$KOSS
KOSS CORP

2014 Q2 Form 10-Q Financial Statement

#000005670114000010 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $6.190M $4.300M $8.302M
YoY Change -37.54% -48.2% 0.85%
Cost Of Revenue $5.500M $3.207M $4.998M
YoY Change -5.34% -35.84% -1.63%
Gross Profit $700.0K $1.094M $3.304M
YoY Change -82.89% -66.9% 4.84%
Gross Profit Margin 11.31% 25.43% 39.8%
Selling, General & Admin $2.540M $2.354M $3.112M
YoY Change -39.81% -24.34% 3.13%
% of Gross Profit 362.86% 215.28% 94.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $160.0K $150.0K $600.0K
YoY Change -73.77% -75.0% 252.94%
% of Gross Profit 22.86% 13.72% 18.16%
Operating Expenses $2.540M $2.123M $3.264M
YoY Change -39.67% -34.95% 35.97%
Operating Profit -$1.840M -$1.030M $40.07K
YoY Change 1433.33% -2669.23% -94.67%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $0.00 $70.00K $16.79K
YoY Change -100.0% 317.01% -93.06%
Pretax Income -$3.700M -$964.0K $56.86K
YoY Change -156.75% -1795.46% -94.28%
Income Tax -$1.540M -$938.9K -$58.58K
% Of Pretax Income -103.03%
Net Earnings -$2.150M -$25.12K $120.0K
YoY Change -146.64% -120.93% -86.67%
Net Earnings / Revenue -34.73% -0.58% 1.45%
Basic Earnings Per Share $0.00 $0.02
Diluted Earnings Per Share -$291.3K $0.00 $0.02
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.383M shares 7.383M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.900M $2.750M $510.0K
YoY Change 120.93% 439.22% 325.0%
Cash & Equivalents $1.899M $2.749M $506.0K
Short-Term Investments
Other Short-Term Assets $2.730M $1.990M $1.720M
YoY Change 66.46% 15.7% 32.31%
Inventory $7.055M $9.668M $9.989M
Prepaid Expenses
Receivables $3.161M $2.349M $3.618M
Other Receivables $1.110M $0.00 $0.00
Total Short-Term Assets $15.95M $16.75M $15.83M
YoY Change -36.67% 5.82% 7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $1.840M $2.046M $2.415M
YoY Change -21.28% -15.3% -18.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.601M $7.330M $5.570M
YoY Change 31.23% 31.6% -7.78%
Total Long-Term Assets $8.441M $9.379M $11.12M
YoY Change -15.95% -15.66% -15.65%
TOTAL ASSETS
Total Short-Term Assets $15.95M $16.75M $15.83M
Total Long-Term Assets $8.441M $9.379M $11.12M
Total Assets $24.39M $26.13M $26.95M
YoY Change -30.76% -3.04% -3.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.465M $2.045M $3.140M
YoY Change -8.23% -34.87% -8.03%
Accrued Expenses $3.853M $3.547M $1.943M
YoY Change -18.11% 82.53% 0.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.493M $6.320M $6.672M
YoY Change -38.55% -5.28% -3.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $336.8K $449.0K $740.0K
YoY Change -54.49% -39.33% -4.65%
Total Long-Term Liabilities $2.657M $2.621M $3.254M
YoY Change -18.76% -19.43% -27.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.493M $6.320M $6.672M
Total Long-Term Liabilities $2.657M $2.621M $3.254M
Total Liabilities $9.150M $8.941M $9.926M
YoY Change -33.87% -9.92% -13.18%
SHAREHOLDERS EQUITY
Retained Earnings $11.21M $13.36M $13.92M
YoY Change -38.05% -4.04% -0.14%
Common Stock $4.033M $3.830M $3.102M
YoY Change 22.2% 23.44% 21.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.24M $17.19M $17.03M
YoY Change
Total Liabilities & Shareholders Equity $24.39M $26.13M $26.95M
YoY Change -30.76% -3.04% -3.47%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$2.150M -$25.12K $120.0K
YoY Change -146.64% -120.93% -86.67%
Depreciation, Depletion And Amortization $160.0K $150.0K $600.0K
YoY Change -73.77% -75.0% 252.94%
Cash From Operating Activities -$350.0K $340.0K $1.610M
YoY Change -136.46% -78.88% 11.81%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$40.00K -$100.0K
YoY Change -62.5% -60.0% -61.54%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$60.00K -$40.00K -$100.0K
YoY Change -60.0% -60.0% -61.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -440.0K -440.0K -1.200M
YoY Change 0.0% -63.33% -3.23%
NET CHANGE
Cash From Operating Activities -350.0K 340.0K 1.610M
Cash From Investing Activities -60.00K -40.00K -100.0K
Cash From Financing Activities -440.0K -440.0K -1.200M
Net Change In Cash -850.0K -140.0K 310.0K
YoY Change -329.73% -145.16% -616.67%
FREE CASH FLOW
Cash From Operating Activities -$350.0K $340.0K $1.610M
Capital Expenditures -$60.00K -$40.00K -$100.0K
Free Cash Flow -$290.0K $380.0K $1.710M
YoY Change -125.89% -77.78% 0.59%

