10-Q Filing

KOSS CORP CIK: 56701 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001445305-12-000195`
Period End Date	20111231
Filing Date	20120203
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	koss-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 64 Cash Flow Statement 46

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$293.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$279.00K	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, 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`	7.38M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.38M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$182.06K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$214.34K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.38M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $293,136 and $278,828, respectively	`AccountsReceivableNetCurrent`	$4.37M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $293,136 and $278,828, respectively	`AccountsReceivableNetCurrent`	$6.02M	USD	Point-in-time
Inventories	`InventoryNet`	$7.87M	USD	Point-in-time
Inventories	`InventoryNet`	$9.61M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$292.78K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$627.45K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$414.54K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$258.29K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.03M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$15.62M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.26M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$3.11M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$3.08M	USD	Point-in-time
Product software development costs	`ProductSoftwareDevelopmentCostNet`	$3.23M	USD	Point-in-time
Product software development costs	`ProductSoftwareDevelopmentCostNet`	$3.94M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$825.37K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.63M	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`	$8.96M	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements`	$8.70M	USD	Point-in-time
Total Assets	`Assets`	$28.33M	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`	$3.85M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.36M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.99M	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`	$478.07K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$599.94K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.13M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.68M	USD	Point-in-time
Line of credit facility	`LongTermLineOfCredit`	$2.30M	USD	Point-in-time
Line of credit facility	`LongTermLineOfCredit`	$1.40M	USD	Point-in-time
Deferred compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$2.06M	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`	$4.28M	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$5.26M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.96M	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.39M	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`	$2.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.26M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.93M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.45M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$28.33M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.41M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$12.80M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$9.99M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$22.83M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$18.75M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$7.59M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.19M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$11.62M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$13.26M	USD	2 Qtrs
Gross profit	`GrossProfit`	$7.13M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.80M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.57M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.81M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.69M	USD	2 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$471.18K	USD	2 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-519.93K	USD	2 Qtrs
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$204.90K	USD	1 Quarter
Unauthorized transaction related costs and (recoveries), net	`UnauthorizedTransactionRelatedCostsAndRecoveriesNet`	$-469.52K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.79M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.46M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$6.16M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$5.29M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$3.41M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.84M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.42M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.34M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$24.00	USD	2 Qtrs
Interest expense	`InterestExpense`	$24.01K	USD	1 Quarter
Interest expense	`InterestExpense`	$107.35K	USD	1 Quarter
Interest expense	`InterestExpense`	$64.54K	USD	2 Qtrs
Interest expense	`InterestExpense`	$212.01K	USD	2 Qtrs
Total Other Expense, net	`NonoperatingIncomeExpense`	$-64.54K	USD	2 Qtrs
Total Other Expense, net	`NonoperatingIncomeExpense`	$-211.98K	USD	2 Qtrs
Total Other Expense, net	`NonoperatingIncomeExpense`	$-107.34K	USD	1 Quarter
Total Other Expense, net	`NonoperatingIncomeExpense`	$-24.01K	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.31M	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.20M	USD	2 Qtrs
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.32M	USD	1 Quarter
Income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.77M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$489.07K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$661.41K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$927.84K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.25M	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.94M	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.11M	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$831.21K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.38M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.26	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.15	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.26	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	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`	$0.12	USD	2 Qtrs
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`	$0.12	USD	2 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.94M	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.11M	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$831.21K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.38M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$14.72K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$10.46K	USD	2 Qtrs
Loss on disposals of equipment and leasehold improvements	`GainLossOnDispositionOfProperty`	$-40.00K	USD	2 Qtrs
Loss on disposals of equipment and leasehold improvements	`GainLossOnDispositionOfProperty`	-	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$343.48K	USD	2 Qtrs
Depreciation of equipment and leasehold improvements	`DepreciationDepletionAndAmortization`	$317.07K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$261.93K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$221.50K	USD	2 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$251.19K	USD	2 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$787.66K	USD	2 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$3.87K	USD	2 Qtrs
Change in cash surrender value of life insurance	`IncreaseDecreaseInCashSurrenderValueOfLifeInsurance`	$-6.93K	USD	2 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$112.93K	USD	2 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$83.98K	USD	2 Qtrs
Net changes in operating assets and liabilities (Note 10)	`IncreaseDecreaseInOperatingCapital`	$1.96M	USD	2 Qtrs
Net changes in operating assets and liabilities (Note 10)	`IncreaseDecreaseInOperatingCapital`	$1.16M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$949.81K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.44M	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$348.50K	USD	2 Qtrs
Life insurance premiums paid	`PaymentsToAcquireLifeInsurancePolicies`	$347.91K	USD	2 Qtrs
Purchases of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$397.23K	USD	2 Qtrs
Purchases of equipment and leasehold improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$370.44K	USD	2 Qtrs
Product software development expenditures	`PaymentsForSoftware`	$479.31K	USD	2 Qtrs
Product software development expenditures	`PaymentsForSoftware`	$713.20K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.43M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.23M	USD	2 Qtrs
Net proceeds from line of credit facility	`ProceedsFromLinesOfCredit`	$1.25M	USD	2 Qtrs
Net proceeds from line of credit facility	`ProceedsFromLinesOfCredit`	$900.00K	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$885.92K	USD	2 Qtrs
Dividends paid to stockholders	`PaymentsOfDividends`	$885.92K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$364.08K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$14.07K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$21.52K	USD	2 Qtrs
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$88.84K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$182.06K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$125.50K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$160.54K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$214.34K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$182.06K	USD	Point-in-time
Cash and cash equivalents at end 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`	$214.34K	USD	Point-in-time

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