferred compensation gain	`DeferredCompensationArrangementWithIndividualDistributionGain`	$71.25K	USD	Annual
Deferred compensation relieved	`DeferredCompensationArrangementWithIndividualRelieved`	$472.88K	USD	Annual
Other income - Net gain from life insurance benefits	`GainLossOnLifeInsuranceProceeds`	$262.39K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.26K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-7.86K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-463.10K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-429.47K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-2.21M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.73M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$96.14K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-267.53K	USD	Annual
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$51.15K	USD	Annual
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$83.82K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$81.12K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.51K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$397.73K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-528.65K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$410.17K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$44.79K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-170.46K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-149.79K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-942.53K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.74M	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$108.16K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$98.44K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$95.89K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$88.00K	USD	Annual
Proceeds from life insurance policy	`ProceedsFromLifeInsurancePolicies`	$262.00K	USD	Point-in-time
Proceeds from life insurance policy	`ProceedsFromLifeInsurancePolicies`	$2.01M	USD	Annual
Proceeds from the maturity of treasury securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$2.02M	USD	Annual
Purchases of treasury securities	`PaymentsToAcquireHeldToMaturitySecurities`	$18.86M	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.02M	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.81M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$171.35K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.39M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$171.35K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.39M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.12M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.26M	USD	Annual
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 beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.09M	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
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.09M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$320.07K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.15M	shares	Point-in-time
Balance	`StockholdersEquity`	$31.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Net income	`NetIncomeLoss`	$8.30M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$289.68K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$463.63K	USD	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	87,000.00	shares	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	539,089.00	shares	Annual
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$171.35K	USD	Annual
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.39M	USD	Annual
Balance	`StockholdersEquity`	$31.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.23M	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.