0000056701-23-000044 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Accounting Policies Disclosure [Line Items]
Income tax provision	$ 1,879	$ 597,941
Effective tax rate	1.00%	5.70%
Other income	$ 0
Licensing proceeds		$ 33,000,000
Tax loss carryforward	32,100,000
Cost of goods sold	2,306,248	2,168,305
Allowance for credit losses, held-to-maturity debt securities	0
Held-to-maturity debt securities, net	17,183,653		$ 17,064,274
Federal [Member]
Accounting Policies Disclosure [Line Items]
Income tax provision	0	449,103
State and Local Jurisdiction [Member]
Accounting Policies Disclosure [Line Items]
Income tax provision	(1,879)	148,838
Current Officer [Member]
Accounting Policies Disclosure [Line Items]
Deferred compensation liability	1,937,185		$ 1,997,120
Deferred compensation expense (income)	$ (59,935)	$ 42,301

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net (loss) income	$ (257,609)	$ 9,944,743
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
(Recovery of) Provision for doubtful accounts of accounts receivable	(4,105)	7,469
Depreciation of equipment and leasehold improvements	45,614	67,610
Accretion of discount on treasury securities	(120,305)
Noncash operating lease expense	1,917	2,556
Stock-based compensation expense	46,792	88,035
Change in cash surrender value of life insurance	(149,057)	(140,298)
(Benefit) Provision for deferred compensation	(59,935)	42,301
Net changes in operating assets and liabilities:
Accounts receivable	52,498	66,019
Inventories	644,569	732,866
Prepaid expenses and other current assets	(178,041)	(209,989)
Interest receivable	(5,243)
Income taxes receivable	(40,462)
Income taxes payable	(85,358)	597,941
Accounts payable	(38,968)	(274,746)
Accrued liabilities	(472,347)	954,343
Deferred revenue	(93,207)	(186,736)
Net cash (used in) provided by operating activities	(713,247)	11,692,114
Investing activities:
Purchase of equipment and leasehold improvements	(312,718)	(11,773)
Life insurance premiums paid	(81,744)	(87,994)
Proceeds from the maturity of treasury securities	2,000,000
Purchases of treasury securities	(1,999,074)
Net cash used in investing activities	(393,536)	(99,767)
Financing activities:
Proceeds from exercise of stock options		70,440
Net cash provided by financing activities		70,440
Net (decrease) increase in cash and cash equivalents	(1,106,783)	11,662,787
Cash and cash equivalents at beginning of period	3,091,062	9,208,170
Cash and cash equivalents at end of period	1,984,279	$ 20,870,957
Supplemental cash flow information:
Cash paid for income taxes	$ 127,700

Legal Matters (Narrative) (Details) - USD ($)	3 Months Ended
Legal Matters (Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Legal Matters [Abstract]
Licensing proceeds		$ 33,000,000
Legal fees and related expenses	$ 21,016,408
Estimate of loss	$ 41,000		$ 41,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Paid in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Jun. 30, 2022	9,147,795
Balance at Jun. 30, 2022	$ 45,739	$ 12,653,402	$ 9,998,348	$ 22,697,489
Net income (loss)			9,944,743	9,944,743
Stock-based compensation expense		88,035		88,035
Stock option exercises (in shares)	32,000
Stock option exercises	$ 160	70,280		70,440
Balance at Sep. 30, 2022	$ 45,899	12,811,717	19,943,091	$ 32,800,707
Balance (in shares) at Sep. 30, 2022	9,179,795
Balance (in shares) at Jun. 30, 2023	9,234,795			9,234,795
Balance at Jun. 30, 2023	$ 46,174	13,113,993	18,300,728	$ 31,460,895
Net income (loss)			(257,609)	(257,609)
Stock-based compensation expense		46,792		46,792
Balance at Sep. 30, 2023	$ 46,174	$ 13,160,785	$ 18,043,119	$ 31,250,078
Balance (in shares) at Sep. 30, 2023	9,234,795			9,234,795

