$KOSS
KOSS CORP

2018 Q4 Form 10-Q Financial Statement

#000005670119000006 Filed on January 25, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $5.411M $5.884M
YoY Change -8.03% -12.02%
Cost Of Revenue $3.749M $4.014M
YoY Change -6.61% -10.43%
Gross Profit $1.662M $1.877M
YoY Change -11.43% -14.94%
Gross Profit Margin 30.72% 31.9%
Selling, General & Admin $1.559M $1.800M
YoY Change -13.38% -9.41%
% of Gross Profit 93.8% 95.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $120.0K $130.0K
YoY Change -7.69% 0.0%
% of Gross Profit 7.22% 6.93%
Operating Expenses $1.559M $1.800M
YoY Change -13.38% -9.41%
Operating Profit $103.1K $76.70K
YoY Change 34.48% -65.03%
Interest Expense $0.00 $2.526K
YoY Change -100.0% 2040.68%
% of Operating Profit 0.0% 3.29%
Other Income/Expense, Net
YoY Change
Pretax Income $103.1K $75.95K
YoY Change 35.82% -65.88%
Income Tax $3.017M
% Of Pretax Income 3972.0%
Net Earnings $103.1K -$2.941M
YoY Change -103.51% -2198.74%
Net Earnings / Revenue 1.91% -49.98%
Basic Earnings Per Share $0.01 -$0.40
Diluted Earnings Per Share $0.01 -$0.40
COMMON SHARES
Basic Shares Outstanding 7.405M 7.383M shares
Diluted Shares Outstanding 7.413M 7.383M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.250M $460.0K
YoY Change 389.13% -43.21%
Cash & Equivalents $2.247M $1.570M
Short-Term Investments
Other Short-Term Assets $270.0K $280.0K
YoY Change -3.57% -31.71%
Inventory $7.186M $7.435M
Prepaid Expenses
Receivables $3.010M $3.686M
Other Receivables $30.00K $30.00K
Total Short-Term Assets $12.74M $11.89M
YoY Change 7.16% -11.32%
LONG-TERM ASSETS
Property, Plant & Equipment $995.9K $1.374M
YoY Change -27.54% -13.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.498M $6.328M
YoY Change 50.1% -30.58%
Total Long-Term Assets $10.49M $7.702M
YoY Change 36.25% -28.09%
TOTAL ASSETS
Total Short-Term Assets $12.74M $11.89M
Total Long-Term Assets $10.49M $7.702M
Total Assets $23.24M $19.59M
YoY Change 18.6% -18.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.790M $1.244M
YoY Change 43.91% -37.75%
Accrued Expenses $637.8K $1.062M
YoY Change -39.93% -9.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.311M $2.306M
YoY Change 43.59% -27.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.280M $157.0K
YoY Change 3262.12% -9.46%
Total Long-Term Liabilities $5.279M $2.468M
YoY Change 113.86% 4.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.311M $2.306M
Total Long-Term Liabilities $5.279M $2.468M
Total Liabilities $8.589M $4.774M
YoY Change 79.92% -13.68%
SHAREHOLDERS EQUITY
Retained Earnings $8.616M $9.194M
YoY Change -6.29% -30.88%
Common Stock $6.030M $5.623M
YoY Change 7.23% 6.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.65M $14.82M
YoY Change
Total Liabilities & Shareholders Equity $23.24M $19.59M
YoY Change 18.6% -18.77%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $103.1K -$2.941M
YoY Change -103.51% -2198.74%
Depreciation, Depletion And Amortization $120.0K $130.0K
YoY Change -7.69% 0.0%
Cash From Operating Activities $640.0K $290.0K
YoY Change 120.69% -39.58%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$70.00K
YoY Change 42.86% -46.15%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$100.0K -$70.00K
YoY Change 42.86% -46.15%
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 640.0K 290.0K
Cash From Investing Activities -100.0K -70.00K
Cash From Financing Activities 0.000 0.000
Net Change In Cash 540.0K 220.0K
YoY Change 145.45% -37.14%
FREE CASH FLOW
Cash From Operating Activities $640.0K $290.0K
Capital Expenditures -$100.0K -$70.00K
Free Cash Flow $740.0K $360.0K
YoY Change 105.56% -40.98%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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2716532 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
190000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
190000 USD
CY2018Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3102263 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2976404 USD
CY2017Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y9M0D
CY2018Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y12M0D
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9476635 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9498435 USD
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
58931 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
24228 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
130897 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
122915 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
230121 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
112599 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
206776 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
266637 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
46677 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1132105 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
995874 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-4341 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
30806 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8414570 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8616102 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5890861 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11974916 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5411227 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11196066 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1800304 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3448010 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1530626 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3263520 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
490000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
585000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.89
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.79
CY2017Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
82791 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
165832 USD
CY2018Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
97555 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
194356 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
14203754 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
14414643 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
14646319 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2241389 USD
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7382706 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7382706 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7413391 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7423517 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7404831 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7397291 shares
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 &#8212; 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.</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 the 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><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><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;font-size:10pt;"><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 offers 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;font-size:10pt;"><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 and expected volumes. Changes in such accruals may be required if actual sales volume differs from estimated sales volume, which would affect net sales and operating results in the period such variances become known.</font></div></div>

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