10-K Filing

KOSS CORP CIK: 56701 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001437749-19-017702`
Period End Date	20190630
Filing Date	20190830
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	koss-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 26 Cash Flow Statement 42 Stockholders Equity 19

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.62K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.87K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,617 and $51,854, respectively	`AccountsReceivableNetCurrent`	$4.71M	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 $2,617 and $51,854, respectively	`AccountsReceivableNetCurrent`	$3.66M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories	`InventoryNet`	$6.14M	USD	Point-in-time
Inventories	`InventoryNet`	$6.85M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$206.78K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$133.89K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$32.38K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$45.66K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.91M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$890.11K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.13M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$13.28K	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$2.85M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.10M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.57M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.37M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.43M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.48M	USD	Point-in-time
Total assets	`Assets`	$23.24M	USD	Point-in-time
Total assets	`Assets`	$22.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.43M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$788.96K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$650.51K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$690.90K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$645.47K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$254.42K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$265.44K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.16M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.39M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.42M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$168.47K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$163.02K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.85M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.58M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.17M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.57M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831 and 7,382,706 shares, respectively	`CommonStockValue`	$36.91K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831 and 7,382,706 shares, respectively	`CommonStockValue`	$37.02K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$5.75M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.85M	USD	Point-in-time
Total stockholder' equity	`StockholdersEquity`	$17.57M	USD	Point-in-time
Total stockholder' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total stockholder' equity	`StockholdersEquity`	$14.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.78M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$23.52M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$21.84M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.97M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$15.02M	USD	Annual
Gross profit	`GrossProfit`	$6.56M	USD	Annual
Gross profit	`GrossProfit`	$6.82M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.92M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.42M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$404.43K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-364.16K	USD	Annual
Interest (income) expense	`InterestIncomeExpenseNonoperatingNet`	$3.18K	USD	Annual
Interest (income) expense	`InterestIncomeExpenseNonoperatingNet`	$-5.22K	USD	Annual
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$407.61K	USD	Annual
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-369.38K	USD	Annual
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-26.50K	USD	Annual
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$3.04M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-3.41M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$434.11K	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.46	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.06	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.46	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.38M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.38M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	Annual

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-3.41M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$434.11K	USD	Annual
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-4.87K	USD	Annual
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$23.42K	USD	Annual
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	-	USD	Annual
Loss on disposal of equipment and leasehold improvements	`GainLossOnDispositionOfAssets`	$-343.00	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$429.75K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$526.26K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$331.56K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$387.56K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.04M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-13.28K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$72.02K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$218.22K	USD	Annual
Change in deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$15.64K	USD	Annual
Change in deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-50.88K	USD	Annual
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$249.59K	USD	Annual
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$175.95K	USD	Annual
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$150.00K	USD	Annual
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$150.00K	USD	Annual
Net changes in operating assets and liabilities (see Note 13)	`IncreaseDecreaseInOperatingAssetsAndLiabilities`	$-246.45K	USD	Annual
Net changes in operating assets and liabilities (see Note 13)	`IncreaseDecreaseInOperatingAssetsAndLiabilities`	$-650.61K	USD	Annual
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.41M	USD	Annual
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.03M	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$250.62K	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$187.76K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$123.24K	USD	Annual
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$131.22K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-381.84K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-310.99K	USD	Annual
Exercise of common stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	Annual
Exercise of common stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$46.68K	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.15M	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$649.25K	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$432.28K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance, as originally stated (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance, as originally stated (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$17.57M	USD	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$14.20M	USD	Point-in-time
Change due to retrospective adoption of ASC 606	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$-288.88K	USD	Point-in-time
Adjusted Balance	`StockholdersEquityAttributableToParentAdjustedBalance`	$17.28M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-3.41M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$434.11K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$387.56K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$331.56K	USD	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	22,125.00	shares	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	Annual
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$46.68K	USD	Annual
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Balance	`StockholdersEquity`	$17.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.20M	USD	Point-in-time

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