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 3,373,938	$ 3,364,129
Cost of goods sold	2,306,248	2,168,305
Gross profit	1,067,690	1,195,824
Selling, general and administrative expenses	1,536,279	23,680,196
(Loss) from operations	(468,589)	(22,484,372)
Other income		33,000,000
Interest income	212,859	27,056
(Loss) income before income tax provision	(255,730)	10,542,684
Income tax provision	1,879	597,941
Net (loss) income	$ (257,609)	$ 9,944,743
(Loss) income per common share:
Basic (in dollars per share)	$ (0.03)	$ 1.09
Diluted (in dollars per share)	$ (0.03)	$ 1.01
Weighted-average number of shares:
Basic (in shares)	9,234,795	9,157,284
Diluted (in shares)	9,234,795	9,849,043

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A) BASIS OF PRESENTATION

The condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023, the condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022, the condensed consolidated statements of cash flows for the three months ended September 30, 2023 and 2022, and the condensed consolidated statements of stockholders' equity for the three months ended September 30, 2023 and 2022, have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and have not been audited. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The operating results for any interim period are not necessarily indicative of the operating results that may be experienced for the full fiscal year.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023.

The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for credit losses, reserves for excess and obsolete inventories, long-lived and intangible assets, income tax valuation allowance, stock-based compensation and deferred compensation. Actual results could differ from the Company's estimates.

B) INVESTMENTS

Debt securities are classified as held-to-maturity as the Company has the positive intent and ability to hold them to maturity. The securities are carried at amortized cost as current or noncurrent based upon maturity date and unrealized gains and losses are recognized when realized. The amortized cost of debt securities is adjusted for amortization of premium and accretion of discounts to maturity. Such amortization or accretion is included in interest income, along with other interest on cash and cash equivalents.

C) INCOME TAXES

We estimate a provision for income taxes based on the effective tax rate expected to be applicable for the fiscal year. If the actual results are different from these estimates, adjustments to the effective tax rate may be required in the period such determination is made. Additionally, discrete items are treated separately from the effective rate analysis and are recorded separately as an income tax provision or benefit at the time they are recognized.

During the quarter ended September 30, 2023, a state income tax provision of $1,879 was recorded for the minimum tax payments expected given the taxable net loss for the quarter. No federal tax benefit or provision was recorded for the quarter. The Tax Cuts and Jobs Act (TCJA) changed the rules for deducting net operating losses (NOLs) beginning with the 2018 tax year. Before 2018, NOLs were fully deductible and could be carried back two years and carried forward 20 years. For NOLs arising in tax years beginning after December 31, 2017, the TCJA limits the NOL deduction to 80 percent of taxable income. As such, the utilization of the Company’s net operating loss carryforwards from fiscal years after 2018 were limited to 80 percent of the resulting taxable income. For the three months ended September 30, 2022, due to additional income generated by licensing fees, partially offset by related legal fees and expenses, taxable income resulted. The utilization of net operating loss carryforwards significantly reduced the taxable income, resulting in federal and state tax provisions of $449,103 and $148,838, respectively, for the three-month period ended September 30, 2022.

‎

The effective tax rate was less than 1% for the three months ended September 30, 2023 and 5.7% for the three months ended September 30, 2022. It is anticipated that the effective rate in the current year and future years will be reduced by utilization of a portion or all of the federal and state net operating loss carryforwards that existed as of June 30, 2023. The Company's taxable loss generated during the quarter ended September 30, 2023 increased the tax loss carryforward as of September 30, 2023 to approximately $32,100,000. Given the taxable loss for the current quarter, the expectation for utilization of the estimated tax loss carryforward is lessened, and as such, the future realization of this continues to be uncertain. The valuation allowance was adjusted to continue to fully offset the net deferred tax asset as there is sufficient negative evidence to support a full valuation allowance.

Temporary differences which give rise to deferred income tax assets and liabilities at September 30, 2023 and June 30, 2023 include:


	September 30, 2023		June 30, 2023
Deferred income tax assets:
Deferred compensation	$	492,317	$	491,608
Stock-based compensation		77,530		117,607
Accrued expenses and reserves		517,015		571,719
Deferred revenue		115,721		138,665
Federal and state net operating loss carryforwards		8,288,733		8,216,671
IRC Section 174 research and development costs		113,521		63,855
Credit carryforwards		188,893		169,552
Equipment and leasehold improvements		116,709		136,294
Lease liability		684,671		744,431
Valuation allowance		(9,864,479)		(9,906,018)
Total deferred income tax assets		730,631		744,384

Deferred income tax liabilities:
ROU asset		(680,738)		(742,386)
Other		(49,893)		(1,998)
Net deferred income tax assets	$	-	$	-

D) LEGAL COSTS

All legal costs related to litigation for which the Company is liable, are charged to operations as incurred, except contingent legal fees as described below. Proceeds from the settlement of disputes are recorded in other income when the amounts are determinable, and collection is certain. Related license proceeds are considered functional and as such are recorded at a point in time, based on the underlying agreement. Related contingent legal fees and expenses are recorded in selling, general and administrative expense at that time. The contingent legal fee expenses could have a material effect on the results of operations, however, timing and impact is uncertain and is dependent on the resolution of related litigation.

