$KOSS
KOSS CORP Stock $koss

$koss Overview Financials Valuation SEC Filings Company Website

2018 Q3 Form 10-Q Financial Statement

#000005670118000044 Filed on November 02, 2018

Income Statement

Concept	2018 Q3	2017 Q3
Revenue	$5.785M	$6.084M
YoY Change	-4.92%	-4.17%
Cost Of Revenue	$3.954M	$4.400M
YoY Change	-10.15%	-0.14%
Gross Profit	$1.831M	$1.684M
YoY Change	8.76%	-13.31%
Gross Profit Margin	31.65%	27.67%
Selling, General & Admin	$1.790M	$1.648M
YoY Change	8.61%	-7.21%
% of Gross Profit	97.73%	97.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$125.7K	$131.4K
YoY Change	-4.27%	6.07%
% of Gross Profit	6.87%	7.8%
Operating Expenses	$1.790M	$1.648M
YoY Change	8.61%	-7.21%
Operating Profit	$41.60K	$35.94K
YoY Change	15.72%	-78.41%
Interest Expense	$0.00	$2.692K
YoY Change	-100.0%	218.2%
% of Operating Profit	0.0%	7.49%
Other Income/Expense, Net
YoY Change
Pretax Income	$41.60K	$47.66K
YoY Change	-12.73%	-62.81%
Income Tax	$25.00	$25.69K
% Of Pretax Income	0.06%	53.91%
Net Earnings	$41.57K	$21.97K
YoY Change	89.22%	-73.91%
Net Earnings / Revenue	0.72%	0.36%
Basic Earnings Per Share	$0.01	$0.00
Diluted Earnings Per Share	$0.01	$0.00
COMMON SHARES
Basic Shares Outstanding	7.390M	7.383M shares
Diluted Shares Outstanding	7.484M

Balance Sheet

Concept	2018 Q3	2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$1.700M	$240.0K
YoY Change	608.33%	-47.83%
Cash & Equivalents	$1.698M	$241.1K
Short-Term Investments
Other Short-Term Assets	$320.0K	$330.0K
YoY Change	-3.03%	-35.29%
Inventory	$6.397M	$8.372M
Prepaid Expenses
Receivables	$3.587M	$3.965M
Other Receivables	$30.00K	$60.00K
Total Short-Term Assets	$12.04M	$12.98M
YoY Change	-7.25%	6.19%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.021M	$1.434M
YoY Change	-28.79%	-10.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$9.561M	$9.315M
YoY Change	2.64%	2.08%
Total Long-Term Assets	$10.58M	$10.75M
YoY Change	-1.55%	0.25%
TOTAL ASSETS
Total Short-Term Assets	$12.04M	$12.98M
Total Long-Term Assets	$10.58M	$10.75M
Total Assets	$22.62M	$23.73M
YoY Change	-4.67%	3.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.133M	$2.433M
YoY Change	-53.46%	283.67%
Accrued Expenses	$885.7K	$1.155M
YoY Change	-23.35%	-27.33%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$2.859M	$3.589M
YoY Change	-20.35%	61.35%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$5.350M	$163.0K
YoY Change	3182.21%	-5.1%
Total Long-Term Liabilities	$5.346M	$2.466M
YoY Change	116.81%	4.45%
TOTAL LIABILITIES
Total Short-Term Liabilities	$2.859M	$3.589M
Total Long-Term Liabilities	$5.346M	$2.466M
Total Liabilities	$8.205M	$6.055M
YoY Change	35.51%	32.05%
SHAREHOLDERS EQUITY
Retained Earnings	$8.482M	$12.13M
YoY Change	-30.09%	-7.83%
Common Stock	$5.933M	$5.541M
YoY Change	7.07%	6.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$14.41M	$17.67M
YoY Change
Total Liabilities & Shareholders Equity	$22.62M	$23.73M
YoY Change	-4.67%	3.42%

