Koss Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Koss Corp has filed its Q2 2024 10-Q report, detailing financial data and operational segments for the period ending December 31, 2023.</b>

AI Summary

KOSS CORP (KOSS) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Koss Corp filed its 10-Q for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. Koss Corp is incorporated in Delaware and operates in the Household Audio & Video Equipment sector. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of various dates in 2022 and 2023.

Why It Matters

For investors and stakeholders tracking KOSS CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of Koss Corp, crucial for understanding the company's current health and future prospects. The detailed segment information, including domestic and export sales, allows for a granular analysis of where Koss Corp is generating its revenue and potential growth areas or challenges.

Risk Assessment

Risk Level: medium — KOSS CORP shows moderate risk based on this filing. The company operates in the highly competitive consumer electronics market, which is subject to rapid technological changes and shifting consumer preferences, posing a medium risk to its sustained profitability and market share.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess Koss Corp's ability to navigate market challenges and capitalize on any emerging opportunities.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-02-02 — Filing Date (FILED AS OF DATE)
• Q2 2024 — Fiscal Quarter (Filing Values)
• 0630 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• KOSS CORP (company) — FILER
• HOUSEHOLD AUDIO & VIDEO EQUIPMENT (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• MILWAUKEE (company) — BUSINESS ADDRESS CITY
• WI (company) — BUSINESS ADDRESS STATE
• KOSS ELECTRONICS INC (company) — FORMER COMPANY
• REK O KUT CO INC (company) — FORMER COMPANY
• TownBank (company) — Credit Agreement Member

Forward-Looking Statements

• Koss Corp will likely see an increase in outstanding shares due to the exercise of employee stock options from the 2023 Equity Incentive Plan. (Koss Corp) — medium confidence, target: 2024-12-31
• The company will continue to report its sales segmented into domestic and export categories in future filings. (Koss Corp) — high confidence, target: 2024-06-30

FAQ

Risk Factors

• Market Competition [medium — market]: The company faces intense competition in the audio equipment market from numerous domestic and international manufacturers, including those with greater financial resources.
• Dependence on Key Personnel [low — operational]: The company's success may depend on the continued service of its key management personnel, whose departure could adversely affect operations.
• Liquidity and Capital Resources [medium — financial]: The company's ability to fund future operations and capital expenditures depends on its cash flow from operations and available credit facilities.

Key Dates

• 2024-02-02: Filing Date — Submission of the Q2 2024 10-Q report.

Key Financial Figures

• $0.005 — ch registered Common Stock, par value $0.005 per share KOSS Nasdaq Capital Marke

Filing Documents

• koss-20231231x10q.htm (10-Q) — 2000KB
• koss-20231231xex10_2.htm (EX-10.2) — 84KB
• koss-20231231xex31_1.htm (EX-31.1) — 13KB
• koss-20231231xex31_2.htm (EX-31.2) — 14KB
• koss-20231231xex32_1.htm (EX-32.1) — 8KB
• koss-20231231xex32_2.htm (EX-32.2) — 9KB
• 0000056701-24-000008.txt (&nbsp;) — 7298KB
• koss-20231231.xsd (EX-101.SCH) — 26KB
• koss-20231231_cal.xml (EX-101.CAL) — 54KB
• koss-20231231_def.xml (EX-101.DEF) — 90KB
• koss-20231231_lab.xml (EX-101.LAB) — 290KB
• koss-20231231_pre.xml (EX-101.PRE) — 226KB
• koss-20231231x10q_htm.xml (XML) — 1495KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six months ended December 31, 2023 and 2022 4 Condensed Consolidated Statements of Cash Flows for the Three and Six months ended December 31, 2023 and 2022 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six months ended December 31, 2023 and 2022 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 6. Exhibits 23 2 Table of Contents PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements KOSS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2023 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 2,524,254 $ 3,091,062 Short term investments 12,071,737 17,064,274 Accounts receivable, less allowance for credit losses of $ 1,922 and $ 6,027 , respectively 1,513,908 1,379,517 Inventories 5,166,667 6,423,441 Prepaid expenses and other current assets 1,062,264 1,002,514 Interest receivable 134,046 51,150 Income taxes receivable 127,363 86,901 Total current assets 22,600,239 29,098,859 Equipment and leasehold improvements, net 1,261,850 953,903 Other assets: Long term investments 5,000,920 — Operating lease right-of-use asset 2,884,497 3,015,887 Cash surrender value of life insurance 6,254,684 6,020,048 Total other assets 14,140,101 9,035,935 Total assets $ 38,002,190 $ 39,088,697 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 262,502 $ 267,513 Accrued liabilities 923,243 1,342,039 Deferred revenue 334,672 450,312 Operating lease liability 233,492 236,225 Income taxes payable 3,758 87,237 Total current liabilities 1,757,667 2,383,326 Long-term liabilities: Deferred compensation 2,060,375 1,997,120 Deferred revenue 120,644 113,003 Operating lease liability 2,663,148 2,787,970 Total long-term liabilities 4,844,167 4,898,093 Total liabilities 6,601,834 7,281,419 Stockholders' equity: Common stock, $ 0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,254,795 and 9,234,795 , respectively 46,274 46,174 Paid in capital 13,233,733 13,113,993 Retained earnings 18,120,349 18,647,111 Total stockholders' equity 31,400,356 31,807,278 Total liabilities and stockholders' equity $ 38,002,190 $ 39,088,697 The accompanying notes are an integ

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View this 10-Q filing on SEC EDGAR