$KOSS
KOSS CORP

2018 Q1 Form 10-Q Financial Statement

#000005670118000004 Filed on January 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2016 Q4
Revenue $4.327M $5.884M $6.688M
YoY Change -9.37% -12.02% -7.49%
Cost Of Revenue $3.377M $4.014M $4.481M
YoY Change -11.68% -10.43% -1.87%
Gross Profit $1.013M $1.877M $2.207M
YoY Change 6.64% -14.94% -17.13%
Gross Profit Margin 23.42% 31.9% 33.0%
Selling, General & Admin $1.771M $1.800M $1.987M
YoY Change -9.89% -9.41% -0.09%
% of Gross Profit 174.78% 95.91% 90.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $130.0K $130.0K $130.0K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit 12.83% 6.93% 5.89%
Operating Expenses $1.771M $1.800M $1.987M
YoY Change -9.89% -9.41% -0.09%
Operating Profit -$757.9K $76.70K $219.3K
YoY Change -25.36% -65.03% -67.45%
Interest Expense $0.00 $2.526K $118.00
YoY Change 2040.68% -84.41%
% of Operating Profit 3.29% 0.05%
Other Income/Expense, Net
YoY Change
Pretax Income -$757.9K $75.95K $222.6K
YoY Change -28.17% -65.88% -64.97%
Income Tax $4.274K $3.017M $82.49K
% Of Pretax Income 3972.0% 37.06%
Net Earnings -$762.2K -$2.941M $140.1K
YoY Change -31.8% -2198.74% -63.76%
Net Earnings / Revenue -17.62% -49.98% 2.1%
Basic Earnings Per Share -$0.10 -$0.40 $0.02
Diluted Earnings Per Share -$0.10 -$0.40 $0.02
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.383M shares 7.383M shares
Diluted Shares Outstanding 7.383M shares 7.383M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.570M $460.0K $810.0K
YoY Change 109.33% -43.21% -61.97%
Cash & Equivalents $1.570M $1.570M $807.9K
Short-Term Investments
Other Short-Term Assets $330.0K $280.0K $410.0K
YoY Change -10.81% -31.71% -82.33%
Inventory $6.356M $7.435M $7.980M
Prepaid Expenses
Receivables $3.009M $3.686M $3.679M
Other Receivables $30.00K $30.00K $530.0K
Total Short-Term Assets $11.29M $11.89M $13.41M
YoY Change -6.57% -11.32% -4.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.273M $1.374M $1.595M
YoY Change -14.98% -13.84% -0.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.337M $6.328M $9.116M
YoY Change -29.67% -30.58% 20.59%
Total Long-Term Assets $7.611M $7.702M $10.71M
YoY Change -27.58% -28.09% 17.0%
TOTAL ASSETS
Total Short-Term Assets $11.29M $11.89M $13.41M
Total Long-Term Assets $7.611M $7.702M $10.71M
Total Assets $18.90M $19.59M $24.12M
YoY Change -16.34% -18.77% 3.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $828.5K $1.244M $1.998M
YoY Change -41.45% -37.75% 22.84%
Accrued Expenses $1.507M $1.062M $1.169M
YoY Change 19.3% -9.16% -52.1%
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 $2.336M $2.306M $3.167M
YoY Change -12.79% -27.2% -22.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $159.4K $157.0K $173.5K
YoY Change -4.34% -9.46% -9.85%
Total Long-Term Liabilities $2.479M $2.468M $2.364M
YoY Change 5.13% 4.42% 4.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.336M $2.306M $3.167M
Total Long-Term Liabilities $2.479M $2.468M $2.364M
Total Liabilities $4.815M $4.774M $5.531M
YoY Change -4.4% -13.68% -12.75%
SHAREHOLDERS EQUITY
Retained Earnings $8.382M $9.194M $13.30M
YoY Change -31.21% -30.88% 11.09%
Common Stock $5.706M $5.623M $5.285M
YoY Change 6.19% 6.41% 7.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.09M $14.82M $18.59M
YoY Change
Total Liabilities & Shareholders Equity $18.90M $19.59M $24.12M
YoY Change -16.34% -18.77% 3.85%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$762.2K -$2.941M $140.1K
YoY Change -31.8% -2198.74% -63.76%
Depreciation, Depletion And Amortization $130.0K $130.0K $130.0K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities $1.130M $290.0K $480.0K
YoY Change -5750.0% -39.58% -81.25%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$70.00K -$130.0K
YoY Change -33.33% -46.15% -38.1%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$20.00K -$70.00K -$130.0K
YoY Change -33.33% -46.15% -38.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 1.130M 290.0K 480.0K
Cash From Investing Activities -20.00K -70.00K -130.0K
Cash From Financing Activities 0.000 0.000
Net Change In Cash 1.110M 220.0K 350.0K
YoY Change -2320.0% -37.14% -85.11%
FREE CASH FLOW
Cash From Operating Activities $1.130M $290.0K $480.0K
Capital Expenditures -$20.00K -$70.00K -$130.0K
Free Cash Flow $1.150M $360.0K $610.0K
YoY Change 11400.0% -40.98% -77.98%

Facts In Submission

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64486 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
15324 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
164418 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
157044 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
131769 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
130897 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
335381 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
230121 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
206395 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
276859 USD
CY2017Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
220541 USD
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
204251 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1408091 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1374319 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-1811 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-4341 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
12114688 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9194467 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6687797 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13036503 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
17572312 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
14817923 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
401368 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
-2754389 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD
CY2017Q4 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2241389 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2241389 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
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
5883877 USD
us-gaap Sales Revenue Net
SalesRevenueNet
11950507 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1987391 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3763162 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1800304 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3448010 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
485000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
490000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.33
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.89
CY2016Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
88522 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
177045 USD
CY2017Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
82791 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
165832 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NEW ACCOUNTING PRONOUNCEMENTS</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09 (Topic 606), Revenue from Contracts with Customers. This new standard supersedes nearly all existing revenue recognition guidance and provides a five-step analysis to determine when and how revenue is recognized. The underlying principle is to recognize revenue when promised goods or services transfer to the customer. The amount of revenue recognized is to reflect the consideration expected to be received for those goods or services. The new standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts. The standard permits the use of either the retrospective or cumulative effect transition method. The Company will adopt the new standard in the first quarter of fiscal 2019 and anticipates using the retrospective method.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has begun the assessment of the new revenue standard through review of customer contracts and identification of what performance obligations exist. The preliminary results of our assessment indicate that the Company expects an immaterial impact on its consolidated financial statements and related disclosures. The Company is continuing its assessment and may identify other impacts.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02 (Topic 842), Leases. This new standard revises existing lease guidance and requires all leases to be recorded on a company's balance sheet as right-of-use assets and lease liabilities. The new guidance also requires additional disclosures about leases. The Company plans to early adopt the new standard in the first quarter of fiscal 2019.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has begun the assessment of the new lease standard through review of lease contracts and calculation of the required adjustments. The preliminary result of our assessment is that the Company expects an immaterial impact on its consolidated statement of operations and a material impact as a result of recording the right-of-use asset and corresponding lease liability on the Company's consolidated balance sheet. The Company is continuing its assessment and may identify other impacts.</font></div></div>

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