Cashflow Statement

Concept	2018 Q3	2017 Q3
OPERATING ACTIVITIES
Net Income	$41.57K	$21.97K
YoY Change	89.22%	-73.91%
Depreciation, Depletion And Amortization	$125.7K	$131.4K
YoY Change	-4.27%	6.07%
Cash From Operating Activities	$707.8K	$100.0K
YoY Change	607.79%	66.67%
INVESTING ACTIVITIES
Capital Expenditures	$14.79K	$157.2K
YoY Change	-90.59%	-23.78%
Acquisitions
YoY Change
Other Investing Activities	-$120.0K	-$130.0K
YoY Change	-7.69%	0.0%
Cash From Investing Activities	-$137.5K	-$290.0K
YoY Change	-52.57%	-14.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	46.68K	0.000
YoY Change
NET CHANGE
Cash From Operating Activities	707.8K	100.0K
Cash From Investing Activities	-137.5K	-290.0K
Cash From Financing Activities	46.68K	0.000
Net Change In Cash	616.9K	-190.0K
YoY Change	-424.7%	-32.14%
FREE CASH FLOW
Cash From Operating Activities	$707.8K	$100.0K
Capital Expenditures	$14.79K	$157.2K
Free Cash Flow	$693.0K	-$57.24K
YoY Change	-1310.65%	-60.88%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2018Q3	dei	Amendment Flag AmendmentFlag	false
CY2018Q3	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--06-30
CY2018Q3	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2018Q3	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2019
CY2018Q3	dei	Document Period End Date DocumentPeriodEndDate	2018-09-30
CY2018Q3	dei	Document Type DocumentType	10-Q
CY2018Q3	dei	Entity Central Index Key EntityCentralIndexKey	0000056701
CY2018Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	7404831	shares
CY2018Q3	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2018Q3	dei	Entity Filer Category EntityFilerCategory	Smaller Reporting Company
CY2017Q4	dei	Entity Public Float EntityPublicFloat	8010893	USD
CY2018Q3	dei	Entity Registrant Name EntityRegistrantName	KOSS CORP
CY2018Q3	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2018Q3	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2018Q2	koss	Customer Refund Liabilities Current CustomerRefundLiabilitiesCurrent	53365	USD
CY2017Q3	koss	Gain Contingency Legal Fees GainContingencyLegalFees	0	USD
CY2018Q3	koss	Customer Refund Liabilities Current CustomerRefundLiabilitiesCurrent	150243	USD
CY2018Q3	koss	Gain Contingency Legal Fees GainContingencyLegalFees	32500	USD
CY2017Q3	koss	Gain Contingency Proceeds From Asset Forfeitures GainContingencyProceedsFromAssetForfeitures	14409	USD
CY2018Q3	koss	Gain Contingency Proceeds From Asset Forfeitures GainContingencyProceedsFromAssetForfeitures	1646	USD
CY2017Q3	koss	Unauthorized Transaction Related Costs Recoveries Net UnauthorizedTransactionRelatedCostsRecoveriesNet	-14409	USD
CY2018Q3	koss	Unauthorized Transaction Related Costs Recoveries Net UnauthorizedTransactionRelatedCostsRecoveriesNet	30854	USD
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CY2018Q2	us-gaap	Accrued Bonuses Current AccruedBonusesCurrent	17975	USD
CY2018Q3	us-gaap	Accrued Bonuses Current AccruedBonusesCurrent	6265	USD
CY2018Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	788961	USD
CY2018Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	885738	USD
CY2018Q2	us-gaap	Accrued Marketing Costs Current AccruedMarketingCostsCurrent	292873	USD
CY2018Q3	us-gaap	Accrued Marketing Costs Current AccruedMarketingCostsCurrent	324071	USD
CY2018Q2	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	81000	USD
CY2018Q3	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	82500	USD
CY2018Q2	us-gaap	Accrued Sales Commission Current AccruedSalesCommissionCurrent	74078	USD
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CY2017Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	432283	USD
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CY2018Q3	us-gaap	Common Stock Value CommonStockValue	37024	USD
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CY2018Q3	us-gaap	Operating Lease Payments OperatingLeasePayments	95000	USD
CY2018Q2	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	3102263	USD
CY2018Q3	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	3039667	USD
CY2017Q3	us-gaap	Operating Lease Weighted Average Remaining Lease Term OperatingLeaseWeightedAverageRemainingLeaseTerm	P10Y9M0D
CY2018Q3	us-gaap	Operating Lease Weighted Average Remaining Lease Term OperatingLeaseWeightedAverageRemainingLeaseTerm	P9Y9M0D
CY2018Q2	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	9476635	USD
CY2018Q3	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	9561242	USD
CY2018Q2	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	58931	USD
CY2018Q3	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	70862	USD
CY2018Q2	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	0	USD
CY2017Q3	us-gaap	Payments To Acquire Life Insurance Policies PaymentsToAcquireLifeInsurancePolicies	130736	USD
CY2018Q3	us-gaap	Payments To Acquire Life Insurance Policies PaymentsToAcquireLifeInsurancePolicies	122754	USD
CY2017Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	157242	USD
CY2018Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	14790	USD
CY2018Q2	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	206776	USD
CY2018Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	322461	USD
CY2017Q3	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	0	USD
CY2018Q3	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	46677	USD
CY2018Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1132105	USD
CY2018Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1021147	USD
CY2017Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-3653	USD
CY2018Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	42938	USD
CY2018Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	8414570	USD
CY2018Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	8481981	USD
CY2017Q3	us-gaap	Sales Revenue Net SalesRevenueNet	6084055	USD
CY2018Q3	us-gaap	Sales Revenue Net SalesRevenueNet	5784839	USD
CY2017Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1647706	USD
CY2018Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1732894	USD
CY2017Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod	490000	shares
CY2018Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod	535000	shares
CY2017Q3	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	1.89
CY2018Q3	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	2.81
CY2017Q3	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	0	USD