E) OTHER INCOME

In the three months ending September 30, 2022, the Company received licensing proceeds of $33,000,000, which was recorded as other income. No other income was received in the three months ended September 30, 2023.

Other income is shown as a separate line on the condensed consolidated statements of operations.

‎

F) DEFERRED COMPENSATION

The Company’s deferred compensation liability is for a current officer and is calculated based on years of service and compensation, along with various assumptions related to expected retirement date, discount rates, and mortality tables. The related expense is calculated using the net present value of the expected payments and is included in selling, general and administrative expenses in the condensed consolidated statements of operations. The deferred compensation liability recorded at September 30, 2023 and June 30, 2023 is $1,937,185 and $1,997,120, respectively. The decrease in the deferred compensation liability for the current officer during the three months ended September 30, 2023 resulted in compensation income under this arrangement of $59,935. Deferred compensation expense of $42,301 was recognized in the three months ended September 30, 2022.

G) RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Effective July 1, 2023, the Company adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including trade receivables and held-to-maturity debt securities. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. The standard’s main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets, including accounts receivable.

The Company adopted ASU 2016-13 effective July 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost.

Allowance for Credit Losses – Accounts Receivable: The allowance for credit losses is deducted from the cost basis of the receivable to present the net amount expected to be collected on the accounts. The Company measures expected credit losses for accounts receivable using the aging method whereby expected credit losses are determined on the basis of how long a receivable has been outstanding. Historical loss data is utilized to estimate expected losses as the risk characteristics of the customer base and the Company’s credit practices have not changed significantly over time. The estimates are then adjusted for current conditions, such as level of inflation and the potential change in credit availability given rising interest rates, as well as supportable and reasonable forecasts indicating whether these conditions will continue into the future or new ones will arise that need to be considered.

Upon evaluation of the impact of this ASU, the Company concluded that minimal reserves were necessary as historical losses were immaterial, and, based on the qualitative and quantitative analysis performed in accordance with Topic 326 requirements, the Company determined there was no reasonable expectation of significant credit losses associated with the Company’s accounts receivable in the foreseeable future.

Allowance for Credit Losses - Held-to Maturity Debt Securities: The Company did not record an allowance for credit losses on held-to-maturity U.S. Treasury securities of $17,183,653 as these securities have the following characteristics that support a zero loss expectation: they are explicitly guaranteed by the U.S. government, are consistently highly rated by major rating agencies and have a long history of no credit losses.

The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements. Results for reporting periods beginning after July 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”).

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not, or are not expected by management to have a material impact on the Company’s present or future consolidated financial statements.

Legal Matters

3 Months Ended

Sep. 30, 2023

Legal Matters [Abstract]

Legal Matters

10. LEGAL MATTERS

As of September 30, 2023, the Company is involved in the matters described below:

• The Company maintains a program focused on enforcing its intellectual property and, in particular, certain patents in its patent portfolio. As part of this program, the Company filed complaints against certain parties alleging infringement on the Company’s patents relating to its wireless audio technology. In the event that a monetary award or judgment is received by the Company in connection with these complaints, all or portions of such amounts, such as contingent legal fees, will be due to third parties. The Company may incur additional fees and costs related to these lawsuits, however, timing and impact on its condensed financial statements is uncertain. Depending on the response to and the underlying results of the enforcement program, the Company may continue to litigate its claims, enter into licensing arrangements or reach some other outcome potentially advantageous to its competitive position. On August 4, 2023, the Company’s lawsuit against Plantrontrics, Inc. and Polycom, Inc. was dismissed following resolution of the litigation between the parties, which had no impact on the Company’s condensed consolidated financial statements. During the three months ended September 30, 2022, in connection with its intellectual property enforcement program, the Company granted a license covering certain of its patents and recognized gross proceeds of $33,000,000, which was recorded as other income. Total legal fees and related expenses of $21,016,408 offset these proceeds and were recorded as selling, general and administrative expense.

