10-K Filing

KOSS CORP CIK: 56701 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001437749-20-018841`
Period End Date	20200630
Filing Date	20200827
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	koss-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 26 Cash Flow Statement 52 Stockholders Equity 16

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$74.08K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.23M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $74,082 and $2,617, respectively	`AccountsReceivableNetCurrent`	$2.32M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $74,082 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 authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.40M	shares	Point-in-time
Inventories	`InventoryNet`	$5.54M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Inventories	`InventoryNet`	$6.85M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$267.65K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.38M	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
Income taxes receivable	`IncomeTaxesReceivable`	$14.62K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$45.66K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.91M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$983.64K	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 asset	`OperatingLeaseRightOfUseAsset`	$2.85M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$2.58M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.57M	USD	Point-in-time
Cash surrender value of life insurance	`CashSurrenderValueOfLifeInsurance`	$6.88M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.43M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$9.46M	USD	Point-in-time
Total assets	`Assets`	$22.58M	USD	Point-in-time
Total assets	`Assets`	$23.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$827.71K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$580.10K	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`	$423.64K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$265.44K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$276.95K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$506.70K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.00M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.33M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.42M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$170.28K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$163.02K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.31M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.58M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.81M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.16M	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
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`	$6.33M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$6.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.24M	USD	Point-in-time
Total stockholder' equity	`StockholdersEquity`	$15.16M	USD	Point-in-time
Total stockholder' equity	`StockholdersEquity`	$14.20M	USD	Point-in-time
Total stockholder' equity	`StockholdersEquity`	$15.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.58M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$18.31M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$21.84M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.65M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$15.02M	USD	Annual
Gross profit	`GrossProfit`	$5.66M	USD	Annual
Gross profit	`GrossProfit`	$6.82M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.54M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.15M	USD	Annual
(Loss) income from operations	`OperatingIncomeLoss`	$276.31K	USD	Annual
(Loss) income from operations	`OperatingIncomeLoss`	$-484.04K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$3.18K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$20.18K	USD	Annual
(Loss) income before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-463.86K	USD	Annual
(Loss) income before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$279.49K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$1.74K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-26.50K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-465.60K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$305.99K	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.40M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.40M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-465.60K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$305.99K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$23.42K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$56.39K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$330.63K	USD	Annual
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$429.75K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$515.68K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$549.59K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-13.28K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$13.28K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$194.08K	USD	Annual
Change in cash surrender value of life insurance	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$72.02K	USD	Annual
Change in deferred compensation accrual	`IncreaseDecreaseInDeferredCompensation`	$63.52K	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
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.03M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.28M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$712.77K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.31M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$133.76K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-72.89K	USD	Annual
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-31.04K	USD	Annual
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$13.29K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.88K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-608.67K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-138.45K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-70.41K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-214.57K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-50.88K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.41M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.80M	USD	Annual
Purchase of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$424.16K	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`	$113.12K	USD	Annual
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-310.99K	USD	Annual
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-537.27K	USD	Annual
Proceeds from SBA loan	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Proceeds from SBA loan	`ProceedsFromIssuanceOfLongTermDebt`	$506.70K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$46.68K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$46.68K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$506.70K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.15M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.77M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.23M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.00M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.23M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-465.60K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$305.99K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$549.59K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$515.68K	USD	Annual
Exercise of common stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	22,125.00	shares	Annual
Exercise of common stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$46.68K	USD	Annual
Balance (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	7.40M	shares	Point-in-time
Balance	`StockholdersEquity`	$15.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.07M	USD	Point-in-time

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