$KOSS
KOSS CORP

2021 Q4 Form 10-Q Financial Statement

#000005670122000006 Filed on February 04, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $4.416M $4.365M $4.930M
YoY Change -10.42% -16.19% 18.43%
Cost Of Revenue $2.866M $2.783M $3.312M
YoY Change -13.46% -22.08% 18.34%
Gross Profit $1.550M $1.582M $1.618M
YoY Change -4.22% -3.32% 18.61%
Gross Profit Margin 35.09% 36.24% 32.82%
Selling, General & Admin $1.229M $1.781M $1.616M
YoY Change -23.92% 18.26% 1.84%
% of Gross Profit 79.33% 112.58% 99.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.66K $80.44K $80.00K
YoY Change 0.83% 8.29% -20.0%
% of Gross Profit 5.2% 5.09% 4.94%
Operating Expenses $1.229M $1.781M $1.616M
YoY Change -23.92% 18.26% 1.84%
Operating Profit $320.4K -$199.0K $2.073K
YoY Change 15355.81% -252.51% -100.93%
Interest Expense $3.626K $633.00 $2.660K
YoY Change 36.32% -130.86% -61.6%
% of Operating Profit 1.13% 128.32%
Other Income/Expense, Net $256.0K $100.0K $506.7K
YoY Change -49.48%
Pretax Income $580.0K -$98.33K $511.4K
YoY Change 13.41% -176.58% -337.11%
Income Tax $1.031K $1.031K $2.543K
% Of Pretax Income 0.18% 0.5%
Net Earnings $579.0K -$99.36K $508.9K
YoY Change 13.77% -178.28% -335.91%
Net Earnings / Revenue 13.11% -2.28% 10.32%
Basic Earnings Per Share $0.06 -$0.01 $0.07
Diluted Earnings Per Share $0.06 -$0.01 $0.07
COMMON SHARES
Basic Shares Outstanding 9.144M 8.844M 7.406M
Diluted Shares Outstanding 10.06M 8.844M 7.453M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.789M $7.233M $4.390M
YoY Change 77.42% 109.66% 96.86%
Cash & Equivalents $7.789M $7.233M $4.395M
Short-Term Investments
Other Short-Term Assets $470.6K $650.1K $400.0K
YoY Change 17.64% 38.32% 73.91%
Inventory $7.746M $7.292M $5.803M
Prepaid Expenses
Receivables $1.458M $2.120M $2.540M
Other Receivables $0.00 $0.00 $10.00K
Total Short-Term Assets $19.47M $17.30M $13.15M
YoY Change 48.07% 38.84% 12.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.195M $1.258M $3.650M
YoY Change -67.25% 7.12% 288.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.864M $9.686M $7.140M
YoY Change 10.15% 0.35% -25.21%
Total Long-Term Assets $9.060M $10.94M $10.79M
YoY Change -16.04% 1.09% 2.89%
TOTAL ASSETS
Total Short-Term Assets $19.47M $17.30M $13.15M
Total Long-Term Assets $9.060M $10.94M $10.79M
Total Assets $28.53M $28.24M $23.94M
YoY Change 19.18% 21.29% 7.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $866.2K $1.023M $1.110M
YoY Change -21.96% 8.95% 33.85%
Accrued Expenses $751.6K $653.9K $1.340M
YoY Change -43.91% -23.02% 75.89%
Deferred Revenue $606.8K $616.6K
YoY Change 13.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.526M $2.591M $3.090M
YoY Change -18.24% -16.93% 31.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.297M $4.670M $4.660M
YoY Change -7.79% -1.28% -6.61%
Total Long-Term Liabilities $4.297M $4.670M $4.660M
YoY Change -7.79% -1.24% -6.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.526M $2.591M $3.090M
Total Long-Term Liabilities $4.297M $4.670M $4.660M
Total Liabilities $6.823M $7.261M $7.750M
YoY Change -11.96% -7.48% 5.51%
SHAREHOLDERS EQUITY
Retained Earnings $9.210M $8.631M
YoY Change 3.2%
Common Stock $12.50M $12.35M
YoY Change 74.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.71M $20.98M $16.19M
YoY Change
Total Liabilities & Shareholders Equity $28.53M $28.24M $23.94M
YoY Change 19.18% 21.29% 7.96%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $579.0K -$99.36K $508.9K
YoY Change 13.77% -178.28% -335.91%
Depreciation, Depletion And Amortization $80.66K $80.44K $80.00K
YoY Change 0.83% 8.29% -20.0%
Cash From Operating Activities $547.4K -$928.1K $960.0K
YoY Change -42.98% 413.04% -1.03%
INVESTING ACTIVITIES
Capital Expenditures -$17.97K $57.19K -$100.0K
YoY Change -82.03% -78.42% 25.0%
Acquisitions
YoY Change
Other Investing Activities -$160.00 -$95.73K $0.00
YoY Change -4.27%
Cash From Investing Activities -$18.12K -$152.9K -$110.0K
YoY Change -83.53% -58.51% 57.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.30K 1.364M 90.00K
YoY Change -70.78%
NET CHANGE
Cash From Operating Activities 547.4K -928.1K 960.0K
Cash From Investing Activities -18.12K -152.9K -110.0K
Cash From Financing Activities 26.30K 1.364M 90.00K
Net Change In Cash 555.6K 283.0K 940.0K
YoY Change -40.9% -151.51% 4.44%
FREE CASH FLOW
Cash From Operating Activities $547.4K -$928.1K $960.0K
Capital Expenditures -$17.97K $57.19K -$100.0K
Free Cash Flow $565.4K -$985.3K $1.060M
YoY Change -46.67% 120.97% 0.95%

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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3999409
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7788804
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4394719
koss Reclassification Of Life Insurance
ReclassificationOfLifeInsurance
1751794
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
19575101
us-gaap Net Income Loss
NetIncomeLoss
479610
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
262785
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1390346
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
21707842
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
15156098
us-gaap Net Income Loss
NetIncomeLoss
635819
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
309756
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
88918
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
16190591
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
20978664
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
578969
CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
123909
CY2021Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
26300
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
21707842
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
15436021
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
508890
CY2020Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
156762
CY2020Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
88918
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
16190591
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
8000000
CY2021Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
39800000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
12000000
CY2021Q4 koss Gain Loss On Life Insurance Proceeds
GainLossOnLifeInsuranceProceeds
256000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
us-gaap Legal Fees
LegalFees
100000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2227757
CY2021Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
2067572
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7312653
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5621228
CY2021Q4 us-gaap Inventory Gross
InventoryGross
9540410
CY2021Q2 us-gaap Inventory Gross
InventoryGross
7688800
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1793961
CY2021Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1787288
CY2021Q4 us-gaap Inventory Net
InventoryNet
7746449
CY2021Q2 us-gaap Inventory Net
InventoryNet
5901512
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4929789
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8780953
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10138084
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
335578
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
200424
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
593920
CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4415886
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
578969
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
508890
us-gaap Net Income Loss
NetIncomeLoss
479610
us-gaap Net Income Loss
NetIncomeLoss
635819
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9144099
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8994023
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7405295
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7405758
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
920614
CY2020Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
47692
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1068892
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
18944
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10064713
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7453450
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10062915
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7424239
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2490061
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2564584
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
koss Lease Extension Per Year
LeaseExtensionPerYear
380000
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
0

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