Koss Corp Files 2024 Annual Report

TL;DR

Koss Corp's 2024 10-K is in. Check financials.

AI Summary

Koss Corporation filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and business operations. The company, headquartered in Milwaukee, WI, operates in the Household Audio & Video Equipment sector. Key financial data and operational details for the fiscal year 2024 are presented in this filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Koss Corporation's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the company operates in a competitive consumer electronics market, which inherently carries risks.

Key Numbers

• 2024-06-30 — Fiscal Year End (Reporting period for the 10-K filing.)
• 2023-07-01 — Start of Fiscal Year (Beginning of the reporting period.)
• 0000056701 — Central Index Key (Unique identifier for Koss Corp in SEC filings.)

Key Players & Entities

• KOSS CORP (company) — Filer
• 20240630 (date) — Fiscal Year End
• MILWAUKEE, WI (location) — Business Address
• HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.005 — nge on which registered Common Stock, $0.005 par value per share KOSS Nasdaq Cap
• $3.35 — roximately $ 17,035,410 b ased on the $3.35 per share closing price of the Company'
• $238,086 — he improvement of existing products was $238,086 during fiscal year 2024. These activiti
• $288,231 — nnel and outside consultants. There was $288,231 in expenses for research and developmen

Filing Documents

• koss-20240630x10k.htm (10-K) — 2741KB
• koss-20240630xex9_1.htm (EX-9.1) — 61KB
• koss-20240630xex10_6.htm (EX-10.6) — 25KB
• koss-20240630xex23_1.htm (EX-23.1) — 4KB
• koss-20240630xex31_1.htm (EX-31.1) — 13KB
• koss-20240630xex31_2.htm (EX-31.2) — 14KB
• koss-20240630xex32_1.htm (EX-32.1) — 7KB
• koss-20240630xex32_2.htm (EX-32.2) — 8KB
• koss-20240630xex97.htm (EX-97) — 41KB
• koss-20240630xex10_6g001.jpg (GRAPHIC) — 30KB
• koss-20240630xex10_6g002.jpg (GRAPHIC) — 20KB
• koss-20240630xex9_1g001.jpg (GRAPHIC) — 69KB
• 0000056701-24-000028.txt ( ) — 12134KB
• koss-20240630.xsd (EX-101.SCH) — 49KB
• koss-20240630_cal.xml (EX-101.CAL) — 72KB
• koss-20240630_def.xml (EX-101.DEF) — 147KB
• koss-20240630_lab.xml (EX-101.LAB) — 525KB
• koss-20240630_pre.xml (EX-101.PRE) — 386KB
• koss-20240630x10k_htm.xml (XML) — 2792KB

Business

Business 5 Item 1A .

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 25 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 25 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A.

Controls and Procedures

Controls and Procedures 25 Item 9B. Other Information 25 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 25 Part III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 26 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accountant Fees and Services 26 PART IV Item 15. Exhibits and Financial Statement Schedules 27 3 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (the "Act") (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities Exchange Commission, press releases, or otherwise. Statements contained in this Form 10-K that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Act. Forward-looking statements may include, but are not limited to, projections of revenue, income or loss and capital expenditures, statements regarding future operations, anticipated financing needs, compliance with financial covenants in loan agreements, plans for acquisitions or sales of assets or businesses, plans relating to products or services of the Company, assessments of materiality, predictions of future events, the effects of pending and possible litigation and assumptions relating to the foregoing. In addition, when used in this Form 10-K, the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "may," "will," "should," "could," "would," "shall," "forecasts," "predicts," "potential," "continue," "seeks," "goal," "projects," and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quan

BUSINESS

ITEM 1. BUSINESS GENERAL As used herein unless the context otherwise requires, the term "Company" means Koss Corporation and its subsidiaries, Koss Corp B.V. and Koss U.K. Limited. Koss Corporation was incorporated in Delaware in 1971. It formed Koss Corp B.V. and Koss U.K. Limited to comply with certain European Union ("EU") requirements. Koss U.K. Limited is maintained to comply with certain U.K. requirements. The Company operates in the audio/video industry segment of the home entertainment and communication industry through its design, manufacture and sale of stereo headphones and related accessory products. The Company reports its results as a single reporting segment, as the Company's only business line is the design, manufacture and sale of stereo headphones and related personal listening accessories. The Company's products are sold through U.S. distributors, international distributors, audio specialty stores, the internet, national retailers, grocery stores, electronics retailers, and prisons under the "Koss" name as well as private label. The Company also sells products to distributors for resale to school systems, and directly to other manufacturers for inclusion with their own products. International markets are served by domestic sales representatives and sales personnel in the Netherlands and the Caucasus region. The Company utilizes independent distributors in several foreign countries. Approximately 77% of the Company's fiscal year 2024 sales were from stereo headphones used for listening to music. The remaining approximately 23% of the Company's sales were from headphones used in communications, education settings, and in conjunction with metal detectors, as well as sold to original equipment manufacturers ("OEM"). The products are not significantly differentiated by their retail sales channel or application with the exception of products sold to school systems, prisons, and OEM customers. There are no other product line differentiations ot

RISK FACTORS

ITEM 1A. RISK FACTORS We are subject to various risks that may adversely affect our business, prospects, financial condition, and results of operations, including, but not limited to, those set forth below. These are the risks and uncertainties we believe are most important for you to consider, however, there may be other risks that are currently deemed immaterial or not currently known to us that could materially impact the business. If any of the following risks, or those unidentified develop into actual events, our business may not grow, our stock price may suffer, and we may be unable to stay in business. The risks discussed below include forward-looking statements, and our actual results may differ substantially from those discussed in these forward-looking statements. Risks Related to Our Operations and Financial Results The Company is dependent on the proper functioning of our contract manufacturers, our supply chain, and our distribution networks. Any disruptions could adversely affect our business, financial condition or results of operations. The Company relies on our third-party supply chain and distribution networks and the availability of necessary components to produce a considerable number of our products. A reduction or interruption in supply, including interruptions due to possible future pandemic- related restrictions, geopolitical unrest, labor shortages or strikes, or a failure to procure adequate components, may lead to delays in manufacturing or increases in costs. Many of the Company's products are sourced from contract manufacturing facilities in the People's Republic of China and Taiwan. There has been increasing geopolitical tension between China and Taiwan that may affect future shipments from Taiwan-based suppliers. Any other adverse changes in the social, political, regulatory or economic conditions in the countries could materially increase the cost of the products we buy from our foreign suppliers or delay shipments of produc

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View this 10-K filing on SEC EDGAR