10-Q Filing

KOSS CORP CIK: 56701 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-20-010098`
Period End Date	20200331
Filing Date	20200508
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	koss-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 52 Cash Flow Statement 54 Stockholders Equity 29

Balance Sheet 70 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`	$8.76K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.06M	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`	$1.08M	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
Accounts receivable, less allowance for doubtful accounts of $8,758 and $2,617, respectively	`AccountsReceivableNetCurrent`	$3.66M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $8,758 and $2,617, respectively	`AccountsReceivableNetCurrent`	$3.55M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories, net	`InventoryNet`	$4.99M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.85M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$133.89K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$388.50K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$10.23K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$45.66K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.91M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$1.02M	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`	-	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.65M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.85M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.84M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.57M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.49M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.43M	USD	Point-in-time
Total assets	`Assets`	$23.24M	USD	Point-in-time
Total assets	`Assets`	$21.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$409.08K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$634.90K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$650.51K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$439.30K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$645.47K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$274.02K	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`	$1.76M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.34M	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`	$165.23K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.38M	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`	$4.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.64M	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`	$6.76M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.33M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.70M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.65M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.52M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.24M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.79M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$4.86M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$14.36M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.06M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.20M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.06M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.91M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.15M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.30M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.69M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.89M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.94M	USD	3 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$259.60K	USD	3 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$114.86K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-637.66K	USD	3 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$-97.90K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	-	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$19.95K	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$6.63K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	-	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$259.60K	USD	3 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-91.27K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$114.86K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-617.71K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$6.10K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$-23.02K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$6.12K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$-23.00K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$137.88K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-97.37K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$282.60K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-623.84K	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$137.88K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-97.37K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$282.60K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-623.84K	USD	3 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$4.04K	USD	3 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-8.94K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$336.95K	USD	3 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$258.40K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$428.23K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$383.43K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-13.28K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$13.28K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$34.80K	USD	3 Qtrs
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$156.40K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$37.02K	USD	3 Qtrs
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$131.97K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$112.50K	USD	3 Qtrs
Deferred compensation paid	`DeferredCompensationArrangementWithIndividualDistributionPaid`	$112.50K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-110.70K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.89M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$590.99K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.86M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$254.61K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$68.54K	USD	3 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$9.78K	USD	3 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-35.43K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.03M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-222.29K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-15.62K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-47.84K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-203.96K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-96.12K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.84M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$339.79K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$118.65K	USD	3 Qtrs
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$391.15K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$123.08K	USD	3 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$112.96K	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-504.11K	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-241.72K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$46.68K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.64M	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-164.32K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.06M	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`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.06M	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`	$1.08M	USD	Point-in-time

Stockholders Equity 29 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	`StockholdersEquity`	$14.92M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$137.88K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-97.37K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$282.60K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-623.84K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$132.26K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$143.33K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$383.43K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$428.23K	USD	3 Qtrs
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$14.92M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$46.68K	USD	3 Qtrs
Stock-based compensation expense, as restated	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$132.26K	USD	1 Quarter
Stock-based compensation expense, as restated	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$143.33K	USD	1 Quarter
Stock-based compensation expense, as restated	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$383.43K	USD	3 Qtrs
Stock-based compensation expense, as restated	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$428.23K	USD	3 Qtrs

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