0000056701-24-000028 | 10-K | XBRL Viewer

Description Of Business And Summary Of Significant Accounting Policies (Effect of Revision of Consolidated Statements of Changes in Stockholders Equity) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Stockholders' equity:
Retained earnings	$ 17,696,200	$ 18,647,111	$ 10,327,899
Total stockholders' equity	$ 31,147,176	31,807,278	23,027,040
As Previously Reported [Member]
Stockholders' equity:
Retained earnings		18,300,728	9,998,348
Total stockholders' equity		31,460,895	22,697,489
Revision [Member]
Stockholders' equity:
Retained earnings		346,383	329,551
Total stockholders' equity		$ 346,383	$ 329,551

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

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

+ References

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+ Details

Legal Matters	12 Months Ended
Jun. 30, 2024
Legal Matters [Abstract]
Legal Matters	18. LEGAL MATTERS As of June 30, 2024, the Company is involved in the following matters described below: As previously reported, the Company has launched a program focused on enforcing its intellectual property and, in particular, certain of its patent portfolio. The Company has continued to enforce its intellectual property by filing 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 will be due to third parties. The Company may incur additional fees and costs related to these lawsuits, however, timing and impact on its Consolidated 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. During the year ended June 30, 2023, 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 were recorded as other income, offset by legal fees and related expenses of approximately $22,141,000 which were recorded as selling, general and administrative expenses. Also, on August 4, 2023, the Company’s lawsuit against Plantronics, Inc. and Polycom, Inc. was dismissed following resolution of the litigation between the parties and had no impact on the Company’s Consolidated Financial Statements. 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 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 in accrued liabilities as of June 30, 2024 and 2023. The ultimate resolution of these matters is not determinable unless otherwise noted. We are also subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving these claims against us, individually or in aggregate, will not have a material adverse impact on our Consolidated Financial Statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

Legal Matters

12 Months Ended

Jun. 30, 2024

Legal Matters [Abstract]

Legal Matters

18. LEGAL MATTERS

As of June 30, 2024, the Company is involved in the following matters described below:

As previously reported, the Company has launched a program focused on enforcing its intellectual property and, in particular, certain of its patent portfolio. The Company has continued to enforce its intellectual property by filing 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 will be due to third parties. The Company may incur additional fees and costs related to these lawsuits, however, timing and impact on its Consolidated 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. During the year ended June 30, 2023, 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 were recorded as other income, offset by legal fees and related expenses of approximately $22,141,000 which were recorded as selling, general and administrative expenses. Also, on August 4, 2023, the Company’s lawsuit against Plantronics, Inc. and Polycom, Inc. was dismissed following resolution of the litigation between the parties and had no impact on the Company’s Consolidated Financial Statements.

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 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 in accrued liabilities as of June 30, 2024 and 2023.

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

We are also subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving these claims against us, individually or in aggregate, will not have a material adverse impact on our Consolidated Financial Statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

Accrued Liabilities

12 Months Ended

Jun. 30, 2024

Accrued Liabilities [Abstract]

Accrued Liabilities

9. ACCRUED LIABILITIES

Accrued liabilities as of June 30, 2024, and 2023 were as follows:


	2024		2023
Cooperative advertising and promotion allowances	$	86,935	$	77,181
Customer credit balances		33,453		281,780
Employee benefits		72,240		76,323
Legal and professional fees		80,200		85,500
Bonus and profit-sharing		52,563		369,529
Sales commissions		44,045		46,857
Amounts owed to employees for overpayment of payroll taxes on disqualifying dispositions of incentive stock options		—		371,509
Other		32,911		33,360
Total accrued liabilities	$	402,347	$	1,342,039

Investments (Summary of Unrealized Positions for Held-to-Maturity Debt Securities) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost basis	$ 17,098,786	$ 17,064,274
Gross unrealized losses	56,278	93,740
Fair Value	17,042,508	16,970,534
US Treasury Securities [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost basis	17,098,786	17,064,274
Gross unrealized losses	56,278	93,740
Fair Value	$ 17,042,508	$ 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

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+ Details

Leases (Future Minimum Lease Payments) (Details)	Jun. 30, 2024 USD ($)
Leases [Abstract]
2025	$ 380,000
2026	380,000
2027	380,000
2028	380,000
2029	397,000
Thereafter	1,588,000
Total lease payments	3,505,000
Present value adjustment	(723,578)
Total lease liabilities	$ 2,781,422

