Koss Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Koss Corp has filed its Q3 2024 10-Q report, detailing its financial performance and operational status.</b>

AI Summary

KOSS CORP (KOSS) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Koss Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on June 30. Koss Corp is incorporated in Delaware and headquartered in Milwaukee, WI. The SIC code for Koss Corp is 3651 (Household Audio & Video Equipment).

Why It Matters

For investors and stakeholders tracking KOSS CORP, this filing contains several important signals. This filing provides investors with the latest financial data and operational insights into Koss Corp's performance for the third quarter of fiscal year 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, market position, and future prospects in the audio equipment industry.

Risk Assessment

Risk Level: low — KOSS CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress signals or major strategic shifts that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any disclosed risks for Koss Corp.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 3651 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• KOSS CORP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-10 (date) — FILED AS OF DATE
• 3651 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• WI (state) — BUSINESS ADDRESS
• 4149645000 (phone) — BUSINESS PHONE
• KOSS ELECTRONICS INC (company) — FORMER COMPANY

FAQ

Industry Context

Koss Corp operates in the Household Audio & Video Equipment industry, manufacturing and marketing headphones and related audio products.

Regulatory Implications

The filing is a standard Form 10-Q, which is a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the period ending March 31, 2024.
2. Review any Management's Discussion and Analysis (MD&A) sections for commentary on performance and outlook.
3. Check for any updates to risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period; no prior filing data is available for comparison within this context.

Key Financial Figures

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

Filing Documents

• koss-20240331x10q.htm (10-Q) — 1985KB
• koss-20240331xex31_1.htm (EX-31.1) — 13KB
• koss-20240331xex31_2.htm (EX-31.2) — 14KB
• koss-20240331xex32_1.htm (EX-32.1) — 8KB
• koss-20240331xex32_2.htm (EX-32.2) — 9KB
• 0000056701-24-000014.txt (&nbsp;) — 7169KB
• koss-20240331.xsd (EX-101.SCH) — 26KB
• koss-20240331_cal.xml (EX-101.CAL) — 54KB
• koss-20240331_def.xml (EX-101.DEF) — 93KB
• koss-20240331_lab.xml (EX-101.LAB) — 293KB
• koss-20240331_pre.xml (EX-101.PRE) — 230KB
• koss-20240331x10q_htm.xml (XML) — 1473KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine months ended March 31, 2024 and 2023 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 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 6. Exhibits 24 2 Table of Contents PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements KOSS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 2,912,679 $ 3,091,062 Short term investments 7,020,288 17,064,274 Accounts receivable, less allowance for credit losses of $ 1,922 and $ 6,027 , respectively 1,197,055 1,379,517 Inventories 4,661,005 6,423,441 Prepaid expenses and other current assets 1,117,276 1,002,514 Interest receivable 116,575 51,150 Income taxes receivable 210,778 86,901 Total current assets 17,235,656 29,098,859 Equipment and leasehold improvements, net 1,272,817 953,903 Other assets: Long term investments 10,012,611 — Operating lease right-of-use asset 2,825,348 3,015,887 Cash surrender value of life insurance 6,258,436 6,020,048 Total other assets 19,096,395 9,035,935 Total assets $ 37,604,868 $ 39,088,697 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 215,705 $ 267,513 Accrued liabilities 901,297 1,342,039 Deferred revenue 292,795 450,312 Operating lease liability 236,570 236,225 Income taxes payable 5,281 87,237 Total current liabilities 1,651,648 2,383,326 Long-term liabilities: Deferred compensation 2,110,507 1,997,120 Deferred revenue 117,402 113,003 Operating lease liability 2,602,838 2,787,970 Total long-term liabilities 4,830,747 4,898,093 Total liabilities 6,482,395 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 13,269,630 13,113,993 Retained earnings 17,806,569 18,647,111 Total stockholders' equity 31,122,473 31,807,278 Total liabilities and stockholders' equity $ 37,604,868 $ 39,088,697 The accompanying notes are an integral

View Full Filing

View this 10-Q filing on SEC EDGAR