10-Q Filing

KOSS CORP CIK: 56701 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001104659-11-058834`
Period End Date	20110930
Filing Date	20111028
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	koss-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 31 Cash Flow Statement 42

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$287.59K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$278.83K	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, authorized shares	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$233.63K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$165.02K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $287,591 and $278,828, respectively	`AccountsReceivableNetCurrent`	$5.26M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $287,591 and $278,828, respectively	`AccountsReceivableNetCurrent`	$6.02M	USD	Point-in-time
Inventories	`InventoryNet`	$7.87M	USD	Point-in-time
Inventories	`InventoryNet`	$8.71M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$292.78K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$626.91K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$258.29K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$258.29K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.03M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.03M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.11M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$15.62M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$3.08M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$3.34M	USD	Point-in-time
Product software development costs	`ProductSoftwareDevelopmentCostNet`	$3.44M	USD	Point-in-time
Product software development costs	`ProductSoftwareDevelopmentCostNet`	$3.23M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.63M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.46M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$4.19M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$3.84M	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentExcludingEquipmentAndLeaseHoldImprovements`	$9.09M	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentExcludingEquipmentAndLeaseHoldImprovements`	$8.70M	USD	Point-in-time
Total Assets	`Assets`	$28.55M	USD	Point-in-time
Total Assets	`Assets`	$27.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.70M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.99M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.10M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$442.96K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$442.96K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$599.94K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$478.07K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$6.72M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.68M	USD	Point-in-time
Line of credit facility	`LongTermLineOfCredit`	$3.50M	USD	Point-in-time
Line of credit facility	`LongTermLineOfCredit`	$1.40M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.02M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$1.98M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$125.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$125.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$776.07K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$776.07K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$6.42M	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$4.28M	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.14M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.96M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,382,706 shares	`CommonStockValue`	$36.91K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,382,706 shares	`CommonStockValue`	$36.91K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$2.14M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$2.27M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.10M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.41M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.45M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.41M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$28.55M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$10.03M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$8.75M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.67M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.33M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.10M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.89M	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$266.28K	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-50.41K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.83M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.37M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$990.66K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$493.47K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$20.00	USD	1 Quarter
Interest expense	`InterestExpense`	$40.53K	USD	1 Quarter
Interest expense	`InterestExpense`	$104.66K	USD	1 Quarter
Total Other Expense, net	`NonoperatingIncomeExpense`	$-40.53K	USD	1 Quarter
Total Other Expense, net	`NonoperatingIncomeExpense`	$-104.64K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$452.94K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$886.02K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$172.35K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$323.16K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$280.60K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$562.86K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$280.60K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$562.86K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$8.76K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$73.40K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$166.30K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$158.14K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$124.67K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$110.75K	USD	1 Quarter
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$63.54K	USD	1 Quarter
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$172.35K	USD	1 Quarter
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$-3.04K	USD	1 Quarter
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$5.89K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$56.47K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$41.99K	USD	1 Quarter
Net changes in operating assets and liabilities (Note 10)	`IncreaseDecreaseInOperatingCapital`	$2.10M	USD	1 Quarter
Net changes in operating assets and liabilities (Note 10)	`IncreaseDecreaseInOperatingCapital`	$1.39M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-606.05K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.07M	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$347.27K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$348.50K	USD	1 Quarter
Purchases of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$135.47K	USD	1 Quarter
Purchases of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$420.43K	USD	1 Quarter
Product software development expenditures	`PaymentsForSoftware`	$288.22K	USD	1 Quarter
Product software development expenditures	`PaymentsForSoftware`	$210.19K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-977.90K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-772.19K	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromLinesOfCredit`	$2.33M	USD	1 Quarter
Net proceeds from line of credit facility	`ProceedsFromLinesOfCredit`	$2.10M	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$442.96K	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$442.96K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.66M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.88M	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$39.52K	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$73.09K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$233.63K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$165.02K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$233.63K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$165.02K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time

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