Equipment and Leasehold Improvements

12 Months Ended

Jun. 30, 2024

Equipment and Leasehold Improvements [Abstract]

Equipment and Leasehold Improvements

6. EQUIPMENT AND LEASEHOLD IMPROVEMENTS

The major categories of equipment and leasehold improvements at June 30, 2024 and 2023 are summarized as follows:



	Estimated useful lives (in years)		2024		2023
Machinery and equipment	5 - 10	$	619,064	$	619,064
Furniture and office equipment	5 - 10		337,419		337,419
Tooling	5		3,765,766		4,506,044
Computer & technology equipment	3 - 5		197,073		197,072
Leasehold improvements	3 - 11		3,171,070		2,864,335
Assets in progress	N/A		359,990		256,038
			8,450,382		8,779,972
Less: accumulated depreciation and amortization			7,226,991		7,826,069
Equipment and leasehold improvements, net		$	1,223,391	$	953,903

During the year ended June 30, 2024 and 2023, depreciation expense was $192,272 and $230,292, respectively.

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net (loss) income	$ (950,911)	$ 8,319,212
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
(Recovery of) Provision for doubtful accounts receivable	(4,105)	4,000
Depreciation of equipment and leasehold improvements	192,272	230,292
Accretion of discount on treasury securities	(379,591)	(226,603)
Noncash operating lease expense	7,669	8,308
Stock-based compensation expense	155,834	289,676
Change in cash surrender value of life insurance	(197,363)	(187,329)
Provision for deferred compensation	96,004	59,891
Loss on disposal of equipment and leasehold improvements		2,263
Net changes in operating assets and liabilities:
Accounts receivable	175,303	463,103
Inventories	1,949,761	2,207,921
Prepaid expenses and other current assets	(78,923)	(131,029)
Interest receivable	(119,279)	(51,150)
Income taxes receivable	45,145	(83,816)
Income taxes payable	(51,338)	81,119
Accounts payable	62,316	(528,650)
Accrued liabilities	(939,692)	428,227
Deferred revenue	(153,633)	(149,786)
Net cash (used in) provided by operating activities	(190,531)	10,735,649
Investing activities:
Purchase of equipment and leasehold improvements	(461,760)	(98,441)
Life insurance premiums paid	(81,744)	(87,995)
Proceeds from the maturity of treasury securities	14,331,000	2,022,000
Purchases of treasury securities	(13,985,921)	(18,859,671)
Net cash (used in) investing activities	(198,425)	(17,024,107)
Financing activities:
Proceeds from exercise of stock options	134,975	171,350
Net cash provided by financing activities	134,975	171,350
Net (decrease) in cash and cash equivalents	(253,981)	(6,117,108)
Cash and cash equivalents at beginning of year	3,091,062	9,208,170
Cash and cash equivalents at end of year	2,837,081	3,091,062
Supplemental cash flow information:
Cash (refunded) paid for income taxes	$ (67,410)	$ 320,073

Revenue Recognition (Narrative) (Details) - USD ($)	12 Months Ended
Revenue Recognition (Narrative) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 308,851	$ 338,529
Deferred revenue liability			$ 713,101
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

Stock Repurchase Program	12 Months Ended
Stock Repurchase Program	Jun. 30, 2024
Stock Repurchase Program [Abstract]
Stock Repurchase Program	13. STOCK REPURCHASE PROGRAM In April 1995, the Board of Directors approved a stock repurchase program authorizing the Company to purchase from time to time up to $2,000,000 of its common stock for its own account. Subsequently, the Board of Directors periodically approved increases in the amount authorized for repurchase under the program. As of June 30, 2024, the repurchase of an aggregate of $45,500,000 of common stock was authorized under the stock repurchase program, of which $43,360,247 had been expended. No shares were repurchased in fiscal year 2024 or 2023.