• The Company was notified by One-E-Way, Inc. that some of the Company's wireless products may infringe on certain One-E-Way patents. No lawsuits involving these allegations have yet been filed and served on the Company. The Company is currently investigating whether these allegations have any merit. Depending on the results of the investigation and the defense of these allegations, the ultimate resolution of this matter may have a material effect on the Company's condensed consolidated financial statements. The Company estimates that this matter will ultimately be resolved at a cost of approximately $41,000 and has accrued this amount as of September 30, 2023 and June 30, 2023.

The ultimate resolution of these matters is not determinable unless otherwise noted.

The Company is also subject to a variety of other claims and suits that arise from time to time in the ordinary course of its business. Although management currently believes that resolving these claims against the Company, individually or in the aggregate, will not have a material adverse impact on its condensed consolidated financial statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

(Loss) Income per Common and Common Stock Equivalent Share

3 Months Ended

Sep. 30, 2023

(Loss) Income per Common and Common Stock Equivalent Share [Abstract]

(Loss) Income per Common and Common Stock Equivalent Share

6. (LOSS) INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

Basic (loss) income per share is computed based on the weighted-average number of common shares outstanding. Diluted (loss) income per common share is calculated assuming the exercise of stock options except where the result would be anti-dilutive. The following table reconciles the numerator and denominator used to calculate basic and diluted (loss) income per share:



	Three Months Ended September 30,
	2023		2022
Numerator
Net (loss) income	$	(257,609)	$	9,944,743

Denominator
Weighted average shares, basic		9,234,795		9,157,284
Dilutive effect of stock compensation awards (1)		—		691,759
Diluted shares		9,234,795		9,849,043

Net (loss) income attributable to common shareholders per share:
Basic	$	(0.03)	$	1.09
Diluted	$	(0.03)	$	1.01

(1) Excludes approximately 773,085 weighted average stock options during the three months ended September 30, 2023, as the impact of such awards was anti-dilutive. For the three months ended September 30, 2022, no stock options were anti-dilutive.

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended
Revenue Recognition (Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 107,205	$ 167,939
Domestic sales [Member]
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	3.00%		2.40%
Export sales [Member]
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	8.00%		10.00%
Minimum [Member]
Disaggregation of Revenue [Line Items]
Contract with customer liability remaining performance obligation expected timing of satisfaction period	1 year
Maximum [Member]
Disaggregation of Revenue [Line Items]
Contract with customer liability remaining performance obligation expected timing of satisfaction period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	0-3295
Entity Registrant Name	KOSS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4129 North Port Washington Avenue
Entity Address, City Or Town	Milwaukee
Entity Address, State Or Province	WI
Entity Tax Identification Number	39-1168275
Entity Address, Postal Zip Code	53212
City Area Code	414
Local Phone Number	964-5000
Title of 12(b) Security	Common Stock, par value $0.005 per share
Trading Symbol	KOSS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,234,795
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000056701
Amendment Flag	false

(Loss) Income per Common and Common Stock Equivalent Share (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
(Loss) Income per Common and Common Stock Equivalent Share [Abstract]
Net (loss) income	$ (257,609)	$ 9,944,743
Weighted average shares, basic (in shares)	9,234,795	9,157,284
Dilutive effect of stock compensation awards (in shares)		691,759
Diluted shares (in shares)	9,234,795	9,849,043
Basic (in dollars per share)	$ (0.03)	$ 1.09
Diluted (in dollars per share)	$ (0.03)	$ 1.01
Anti-dilutive shares	773,085	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue Recognition (Tables)

3 Months Ended

Sep. 30, 2023

Revenue Recognition [Abstract]

Disaggregation of Revenue


	Three Months Ended
	September 30,
	2023		2022
United States	$	2,603,158	$	2,722,351
Export		770,780		641,778
Net Sales	$	3,373,938	$	3,364,129