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258638 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
432750 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
480497 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
339795 USD
CY2013Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
465589 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2045669 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2337982 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18089152 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13361705 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8302113 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
4300373 USD
koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-65536 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9134158 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
1134082 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3111919 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2354337 USD
us-gaap Sales Revenue Net
SalesRevenueNet
17648927 USD
us-gaap Sales Revenue Net
SalesRevenueNet
25859006 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7925186 USD
us-gaap Share Based Compensation
ShareBasedCompensation
440533 USD
us-gaap Share Based Compensation
ShareBasedCompensation
516829 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
172477 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
146592 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
430000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
445000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.64
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.29
CY2014Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
150000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
21389674 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
17191488 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
-4198186 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
-68072 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
203782 USD
CY2014Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
CY2013Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
2732524 USD
CY2014Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
284585 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
150000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
696113 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
CY2014Q1 koss Accumulatedamortizationandimpairment
Accumulatedamortizationandimpairment
4374477 USD
CY2013Q2 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
7705663 USD
CY2014Q1 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
7333785 USD
koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
0 USD
koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
4535747 USD
CY2013Q1 koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
0 USD
CY2014Q1 koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
0 USD
CY2014Q1 koss Derivative Liability Death Benefitof Life Insurance Policy Company Maintainsto Fund Substantial Portionofthe Liability
DerivativeLiabilityDeathBenefitofLifeInsurancePolicyCompanyMaintainstoFundSubstantialPortionoftheLiability
1150000 USD
CY2014Q1 koss Derivative Liability Repurchase Pricepercentof Fair Market Value
DerivativeLiabilityRepurchasePricepercentofFairMarketValue
0.95 Rate
CY2014Q1 koss Derivative Liabilityminimumpercent Companymayelecttopayincashuponexerciseofput
DerivativeLiabilityminimumpercentCompanymayelecttopayincashuponexerciseofput
0.25 Rate
CY2014Q1 koss Derivative Liabilityyearsoverwhich Companymayexecuteapromissorynotepayableforthebalanceattheprimerateofinterest
DerivativeLiabilityyearsoverwhichCompanymayexecuteapromissorynotepayableforthebalanceattheprimerateofinterest
P4Y
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
15014 USD
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
0 USD
CY2014Q1 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
0 USD
CY2013Q1 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
692 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
306375 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
332608 USD
CY2013Q1 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
27602 USD
CY2014Q1 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
317553 USD
CY2013Q1 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
11941 USD
CY2014Q1 koss Gain Contingency Legal Fees
GainContingencyLegalFees
86391 USD
CY2013Q1 koss Gain Contingency Legal Fees
GainContingencyLegalFees
180295 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
1360664 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1375678 USD
CY2014Q1 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
317553 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1134082 USD
CY2013Q1 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
28294 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
86486 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
15604 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
16386 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
35821 USD
CY2014Q1 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
CY2013Q1 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-33742 USD
koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-33742 USD
CY2014Q1 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-65536 USD
koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
39719 USD
CY2013Q1 koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
-16786 USD
koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
-49737 USD
CY2014Q1 koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
-65536 USD
CY2010Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMaximum
0.03 Rate
CY2010Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Minimum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMinimum
0.02 Rate
CY2010Q2 koss Line Of Credit Facility Percent Over Prime Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverPrimeDependingOnCompanysLeverageRatioMaximum
0.0075 Rate
CY2010Q2 koss Line Of Credit Facility Percent Over Prime Depending Upon Company Leverage Ratio Minimum
LineOfCreditFacilityPercentOverPrimeDependingUponCompanyLeverageRatioMinimum
0 Rate
CY2010Q2 koss Line Of Credit Facility Unused Capacity Commitment Fee Percentage Maximum
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageMaximum
0.0045 Rate
CY2010Q2 koss Line Of Credit Facility Unused Capacity Commitment Fee Percentage Minimum
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageMinimum
0.003 Rate
CY2014Q1 koss Product Software Development Expenditures Net
ProductSoftwareDevelopmentExpendituresNet
0 USD
CY2013Q2 koss Product Software Development Expenditures Net
ProductSoftwareDevelopmentExpendituresNet
2673291 USD
CY2013Q3 koss Product Software Development Expenditures Net
ProductSoftwareDevelopmentExpendituresNet
2308752 USD
koss Productdesigncostsandassumedliabilities
Productdesigncostsandassumedliabilities
263503 USD
CY2014Q1 koss Productdesigncostsandassumedliabilities
Productdesigncostsandassumedliabilities
0 USD
koss Provisionfor Doubtful Accounts Netof Recoveries
ProvisionforDoubtfulAccountsNetofRecoveries
-632 USD
koss Provisionfor Doubtful Accounts Netof Recoveries
ProvisionforDoubtfulAccountsNetofRecoveries
-102567 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-1043070 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-827707 USD
CY2013Q1 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
152001 USD
CY2014Q1 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-231162 USD
koss Writedownofcapitalizedsoftwareinventorytooling
Writedownofcapitalizedsoftwareinventorytooling
0 USD
koss Writedownofcapitalizedsoftwareinventorytooling
Writedownofcapitalizedsoftwareinventorytooling
4535747 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000056701
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7382706 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2012Q4 dei Entity Public Float
EntityPublicFloat
12824625 USD
dei Entity Registrant Name
EntityRegistrantName
KOSS CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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