Income (Loss) Per Common And Common Stock Equivalent Share

12 Months Ended

Jun. 30, 2024

Income (Loss) Per Common And Common Stock Equivalent Share [Abstract]

Income (Loss) Per Common And Common Stock Equivalent Share

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

Basic income (loss) per share is computed based on the weighted-average number of common shares outstanding. Diluted income (loss) 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 income (loss) per share:


		Years Ended June 30,
	2024		2023
Numerator
Net (loss) income	$	(950,911)	$	8,319,212

Denominator
Weighted average shares, basic		9,251,373		9,192,799
Dilutive effect of stock compensation awards (1)		—		560,961
Diluted shares		9,251,373		9,753,760

Net (loss) income attributable to common shareholders per share:
Basic	$	(0.10)	$	0.90
Diluted	$	(0.10)	$	0.85

(1) Excludes 717,024 weighted average stock options during the year ended June 30, 2024 as the impact of such awards was anti-dilutive. No stock options were anti-dilutive for the year ended June 30, 2023.

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Deferred compensation	$ 523,785	$ 491,608
Stock-based compensation	76,532	117,607
Accrued expenses and reserves	501,736	571,719
Deferred revenue	102,519	138,665
Federal and state net operating loss carryforwards	8,508,548	8,216,671
IRC Section 174 research and development costs	116,204	63,855
Credit carryforwards	184,406	169,552
Equipment and leasehold improvements	159,648	136,294
Operating lease liability	696,026	744,431
Valuation allowance	(10,176,697)	(9,906,018)	$ (11,671,606)
Total deferred income tax assets	692,707	744,384
Operating right-of-use asset	(692,028)	(742,386)
Other	(679)	(1,998)
Total deferred income tax liabilities	(692,707)	(744,384)
Net deferred income tax assets

Income Taxes (Schedule Of Change In Valuation Allowance) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Abstract]
Balance, beginning of year	$ (9,906,018)	$ (11,671,606)
Decrease (Increase) in valuation allowance	(270,679)	1,765,588
Balance, end of year	$ (10,176,697)	$ (9,906,018)

Description Of Business And Summary Of Significant Accounting Policies (Effect of Revision of Condensed Consolidated Balance Sheet) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current assets:
Prepaid expenses and other current assets	$ 1,081,437	$ 1,002,514
Total current assets	21,917,161	29,098,859
Total assets	37,199,479	39,088,697
Current liabilities:
Accrued liabilities	402,347	1,342,039
Total current liabilities	1,297,658	2,383,326
Long-term liabilities:
Total liabilities	6,052,303	7,281,419
Stockholders' equity:
Retained earnings	17,696,200	18,647,111	$ 10,327,899
Total stockholders' equity	$ 31,147,176	31,807,278	23,027,040
As Previously Reported [Member]
Current assets:
Prepaid expenses and other current assets		284,622
Total current assets		28,380,967
Total assets		38,370,805
Current liabilities:
Accrued liabilities		970,530
Total current liabilities		2,011,817
Long-term liabilities:
Total liabilities		6,909,910
Stockholders' equity:
Retained earnings		18,300,728	9,998,348
Total stockholders' equity		31,460,895	22,697,489
Revision [Member]
Current assets:
Prepaid expenses and other current assets		717,892
Total current assets		717,892
Total assets		717,892
Current liabilities:
Accrued liabilities		371,509
Total current liabilities		371,509
Long-term liabilities:
Total liabilities		371,509
Stockholders' equity:
Retained earnings		346,383	329,551
Total stockholders' equity		$ 346,383	$ 329,551

Stock Options (Nonvested Option Activity) (Details) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock Options [Abstract]
Non-vested (in shares)	388,666	794,334
Vested (in shares)	(234,666)	(354,668)
Forfeited (in shares)		(51,000)
Non-vested (in shares)	154,000	388,666
Non-vested, weighted average grant date fair value (in dollars per share)	$ 1.17	$ 1.22
Vested, weighted average grant date fair value (in dollars per share)	1.19	1.26
Forfeited, weighted average grant date fair value (in dollars per share)		1.34
Non-vested, weighted average grant date fair value (in dollars per share)	$ 1.14	$ 1.17

Equipment and Leasehold Improvements (Narrative) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equipment and Leasehold Improvements [Abstract]
Depreciation expense	$ 192,272	$ 230,292