Summary of Significant Accounting Policies (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Summary of Significant Accounting Policies [Abstract]
Deferred compensation	$ 492,317	$ 491,608
Stock-based compensation	77,530	117,607
Accrued expenses and reserves	517,015	571,719
Deferred revenue	115,721	138,665
Federal and state net operating loss carryforwards	8,288,733	8,216,671
IRC Section 174 research and development costs	113,521	63,855
Credit carryforwards	188,893	169,552
Equipment and leasehold improvements	116,709	136,294
Lease liability	684,671	744,431
Valuation allowance	(9,864,479)	(9,906,018)
Total deferred income tax assets	730,631	744,384
ROU asset	(680,738)	(742,386)
Other	(49,893)	(1,998)
Net deferred income tax assets

Investments

3 Months Ended

Sep. 30, 2023

Investments [Abstract]

Investments

2. INVESTMENTS

The following tables summarize the unrealized positions for the held-to-maturity debt securities as of September 30, 2023 and June 30, 2023:


	September 30, 2023
	Amortized cost basis		Gross unrealized gains		Gross unrealized losses		Fair Value
US Treasury securities	$	17,183,653	$	—	$	(65,219)	$	17,118,434
Total	$	17,183,653	$	—	$	(65,219)	$	17,118,434


	June 30, 2023
	Amortized cost basis		Gross unrealized gains		Gross unrealized losses		Fair Value
US Treasury securities	$	17,064,274	$	—	$	(93,740)	$	16,970,534
Total	$	17,064,274	$	—	$	(93,740)	$	16,970,534

The following tables summarize the fair value and amortized cost basis of the held-to-maturity debt securities by contractual maturity as of September 30, 2023 and June 30, 2023:


	September 30, 2023
	Amortized Cost Basis		Fair value
Due within one year	$	17,183,653	$	17,118,434
Total	$	17,183,653	$	17,118,434


	June 30, 2023
	Amortized Cost Basis		Fair value
Due within one year	$	17,064,274	$	16,970,534
Total	$	17,064,274	$	16,970,534

Related Party Transactions (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Lease renewal term	5 years
Lease extension per year	$ 380,000
Related party transaction amount	$ 0	$ 79,000
Additional Renewal [Member]
Related Party Transaction [Line Items]
Lease renewal term	5 years
Lease extension per year	$ 397,000

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net Sales	$ 3,373,938	$ 3,364,129
United States [Member]
Disaggregation of Revenue [Line Items]
Net Sales	2,603,158	2,722,351
Export [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 770,780	$ 641,778

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Investments (Summary of Unrealized Positions for Held-to-Maturity Debt Securities) (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost basis	$ 17,183,653	$ 17,064,274
Gross unrealized losses	(65,219)	(93,740)
Fair Value	17,118,434	16,970,534
US Treasury Securities [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost basis	17,183,653	17,064,274
Gross unrealized losses	(65,219)	(93,740)
Fair Value	$ 17,118,434	$ 16,970,534

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Deferred Tax Assets and Liabilities


	September 30, 2023		June 30, 2023
Deferred income tax assets:
Deferred compensation	$	492,317	$	491,608
Stock-based compensation		77,530		117,607
Accrued expenses and reserves		517,015		571,719
Deferred revenue		115,721		138,665
Federal and state net operating loss carryforwards		8,288,733		8,216,671
IRC Section 174 research and development costs		113,521		63,855
Credit carryforwards		188,893		169,552
Equipment and leasehold improvements		116,709		136,294
Lease liability		684,671		744,431
Valuation allowance		(9,864,479)		(9,906,018)
Total deferred income tax assets		730,631		744,384

Deferred income tax liabilities:
ROU asset		(680,738)		(742,386)
Other		(49,893)		(1,998)
Net deferred income tax assets	$	-	$	-

Investments (Tables)

3 Months Ended

Sep. 30, 2023

Investments [Abstract]

Summary of Unrealized Positions for Held-to-Maturity Debt Securities


	September 30, 2023
	Amortized cost basis		Gross unrealized gains		Gross unrealized losses		Fair Value
US Treasury securities	$	17,183,653	$	—	$	(65,219)	$	17,118,434
Total	$	17,183,653	$	—	$	(65,219)	$	17,118,434


	June 30, 2023
	Amortized cost basis		Gross unrealized gains		Gross unrealized losses		Fair Value
US Treasury securities	$	17,064,274	$	—	$	(93,740)	$	16,970,534
Total	$	17,064,274	$	—	$	(93,740)	$	16,970,534

