$KOSS

KOSS CORP

CIK:0000056701|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 13,020,773	$ 12,624,170
Cost of goods sold	7,568,362	7,850,572
Gross profit	5,452,411	4,773,598
Selling, general and administrative expenses	6,964,862	6,510,721
Loss from operations	(1,512,451)	(1,737,123)
Interest income	883,995	879,774
Other income	250,000
Interest expense	(2,116)
Loss before income tax provision	(380,572)	(857,349)
Income tax provision	10,892	17,482
Net loss	$ (391,464)	$ (874,831)
Loss per common share:
Basic (in dollars per share)	$ (0.04)	$ (0.09)
Diluted (in dollars per share)	$ (0.04)	$ (0.09)
Weighted-average number of shares:
Basic (in shares)	9,462,904	9,363,117
Diluted (in shares)	9,462,904	9,363,117

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (391,464)	$ (874,831)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Provision for credit losses	0	121
Depreciation of equipment and leasehold improvements	295,154	237,210
Net accretion of discount on treasury securities	(157,639)	(222,880)
Amortization of finance lease right-of-use asset	10,572
Noncash operating lease expense	7,670	7,669
Stock-based compensation expense	24,933	31,782
Change in cash surrender value of life insurance	(243,473)	(215,012)
Provision for deferred compensation	235,831	133,330
Net changes in operating assets and liabilities:
Accounts receivable	(86,088)	72,526
Inventories	292,977	(411,387)
Prepaid expenses and other current assets	502,096	343,107
Interest receivable	10,511	49,251
Income taxes receivable	18,793	5,577
Income taxes payable	1,023	7,059
Accounts payable	(525,673)	489,501
Accrued liabilities	425,347	119,282
Deferred revenue	18,637	12,787
Net cash provided by (used in) operating activities	439,207	(214,908)
Investing activities:
Purchase of equipment and leasehold improvements	(316,486)	(490,717)
Life insurance premiums paid	(51,301)	(70,577)
Proceeds from the maturity of treasury securities	14,041,000	14,303,000
Purchases of maturity of treasury securities	(13,910,710)	(13,861,990)
Net cash used in investing activities	(237,497)	(120,284)
Financing activities:
Proceeds from exercise of stock options	21,100	305,908
Principal payments on finance lease obligations	(9,767)
Net cash provided by financing activities	11,333	305,908
Net increase (decrease) in cash and cash equivalents	213,043	(29,284)
Cash and cash equivalents at beginning of year	2,807,797	2,837,081
Cash and cash equivalents at end of year	3,020,840	2,807,797
Supplemental cash flow information:
Right of use assets obtained in exchange for finance lease liabilities	31,716
Cash paid for interest on finance lease liability	2,116
Cash paid (refunded) for income taxes, net	(8,923)	4,846
Pennsylvania [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net	(16,000)
New York [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net	2,533	1,617
Texas [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net	1,368	1,998
Massachusetts [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net	1,580	925
New Jersey [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net	1,250	1,518
California [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net		1,600
North Carolina [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net		1,054
Wisconsin [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net		(4,176)
Other Tax Authority [Member]
Supplemental cash flow information:
Cash paid (refunded) for income taxes, net	$ 346	$ 311

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 3,020,840	$ 2,807,797
Available-for-sale investments, at fair value	16,803,056
Short term investments held-to-maturity, at amortized cost		12,879,882
Accounts receivable, less allowance for credit losses of $2,043 at June 30, 2026 and 2025	1,221,760	1,135,672
Inventories	4,592,090	4,885,067
Prepaid expenses and other current assets	236,234	738,330
Interest receivable	110,667	121,178
Income taxes receivable	17,386	36,179
Total current assets	26,002,033	22,604,105
Equipment and leasehold improvements, net	1,498,230	1,476,898
Other assets:
Long term investments held to maturity, at amortized cost		4,000,774
Finance lease right-of-use asset	21,144
Operating lease right-of-use asset	2,257,839	2,518,088
Cash surrender value of life insurance	6,879,518	6,584,744
Total other assets	9,158,501	13,103,606
Total assets	36,658,764	37,184,609
Current liabilities:
Accounts payable	293,657	819,330
Accrued liabilities	1,007,487	582,140
Deferred revenue	241,432	242,644
Finance lease liability	10,551
Operating lease liability	266,163	252,579
Income taxes payable	43,981	42,958
Total current liabilities	1,863,271	1,939,651
Long-term liabilities:
Deferred compensation	2,462,285	2,226,454
Deferred revenue	139,163	119,314
Finance lease liability	11,398
Operating lease liability	2,022,992	2,289,155
Total long-term liabilities	4,635,838	4,634,923
Total liabilities	6,499,109	6,574,574
Stockholders' equity:
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,466,438 and 9,456,438, respectively	47,332	47,282
Paid in capital	13,787,367	13,741,384
Accumulated other comprehensive loss	(104,949)
Retained earnings	16,429,905	16,821,369
Total stockholders' equity	30,159,655	30,610,035
Total liabilities and stockholders' equity	$ 36,658,764	$ 37,184,609