Stock Options (Stock Option Activity) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Stock Options [Abstract]
Shares under option, number of shares (in shares)	920,911	1,058,911
Exercised, number of shares (in shares)	(65,000)	(87,000)
Expired, number of shares (in shares)	(200,000)
Forfeited, number of shares (in shares)		(51,000)
Shares under option, number of shares (in shares)	655,911	920,911	1,058,911
Exercisable, number of shares (in shares)	501,911	532,245
Shares under option, stock options price range, lower limit (in dollars per share)	$ 1.73	$ 1.73
Shares under option, stock options price range, upper limit (in dollars per share)	2.92	2.92
Exercised, stock options price range, lower limit (in dollars per share)	1.73	1.73
Exercised, stock options price range, upper limit (in dollars per share)	2.65	2.65
Expired, stock options price range, lower limit (in dollars per share)	2.92
Forfeited, stock options price range, lower limit (in dollars per share)		1.73
Forfeited, stock options price range, upper limit (in dollars per share)		2.65
Shares under option, stock options price range, lower limit (in dollars per share)	1.73	1.73	$ 1.73
Shares under option, stock options price range, upper limit (in dollars per share)	2.65	2.92	2.92
Exercisable, stock options price range, lower limit (in dollars per share)	1.73	1.73
Exercisable, stock options price range, upper limit (in dollars per share)	2.65	2.92
Shares under option, weighted average exercise price (in dollars per share)	2.21	2.18
Exercised, weighted average exercise price (in dollars per share)	2.08	1.97
Expired, weighted average exercise price (in dollars per share)	2.92
Forfeited, weighted average exercise price (in dollars per share)		1.92
Shares under option, weighted average exercise price (in dollars per share)	2.01	2.21	$ 2.18
Exercisable, weighted average exercise price (in dollars per share)	$ 2.05	$ 2.38
Shares under option, weighted average remaining contractual life (Year)	1 year 7 months 24 days	2 years 2 months 15 days	3 years 8 months 19 days
Exercisable, weighted average remaining contractual life (Year)	1 year 2 months 8 days	1 year 3 months 18 days
Shares under option, aggregate intrinsic value of in-the-money options	$ 1,602,600	$ 1,373,117	$ 5,055,797
Exercisable, aggregate intrinsic value of in-the-money options	$ 1,202,985	$ 700,947

Inventories (Tables)

12 Months Ended

Jun. 30, 2024

Inventories [Abstract]

Components of Inventories


		2024		2023
Raw materials	$	1,973,531	$	2,071,360
Finished goods		4,357,621		6,178,186
Inventories, gross		6,331,152		8,249,546
Reserve for obsolete inventory		(1,857,472)		(1,826,105)
Inventories, net	$	4,473,680	$	6,423,441

Income Taxes (Components Of Income Tax (Benefit) Provision) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Abstract]
Current: Federal	$ (81,278)	$ 230,139
Current: State	7,674	87,238
Total income tax (benefit) provision	$ (73,604)	$ 317,377

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)
Accounting Policies Disclosure [Line Items]
Accrued liabilities	$ 402,347	$ 1,342,039
Prepaid expenses and other current assets	1,081,437	1,002,514
Income tax provision (benefit)	(73,604)	317,377
Other income	$ 0
Licensing proceeds		33,000,000
Number of subsidiaries \| item	2
Research and development expense	$ 238,086	288,231
Advertising expense	142,859	65,374
Adjustment to accounts receivable	4,105
Accounts receivable, allowance for credit loss, writeoff	0
Accounts receivable, allowance for credit loss, Recovery	0
Impairments of long-lived assets	0	0
Allowance for credit losses, held-to-maturity debt securities	0
Legal fees and related expenses		22,141,000
Over Withheld Taxes [Member]
Accounting Policies Disclosure [Line Items]
Accrued liabilities	0
Prepaid expenses and other current assets	722,498	717,892
Federal [Member]
Accounting Policies Disclosure [Line Items]
Income tax provision (benefit)	230,139
State and Local Jurisdiction [Member]
Accounting Policies Disclosure [Line Items]
Income tax provision (benefit)	$ 87,238
Koss UK [Member]
Accounting Policies Disclosure [Line Items]
Ownership percentage	100.00%
Koss Corp B.V. [Member]
Accounting Policies Disclosure [Line Items]
Ownership percentage	100.00%
Current Officer [Member]
Accounting Policies Disclosure [Line Items]
Deferred compensation expense (income)	$ 96,004	$ 59,891

Investments

12 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments

4. INVESTMENTS

The following tables summarize the unrealized positions for the held-to-maturity debt securities as of June 30, 2024 and 2023, respectively:


	Amortized Cost Basis		Gross unrealized gains		Gross unrealized losses		Fair Value
US Treasury securities	$	17,098,786	$	—	$	56,278	$	17,042,508
Total	$	17,098,786	$	—	$	56,278	$	17,042,508

TTh

	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 June 30, 2024 and 2023, respectively:


	Amortized Cost Basis		Fair Value
Due within one year	$	12,104,459	$	12,075,702
Due after one year through five years		4,994,327		4,966,806
Total	$	17,098,786	$	17,042,508


	Amortized Cost Basis		Fair Value
Due within one year	$	17,064,274	$	16,970,534
Total	$	17,064,274	$	16,970,534

Description Of Business And Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Effect of Revision of Financial Statements


		As of June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Balance Sheet:
Prepaid expenses and other current assets	$	284,622	$	717,892	$	1,002,514
Total current assets		28,380,967		717,892		29,098,859
Total assets		38,370,805		717,892		39,088,697
Accrued liabilities		970,530		371,509		1,342,039
Total current liabilities		2,011,817		371,509		2,383,326
Total liabilities		6,909,910		371,509		7,281,419
Retained earnings		18,300,728		346,383		18,647,111
Total stockholders' equity	$	31,460,895	$	346,383	$	31,807,278

‎


		Year Ended June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Statement of Operations:
Selling, general and administrative expenses	$	29,358,466	$	(16,832)	$	29,341,634
(Loss) from operations		(24,901,052)		16,832		(24,884,220)
Income before income tax provision		8,619,757		16,832		8,636,589
Net income	$	8,302,380	$	16,832	$	8,319,212
Income per common share:
Basic	$	0.90			$	0.90
Diluted	$	0.85			$	0.85


		Year Ended June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Statement of Cash Flows:
Net income	$	8,302,380	$	16,832	$	8,319,212
Prepaid expenses and other current assets		(96,144)		(34,885)		(131,029)
Accrued liabilities		410,174		18,053		428,227
Net cash provided by operating activities	$	10,735,649	$	-	$	10,735,649

The effect of this revision on the opening balances within the Company's Consolidated Statement of Stockholders' Equity for the years ended June 30, 2023 and 2022 was as follows:


		As Previously Reported		Revision		As Revised
Retained earnings, June 30, 2022	$	9,998,348	$	329,551	$	10,327,899
Total stockholders' equity, June 30, 2022		22,697,489		329,551		23,027,040

Retained earnings, June 30, 2023		18,300,728		346,383		18,647,111
Total stockholders' equity, June 30, 2023	$	31,460,895	$	346,383	$	31,807,278

Stock Options (Intrinsic Value) (Details) - USD ($)	12 Months Ended
Stock Options (Intrinsic Value) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Stock Options [Abstract]
Total intrinsic value of stock options exercised	$ 179,865	$ 371,714
Cash received from stock option exercises	134,975	171,350
Total fair value of stock options vested	278,208	448,476
Total recognized tax benefit	$ 37,073	$ 77,328

Leases (Lease Expense) (Details) - USD ($)	12 Months Ended
Leases (Lease Expense) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 387,669	$ 387,669
Operating cash flows from operating leases	$ (380,000)	$ (380,000)
Weighted-average remaining lease term (in years)	9 years	10 years
Weighted-average discount rate	5.25%	5.25%

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Components of Income Tax (Benefit) Provision


Years Ended June 30,	2024		2023
Current:
Federal	$	(81,278)	$	230,139
State		7,674		87,238
Deferred		—		—
Total income tax (benefit) provision	$	(73,604)	$	317,377

Effective Income Tax Rate Reconciliation


Years Ended June 30,	2024		2023
Federal income tax (benefit) liability at statutory rate	$	(214,457)	$	1,803,000
State income tax liability, net of federal income tax effect		(41,386)		323,565
Utilization of net operating loss carryforwards		—		(1,720,747)
Increase (decrease) in valuation allowance		270,679		(44,841)
Stock option (deduction)		(243)		(24,218)
All other permanent items		(45,299)		(41,701)
R&D credit		(25,459)		(19,340)
Return-to-provision		(81,738)		(54,414)
Deferred adjustment related to payroll tax withholding on disqualifying disposition of incentive stock options		110,906		—
State tax rate change		(55,248)		83,094
Uncertain tax position		2,593		25,269
Other		6,048		(12,290)
Total income tax (benefit) provision	$	(73,604)	$	317,377