CY2018Q3	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	46677	USD
CY2017Q3	us-gaap	Stock Option Plan Expense StockOptionPlanExpense	83041	USD
CY2018Q3	us-gaap	Stock Option Plan Expense StockOptionPlanExpense	96801	USD
CY2018Q2	us-gaap	Stockholders Equity StockholdersEquity	14203754	USD
CY2018Q3	us-gaap	Stockholders Equity StockholdersEquity	14414643	USD
CY2017Q3	us-gaap	Stockholders Equity Period Increase Decrease StockholdersEquityPeriodIncreaseDecrease	105010	USD
CY2018Q3	us-gaap	Stockholders Equity Period Increase Decrease StockholdersEquityPeriodIncreaseDecrease	210889	USD
CY2018Q2	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	0	USD
CY2018Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	7483866	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	7382706	shares
CY2018Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	7389751	shares
CY2018Q3	us-gaap	Revenue Recognition Sales Of Goods RevenueRecognitionSalesOfGoods	<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;">REVENUE RECOGNITION — In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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.</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;">The Company adopted the requirements of the new standard on July 1, 2018 using the full retrospective transition method. Prior period consolidated financial statements were restated to reflect full retrospective adoption beginning with this Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. </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;">Revenues from product sales are recognized when the customer obtains control of the product, which typically occurs upon shipment from the Company's facility. There are a very limited number of customers for which control does not pass until they have received the products at their facility. Revenue from product sales is adjusted for estimated warranty obligations and variable consideration, which are detailed below.</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;font-style:italic;">Warranties</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 offers a lifetime warranty to consumers in the United States and certain other countries. This lifetime warranty creates a future performance obligation. There are also certain foreign distributors that receive warranty repair parts and replacement headphones to satisfy warranty obligations in those countries. The Company defers revenue to recognize the future obligations related to these warranties. The deferred revenue is based on historical analysis of warranty claims relative to sales. This deferred revenue reflects the Company's best estimates of the amount of warranty returns and repairs it will experience during those future periods. If future warranty activity varies from the estimates, the Company will adjust the estimated deferred revenue, which would affect net sales and operating results in the period that such adjustment becomes known. </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;font-style:italic;">Reserves for Variable Consideration</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;">Revenue from product sales is recorded at the net sales price, which includes estimates of variable consideration for which reserves are established and which result from returns, rebates, and co-pay assistance that are offered within contracts between the Company and its customers. Overall, these reserves reflect the Company's best estimates of the amount of consideration to which it is entitled based on the terms of the contract. If actual results in the future vary from the estimates, the Company will adjust these estimates, which would affect net sales and operating results in the period such variances become known.</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product Returns - </font><font style="font-family:inherit;font-size:10pt;">The Company generally offer customers a limited right of return. The Company estimates the amount of product sales that may be returned by its customers and records the estimate as a reduction of revenue in the period the related product revenue is recognized. Product return liabilities are estimated using historical sales and returns information. If actual results in the future vary from the estimates, the Company will adjust these estimates, which would affect net sales and operating results in the period such variances become known.</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Volume Rebates - </font><font style="font-family:inherit;font-size:10pt;">The Company offers volume rebates to certain customers in the United Sates and certain foreign distributors. These volume rebates are tied to sales volume within specified periods.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">The amount of revenue is reduced for variable consideration related to customer rebates, which are calculated using expected values and is based on program specific factors such as expected rebate percentages based on expected volumes. Changes in such accruals may be required if actual sales volume differs from estimated sales volume.</font></div></div>

Files In Submission

Name	View Source	Status
0000056701-18-000044-index-headers.html	Edgar Link	pending
0000056701-18-000044-index.html	Edgar Link	pending
0000056701-18-000044.txt	Edgar Link	pending
0000056701-18-000044-xbrl.zip	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
fy19q110-q.htm	Edgar Link	pending
koss-20180930.xml	Edgar Link	completed
koss-20180930.xsd	Edgar Link	pending
koss-20180930_cal.xml	Edgar Link	unprocessable
koss-20180930_def.xml	Edgar Link	unprocessable
koss-20180930_lab.xml	Edgar Link	unprocessable
koss-20180930_pre.xml	Edgar Link	unprocessable
kossexhibit31109302018.htm	Edgar Link	pending
kossexhibit31209302018.htm	Edgar Link	pending
kossexhibit32109302018.htm	Edgar Link	pending
kossexhibit32209302018.htm	Edgar Link	pending
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$KOSS
KOSS CORP Stock $koss

2018 Q3 Form 10-Q Financial Statement

#000005670118000044 Filed on November 02, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$KOSS KOSS CORP Stock $koss

2018 Q3 Form 10-Q Financial Statement

#000005670118000044 Filed on November 02, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$KOSS
KOSS CORP Stock $koss