Summary of Held-to-Maturity Debt Securities by Contractual Maturity


	September 30, 2023
	Amortized Cost Basis		Fair value
Due within one year	$	17,183,653	$	17,118,434
Total	$	17,183,653	$	17,118,434


	June 30, 2023
	Amortized Cost Basis		Fair value
Due within one year	$	17,064,274	$	16,970,534
Total	$	17,064,274	$	16,970,534

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

+ Details

Inventories

3 Months Ended

Sep. 30, 2023

Inventories [Abstract]

Inventories

3. INVENTORIES

The components of inventories were as follows:



	September 30, 2023		June 30, 2023
Raw materials	$	2,077,546	$	2,071,360
Finished goods		5,558,559		6,178,186
Inventories, gross		7,636,105		8,249,546
Reserve for obsolete inventory		(1,857,233)		(1,826,105)
Inventories, net	$	5,778,872	$	6,423,441

Employee Stock Ownership Plan

3 Months Ended

Sep. 30, 2023

Employee Stock Ownership Plan [Abstract]

Employee Stock Ownership Plan

9. EMPLOYEE STOCK OWNERSHIP PLAN

The Company amended and restated its Koss Employee Stock Ownership Trust (“KESOT”) effective July 1, 2023 and received approval from the Board of Directors on July 26, 2023. Substantially all domestic employees are participants in the KESOT under which an annual contribution in either cash or common stock may be made at the discretion of the Board of Directors. All contributions to date have been fully allocated to employees’ company contribution accounts. No contributions were made for the three months ended September 30, 2023 or 2022, respectively.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

A) BASIS OF PRESENTATION

Investments

B) INVESTMENTS

Income Taxes

C) INCOME TAXES

‎

Temporary differences which give rise to deferred income tax assets and liabilities at September 30, 2023 and June 30, 2023 include:


	September 30, 2023		June 30, 2023
Deferred income tax assets:
Deferred compensation	$	492,317	$	491,608
Stock-based compensation		77,530		117,607
Accrued expenses and reserves		517,015		571,719
Deferred revenue		115,721		138,665
Federal and state net operating loss carryforwards		8,288,733		8,216,671
IRC Section 174 research and development costs		113,521		63,855
Credit carryforwards		188,893		169,552
Equipment and leasehold improvements		116,709		136,294
Lease liability		684,671		744,431
Valuation allowance		(9,864,479)		(9,906,018)
Total deferred income tax assets		730,631		744,384

Deferred income tax liabilities:
ROU asset		(680,738)		(742,386)
Other		(49,893)		(1,998)
Net deferred income tax assets	$	-	$	-

Legal Costs

D) LEGAL COSTS

Other Income

E) OTHER INCOME

Other income is shown as a separate line on the condensed consolidated statements of operations.

Deferred Compensation

F) DEFERRED COMPENSATION

Recent Adopted Accounting Pronouncements

G) RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

The Company adopted ASU 2016-13 effective July 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Inventories (Components of Inventories) (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Inventories [Abstract]
Raw materials	$ 2,077,546	$ 2,071,360
Finished goods	5,558,559	6,178,186
Inventories, gross	7,636,105	8,249,546
Reserve for obsolete inventory	(1,857,233)	(1,826,105)
Inventories, net	$ 5,778,872	$ 6,423,441

Related Party Transactions

3 Months Ended

Sep. 30, 2023

Related Party Transactions

7. RELATED PARTY TRANSACTIONS

The Company leases its facility in Milwaukee, Wisconsin from Koss Holdings, LLC, which is controlled by five equal ownership interests in trusts held by the five beneficiaries of a former chairman’s revocable trust and includes current stockholders of the Company. On May 24, 2022, the lease was renewed for a period of five years, ending June 30, 2028, and is being accounted for as an operating lease. The lease extension maintained the rent at a fixed rate of $380,000 per year and included an option to renew at an increased rate of $397,000 for an additional five years ending June 30, 2033. The negotiated increase in rent slated for 2028 will be the first increase in rent since 1996. The Company is responsible for all property maintenance, insurance, taxes and other normal expenses related to ownership.