Schedule of Deferred Income Tax Assets and Liabilities


	2024		2023
Deferred income tax assets:
Deferred compensation	$	523,785	$	491,608
Stock-based compensation		76,532		117,607
Accrued expenses and reserves		501,736		571,719
Deferred revenue		102,519		138,665
Federal and state net operating loss carryforwards		8,508,548		8,216,671
IRC Section 174 research and development costs		116,204		63,855
Credit carryforwards		184,406		169,552
Equipment and leasehold improvements		159,648		136,294
Operating lease liability		696,026		744,431
Valuation allowance		(10,176,697)		(9,906,018)
Total deferred income tax assets		692,707		744,384

Deferred income tax liabilities:
Operating right-of-use asset		(692,028)		(742,386)
Other		(679)		(1,998)
Total deferred income tax liabilities		(692,707)		(744,384)
Net deferred income tax assets	$	—	$	—

Schedule of Change in Valuation Allowance

The following are the changes in the valuation allowance:
	Balance,		Decrease (Increase)
	beginning		in valuation		Balance,
Years Ended June 30,	of year		allowance		end of year
2024	$	(9,906,018)	$	(270,679)	$	(10,176,697)
2023	$	(11,671,606)	$	1,765,588	$	(9,906,018)

Equipment and Leasehold Improvements (Summary of Major Categories of Equipment and Leasehold Improvements) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,450,382	$ 8,779,972
Less: accumulated depreciation and amortization	7,226,991	7,826,069
Equipment and leasehold improvements, net	1,223,391	953,903
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 619,064	619,064
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Furniture and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 337,419	337,419
Furniture and Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Furniture and Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Tooling [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Property, plant and equipment, gross	$ 3,765,766	4,506,044
Computer & Technology Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 197,073	197,072
Computer & Technology Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	3 years
Computer & Technology Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,171,070	2,864,335
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	3 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	11 years
Assets in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 359,990	$ 256,038

Related Party Transactions (Narrative) (Details)	12 Months Ended
Related Party Transactions (Narrative) (Details)	Jun. 30, 2023 USD ($)
Koss Foundation [Member]
Related Party Transaction [Line Items]
Related party transaction amount	$ 75,000

Description Of Business And Summary Of Significant Accounting Policies (Narrative II) (Details)	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Operating Loss Carryforwards [Line Items]
Revenue, Remaining Performance Obligation, Percentage	50.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Operating Loss Carryforwards [Line Items]
Revenue, Remaining Performance Obligation, Percentage	30.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Operating Loss Carryforwards [Line Items]
Revenue, Remaining Performance Obligation, Percentage	20.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 2,837,081	$ 3,091,062
Short term investments	12,104,459	17,064,274
Accounts receivable, less allowance for credit losses of $1,922 and $6,027, respectively	1,208,319	1,379,517
Inventories	4,473,680	6,423,441
Prepaid expenses and other current assets	1,081,437	1,002,514
Interest receivable	170,429	51,150
Income taxes receivable	41,756	86,901
Total current assets	21,917,161	29,098,859
Equipment and leasehold improvements, net	1,223,391	953,903
Other assets:
Long term investments	4,994,327
Operating lease right-of-use asset	2,765,445	3,015,887
Cash surrender value of life insurance	6,299,155	6,020,048
Total other assets	14,058,927	9,035,935
Total assets	37,199,479	39,088,697
Current liabilities:
Accounts payable	329,829	267,513
Accrued liabilities	402,347	1,342,039
Deferred revenue	289,895	450,312
Operating lease liability	239,688	236,225
Income taxes payable	35,899	87,237
Total current liabilities	1,297,658	2,383,326
Long-term liabilities:
Deferred compensation	2,093,124	1,997,120
Deferred revenue	119,787	113,003
Operating lease liability	2,541,734	2,787,970
Total long-term liabilities	4,754,645	4,898,093
Total liabilities	6,052,303	7,281,419
Stockholders' equity:
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 9,299,795 and 9,234,795, respectively	46,499	46,174
Paid in capital	13,404,477	13,113,993
Retained earnings	17,696,200	18,647,111
Total stockholders' equity	31,147,176	31,807,278
Total liabilities and stockholders' equity	$ 37,199,479	$ 39,088,697

