10-Q Filing

KOSS CORP CIK: 56701 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0000056701-23-000044`
Period End Date	20230930
Filing Date	20231027
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	koss-20230930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 27 Cash Flow Statement 54 Stockholders Equity 17

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.92K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.03K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.98M	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
Short-term investments	`ShortTermInvestments`	$17.18M	USD	Point-in-time
Accounts receivable, less allowance for credit losses of $1,922 and $6,027, respectively	`AccountsReceivableNetCurrent`	$1.38M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.23M	shares	Point-in-time
Accounts receivable, less allowance for credit losses of $1,922 and $6,027, respectively	`AccountsReceivableNetCurrent`	$1.33M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.23M	shares	Point-in-time
Inventories	`InventoryNet`	$6.42M	USD	Point-in-time
Inventories	`InventoryNet`	$5.78M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$462.66K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$284.62K	USD	Point-in-time
Interest receivable	`InterestReceivableCurrent`	$56.39K	USD	Point-in-time
Interest receivable	`InterestReceivableCurrent`	$51.15K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$86.90K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$127.36K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$28.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.92M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$953.90K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.22M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$2.94M	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`	$6.25M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.19M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.04M	USD	Point-in-time
Total assets	`Assets`	$38.37M	USD	Point-in-time
Total assets	`Assets`	$37.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$267.51K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$228.54K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$498.18K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$970.53K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$450.31K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$352.73K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$230.45K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$236.22K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$87.24K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$1.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.31M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.94M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$113.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$117.38K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.79M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.72M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.90M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.09M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,234,795	`CommonStockValue`	$46.17K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,234,795	`CommonStockValue`	$46.17K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$13.16M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$13.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.04M	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 stockholders' equity	`StockholdersEquity`	$31.46M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.25M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$38.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.34M	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$3.36M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$3.37M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.17M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$23.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.54M	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-22.48M	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-468.59K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$33.00M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$27.06K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$212.86K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.54M	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-255.73K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.88K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$597.94K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$9.94M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-257.61K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.16M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.23M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.85M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.23M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$9.94M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-257.61K	USD	1 Quarter
(Recovery of) Provision for doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$7.47K	USD	1 Quarter
(Recovery of) Provision for doubtful accounts of accounts receivable	`ProvisionForDoubtfulAccounts`	$-4.11K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`Depreciation`	$45.61K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`Depreciation`	$67.61K	USD	1 Quarter
Accretion of discount on treasury securities	`AmortizationOfDiscountOnTreasurySecurities`	$-120.31K	USD	1 Quarter
Noncash operating lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$2.56K	USD	1 Quarter
Noncash operating lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$1.92K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$88.03K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$46.79K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$149.06K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$140.30K	USD	1 Quarter
(Benefit) Provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-59.94K	USD	1 Quarter
(Benefit) Provision for deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$42.30K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-66.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-52.50K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-732.87K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-644.57K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$178.04K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$209.99K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$5.24K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$40.46K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-85.36K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$597.94K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-38.97K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-274.75K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-472.35K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$954.34K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-186.74K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-93.21K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.69M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-713.25K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$312.72K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.77K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$87.99K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$81.74K	USD	1 Quarter
Proceeds from the maturity of treasury securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$2.00M	USD	1 Quarter
Purchases of treasury securities	`PaymentsToAcquireHeldToMaturitySecurities`	$2.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-393.54K	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
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$70.44K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.66M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.11M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.98M	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 beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.09M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.98M	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
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.09M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$127.70K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Balance	`StockholdersEquity`	$32.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.25M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$9.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-257.61K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$88.03K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$46.79K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$70.44K	USD	1 Quarter
Balance	`StockholdersEquity`	$32.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.25M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	9.23M	shares	Point-in-time

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