During the three months ended September 30, 2022, the Company made a charitable contribution of $79,000 to the Koss Foundation (the “Foundation”), a 501(c)(3) charitable organization for which Michael J. Koss and John C. Koss Jr., executive officers of the Company, serve as officers. Neither officer receives fees or compensation from the Foundation for holding these positions. There were no charitable contributions made to the Foundation during the three months ended September 30, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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-URI https://asc.fasb.org//850/tableOfContent

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+ Details

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 1,984,279	$ 3,091,062
Short-term investments	17,183,653	17,064,274
Accounts receivable, less allowance for credit losses of $1,922 and $6,027, respectively	1,331,124	1,379,517
Inventories	5,778,872	6,423,441
Prepaid expenses and other current assets	462,663	284,622
Interest receivable	56,393	51,150
Income taxes receivable	127,363	86,901
Total current assets	26,924,347	28,380,967
Equipment and leasehold improvements, net	1,221,007	953,903
Other assets:
Operating lease right-of-use asset	2,942,900	3,015,887
Cash surrender value of life insurance	6,250,849	6,020,048
Total other assets	9,193,749	9,035,935
Total assets	37,339,103	38,370,805
Current liabilities:
Accounts payable	228,545	267,513
Accrued liabilities	498,183	970,530
Deferred revenue	352,731	450,312
Operating lease liability	230,454	236,225
Income taxes payable	1,879	87,237
Total current liabilities	1,311,792	2,011,817
Long-term liabilities:
Deferred compensation	1,937,185	1,997,120
Deferred revenue	117,377	113,003
Operating lease liability	2,722,671	2,787,970
Total long-term liabilities	4,777,233	4,898,093
Total liabilities	6,089,025	6,909,910
Stockholders' equity:
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,234,795	46,174	46,174
Paid in capital	13,160,785	13,113,993
Retained earnings	18,043,119	18,300,728
Total stockholders' equity	31,250,078	31,460,895
Total liabilities and stockholders' equity	$ 37,339,103	$ 38,370,805

(Loss) Income per Common and Common Stock Equivalent Share (Tables)

3 Months Ended

Sep. 30, 2023

(Loss) Income per Common and Common Stock Equivalent Share [Abstract]

Reconciliation of Numerator and Denominator Used to Calculate Basic and Diluted Income per Share



	Three Months Ended September 30,
	2023		2022
Numerator
Net (loss) income	$	(257,609)	$	9,944,743

Denominator
Weighted average shares, basic		9,234,795		9,157,284
Dilutive effect of stock compensation awards (1)		—		691,759
Diluted shares		9,234,795		9,849,043

Net (loss) income attributable to common shareholders per share:
Basic	$	(0.03)	$	1.09
Diluted	$	(0.03)	$	1.01

Employee Stock Ownership Plan (Narrative) (Details) - shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Koss Employee Stock Ownership Trust [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - 2023 Plan [Member]	Oct. 18, 2023 shares
Subsequent Event [Line Items]
Shares available for grant	2,000,000
Options [Member]
Subsequent Event [Line Items]
Expiration period	10 years
Options [Member] \| 10% Stockholder [Member]
Subsequent Event [Line Items]
Expiration period	5 years
Minimum [Member] \| Options [Member] \| Three to Five Years [Member]
Subsequent Event [Line Items]
Vesting period	3 years
Maximum [Member] \| Options [Member] \| Three to Five Years [Member]
Subsequent Event [Line Items]
Vesting period	5 years

Credit Facility

3 Months Ended

Sep. 30, 2023

Credit Facility [Abstract]

Credit Facility

4. CREDIT FACILITY

On May 14, 2019, the Company entered into a secured credit facility (“Credit Agreement”) with Town Bank (“Lender”). The Credit Agreement provides for a $5,000,000 revolving secured credit facility for letters of credit for the benefit of the Company of up to a sublimit of $1,000,000. There are no unused line fees in the credit facility. On January 28, 2021, the Credit Agreement was amended to extend the expiration to October 31, 2022, and to change the interest rate to Wall Street Journal Prime less 1.50%. A Third Amendment to the Credit Agreement effective October 30, 2022 extends the maturity date to October 31, 2024. The Company and the Lender also entered into a General Business Security Agreement dated May 14, 2019 under which the Company granted the Lender a security interest in substantially all of the Company’s assets in connection with the Company’s obligations under the Credit Agreement. The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type. The negative covenants include restrictions on other indebtedness, liens, fundamental changes, certain investments, disposition of assets,

mergers and liquidations, among other restrictions. As of September 30, 2023, the Company was in compliance with all covenants related to the Credit Agreement. As of September 30, 2023 and June 30, 2023, there were no outstanding borrowings on the facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accounts Receivable Concentrations

3 Months Ended

Sep. 30, 2023

Accounts Receivable Concentrations [Abstract]

Accounts Receivable Concentrations

8. ACCOUNTS RECEIVABLE CONCENTRATIONS

As of September 30, 2023, the Company’s top three accounts receivable customers represented approximately 30%, 18% and 12% of trade accounts receivable. The top three accounts receivable customers as of June 30, 2023 represented approximately 24%, 14% and 13%.

