10-Q Filing

KOSS CORP CIK: 56701 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-19-022504`
Period End Date	20190930
Filing Date	20191112
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	koss-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 26 Cash Flow Statement 52 Stockholders Equity 21

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.20K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.62K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $5,201 and $2,617, respectively	`AccountsReceivableNetCurrent`	$3.13M	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 $5,201 and $2,617, 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`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$6.85M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.86M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$231.04K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$133.89K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$47.92K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$45.66K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.91M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$959.63K	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$890.11K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$13.28K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$9.96K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.85M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.78M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.83M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.57M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.43M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.62M	USD	Point-in-time
Total assets	`Assets`	$22.18M	USD	Point-in-time
Total assets	`Assets`	$23.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$572.18K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$711.62K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$650.51K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$645.47K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$616.69K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$268.27K	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`	$2.17M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.42M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.42M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$163.02K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$166.61K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.58M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.51M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.17M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.27M	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831	`CommonStockValue`	$37.02K	USD	Point-in-time
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831	`CommonStockValue`	$37.02K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.33M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.48M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.91M	USD	Point-in-time
Total stockholders' 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`	$22.18M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.78M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.41M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.06M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.35M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.79M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$41.59K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-317.15K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$6.40K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	-	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-310.75K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$41.59K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$25.00	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-310.75K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.57K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	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`	$0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.39M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.48M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-310.75K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.57K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$42.94K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.58K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$94.36K	USD	1 Quarter
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$125.75K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$122.64K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$148.19K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.32K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$24.45K	USD	1 Quarter
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$144.87K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$43.99K	USD	1 Quarter
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$37.02K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$37.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.08M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-520.40K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.33K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$258.01K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$97.15K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$115.69K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-25.00	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$2.26K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-296.89K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-864.20K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$96.78K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$61.10K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-25.19K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-113.10K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-622.28K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$707.79K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.79K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$163.88K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$112.63K	USD	1 Quarter
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$122.75K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-276.51K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-137.54K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$46.68K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-898.79K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$616.92K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time

Stockholders Equity 21 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`	7.40M	shares	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$14.41M	USD	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$14.91M	USD	Point-in-time
Balance, as originally stated	`StockholdersEquity`	$14.20M	USD	Point-in-time
Retrospective change in accounting principle (see Note 2)	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	-	USD	Point-in-time
Retrospective change in accounting principle (see Note 2)	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	-	USD	Point-in-time
Adjusted Balance	`StockholdersEquityAttributableToParentAdjustedBalance`	$14.20M	USD	Point-in-time
Adjusted Balance	`StockholdersEquityAttributableToParentAdjustedBalance`	$15.07M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-310.75K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.57K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$122.64K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$148.19K	USD	1 Quarter
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$46.68K	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$14.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.91M	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.