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lease Expense


		Year Ended
	2024		2023
Operating lease cost	$	387,669	$	387,669
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(380,000)	$	(380,000)
Weighted-average remaining lease term (in years)		9		10
Weighted-average discount rate		5.25%		5.25%

Future Minimum Lease Payments


Year Ending June 30,
2025	$	380,000
2026		380,000
2027		380,000
2028		380,000
2029		397,000
Thereafter		1,588,000
Total lease payments		3,505,000
Present value adjustment		(723,578)
Total lease liabilities	$	2,781,422

Investments (Tables)

12 Months Ended

Jun. 30, 2024

Investments [Abstract]

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


	Amortized Cost Basis		Gross unrealized gains		Gross unrealized losses		Fair Value
US Treasury securities	$	17,098,786	$	—	$	56,278	$	17,042,508
Total	$	17,098,786	$	—	$	56,278	$	17,042,508

TTh

	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


	Amortized Cost Basis		Fair Value
Due within one year	$	12,104,459	$	12,075,702
Due after one year through five years		4,994,327		4,966,806
Total	$	17,098,786	$	17,042,508


	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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Description Of Business And Summary Of Significant Accounting Policies (Effect of Revision of Condensed Consolidated Statement Of Cash Flows) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net (loss) income	$ (950,911)	$ 8,319,212
Net changes in operating assets and liabilities:
Prepaid expenses and other current assets	(78,923)	(131,029)
Accrued liabilities	(939,692)	428,227
Net cash provided by operating activities	$ (190,531)	10,735,649
As Previously Reported [Member]
Operating activities:
Net (loss) income		8,302,380
Net changes in operating assets and liabilities:
Prepaid expenses and other current assets		(96,144)
Accrued liabilities		410,174
Net cash provided by operating activities		10,735,649
Revision [Member]
Operating activities:
Net (loss) income		16,832
Net changes in operating assets and liabilities:
Prepaid expenses and other current assets		(34,885)
Accrued liabilities		$ 18,053

- 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

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net Sales	$ 12,265,069	$ 13,099,651
United States [Member]
Disaggregation of Revenue [Line Items]
Net Sales	9,795,438	9,848,521
Export [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 2,469,631	$ 3,251,130

- 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.

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+ Details

Leases (Narrative) (Details)	12 Months Ended
Leases (Narrative) (Details)	Jun. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Lease extension per year	$ 380,000
Additional Renewal [Member]
Lessee, Lease, Description [Line Items]
Lease extension per year	$ 397,000

Equipment and Leasehold Improvements (Tables)

12 Months Ended

Jun. 30, 2024

Equipment and Leasehold Improvements [Abstract]

Summary of Major Categories of Equipment and Leasehold Improvements



	Estimated useful lives (in years)		2024		2023
Machinery and equipment	5 - 10	$	619,064	$	619,064
Furniture and office equipment	5 - 10		337,419		337,419
Tooling	5		3,765,766		4,506,044
Computer & technology equipment	3 - 5		197,073		197,072
Leasehold improvements	3 - 11		3,171,070		2,864,335
Assets in progress	N/A		359,990		256,038
			8,450,382		8,779,972
Less: accumulated depreciation and amortization			7,226,991		7,826,069
Equipment and leasehold improvements, net		$	1,223,391	$	953,903

Related Party Transactions

12 Months Ended

Jun. 30, 2024

Related Party Transactions

15. RELATED PARTY TRANSACTIONS

During the year ended June 30, 2024, the Company made no charitable contribution 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 $75,000 of charitable contributions made to the Foundation during the year ended June 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.

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+ Details

Stock Options

12 Months Ended

Jun. 30, 2024

Stock Options [Abstract]

Stock Options

12. STOCK OPTIONS

In July 2023, pursuant to the recommendation of the Board of Directors, the shareholders approved the creation of 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 Compensation Committee of the Board of Directors administers the 2023 Plan and provides for the granting of various stock-based incentive awards to eligible participants, primarily officers and certain key employees of the Company. 2,000,000 shares of common stock were authorized for issuance under the 2023 Plan, 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. As of June 30, 2024, no new stock-based awards have been granted under the 2023 Plan.