Accounts Receivable Concentrations (Narrative) (Details) - Accounts Receivable [Member] - customer	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Concentration Risk [Line Items]
Number of major customers	3	3
Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	30.00%	24.00%
Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	14.00%
Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	13.00%

Credit Facility (Narrative) (Details) - Town Bank [Member] - USD ($)	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Unused line fees	0.00%
Outstanding borrowings	$ 0	$ 0
Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000
Credit Agreement [Member] \| Letter of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Line of Credit Facility [Line Items]
Spread on variable interest rate	1.50%

Investments (Summary of Held-to-Maturity Debt Securities by Contractual Maturity) (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Amortized cost basis
Due within one year	$ 17,183,653	$ 17,064,274
Amortized cost basis	17,183,653	17,064,274
Fair Value
Due within one year	17,118,434	16,970,534
Fair Value	$ 17,118,434	$ 16,970,534

Revenue Recognition

3 Months Ended

Sep. 30, 2023

Revenue Recognition [Abstract]

Revenue Recognition

5. REVENUE RECOGNITION

The Company disaggregates its net sales by geographical location as it believes it best depicts how the nature, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table summarizes net sales by geographical location:


	Three Months Ended
	September 30,
	2023		2022
United States	$	2,603,158	$	2,722,351
Export		770,780		641,778
Net Sales	$	3,373,938	$	3,364,129

Deferred revenue relates primarily to consumer and customer warranties. These constitute future performance obligations, and the Company defers revenue related to these future performance obligations. Effective July 1, 2023, the Company increased its deferral rates from 2.4% to 3% for domestic sales and decreased its deferral rate from 10% to 8% for export sales to reflect recent warranty experience. In the three months ended September 30, 2023 and 2022, the Company recognized revenue which was included in the deferred revenue liability at the beginning of the periods of $107,205 and $167,939 respectively, for performance obligations related to consumer and customer warranties. The Company estimates that the deferred revenue performance obligations are satisfied within one year to three years and therefore uses that same time frame for recognition of the deferred revenue.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,922	$ 6,027
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	9,234,795	9,234,795
Common stock, shares outstanding (in shares)	9,234,795	9,234,795

Inventories (Tables)

3 Months Ended

Sep. 30, 2023

Inventories [Abstract]

Components of Inventories



	September 30, 2023		June 30, 2023
Raw materials	$	2,077,546	$	2,071,360
Finished goods		5,558,559		6,178,186
Inventories, gross		7,636,105		8,249,546
Reserve for obsolete inventory		(1,857,233)		(1,826,105)
Inventories, net	$	5,778,872	$	6,423,441

Subsequent Events

3 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENT

At the Company’s Annual Meeting on October 18, 2023, the shareholders approved the Koss Corporation 2023 Equity Incentive Plan (the “2023 Plan”). Concurrently with the adoption of the new plan, the Koss Corporation 2012 Omnibus Incentive Plan (the “2012 Plan”) was terminated.

The 2023 Plan will be administered by the Compensation Committee of the Board of Directors and provides for the granting of various stock-based incentive awards to eligible participants, primarily officers and certain key employees of the Company. The 2023 Plan has available for issuance 2,000,000 shares of common stock thereunder, plus any shares subject to awards remaining outstanding under the 2012 Plan that expired or are otherwise forfeited, canceled, or terminated. The Company’s Board of Directors will determine the terms and conditions under which an option will become exercisable but expects that stock options granted under the 2023 Plan will vest over a three-to-five-year period from the date of grant. An option will expire no more than ten years from its grant date, with the exception of incentive stock options held by a 10% stockholder, which will expire no more than five years from the grant date. As with the 2012 Plan, pursuant to the 2023 Plan new shares will be issued upon exercise of stock options.