The fair value of each stock option grant under the 2012 Plan was estimated as of the date of grant using the Black-Scholes pricing model. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight-line basis over the vesting period for the entire award. Forfeitures are accounted for as they occur. The expected term of awards granted was determined based on historical experience with similar awards, giving consideration to the expected term and vesting schedules. The expected volatility was determined based on the Company’s historical stock prices over the most recent period commensurate with the expected term of the award. The risk-free interest rate was based on U.S. Treasury zero-coupon issues with a remaining term commensurate with the expected term of the award.

As of June 30, 2024, there was $39,371 of total unrecognized compensation cost related to stock options granted under the 2012 Plan. This cost is expected to be recognized over a weighted average period of 0.88 years. The Company recognized stock-based compensation expense of $155,834 and $289,676 in 2024 and 2023, respectively. These expenses were included in selling, general and administrative expenses.

‎

The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 2012 Plan:


							Aggregate
						Weighted	Intrinsic
				Weighted		Average	Value of
		Stock		Average		Remaining	In-The-
	Number of	Options		Exercise		Contractual	Money
	Shares	Price Range		Price		Life - Years	Options
Shares under option at June 30, 2022	1,058,911	$	1.73 - $2.92	$	2.18	3.72	$	5,055,797
Granted	—	$	—	$	—
Exercised	(87,000)	$	1.73 - $2.65	$	1.97
Expired	—	$	—	$	—
Forfeited	(51,000)	$	1.73 - $2.65	$	1.92
Shares under option at June 30, 2023	920,911	$	1.73 - $2.92	$	2.21	2.21	$	1,373,117
Granted	—	$	—	$	—
Exercised	(65,000)	$	1.73 - $2.65	$	2.08
Expired	(200,000)	$	$2.92	$	2.92
Forfeited	—	$	—	$	—
Shares under option at June 30, 2024	655,911	$	1.73 - $2.65	$	2.01	1.65	$	1,602,600
Exercisable as of June 30, 2023	532,245	$	1.73 - $2.92	$	2.38	1.30	$	700,947
Exercisable as of June 30, 2024	501,911	$	1.73 - $2.65	$	2.05	1.19	$	1,202,985

The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on any given date and the exercise price, multiplied by the number of in-the-money outstanding and exercisable stock options.

A summary of intrinsic value and cash received from stock option exercises and fair value of vested stock options for the fiscal years ended June 30, 2024 and 2023 is as follows:


	2024		2023
Total intrinsic value of stock options exercised	$	179,865	$	371,714
Cash received from stock option exercises	$	134,975	$	171,350
Total fair value of stock options vested	$	278,208	$	448,476
Total recognized tax benefit	$	37,073	$	77,328


		Weighted
		Average
		Grant Date
	Shares	Fair Value
Non-vested as of June 30, 2022	794,334	$	1.22
Granted	—		—
Vested	(354,668)		1.26
Forfeited	(51,000)		1.34
Non-vested as of June 30, 2023	388,666		1.17
Granted	—		—
Vested	(234,666)		1.19
Forfeited	—		—
Non-vested as of June 30, 2024	154,000	$	1.14

Deferred Compensation

12 Months Ended

Jun. 30, 2024

Deferred Compensation [Abstract]

Deferred Compensation

10. DEFERRED COMPENSATION

As of June 30, 2024 and 2023, the Company has a deferred compensation agreement with a current officer. 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 Consolidated Statements of Operations. The Company's non-current deferred compensation obligation is recorded as deferred compensation in the Consolidated Balance Sheets.

The deferred compensation liability of $2,093,142, and $1,997,120 recorded at June 30, 2024 and June 30, 2023, respectively, relates to a supplemental retirement plan for a current officer that calls for annual cash compensation following retirement from the Company in an amount equal to 2% of base salary, as defined in the agreement, multiplied by the number of years of service to the Company. The retirement payments are to be paid monthly to the officer until his death and then to his surviving spouse monthly until her death. Deferred compensation expense of $96,004 and $59,891 was recognized under this arrangement during the years ended June 30, 2024 and 2023, respectively, to record the liability at net present value of the future expected payments. The net present value was calculated using a discount factor of 5.55% and 5.21% at June 30, 2024 and 2023, respectively. The life expectancies used in the calculation of net present value were 18.10 and 18.90 years for fiscal years ended June 30, 2024 and 2023, respectively. The increase in the deferred compensation expense recorded in the year ended June 30, 2024 compared to the prior year was due mainly to the annual increase in the future payments under the arrangement, offset partially by the increase in the discount factor. The current officer's retirement date is estimated to be October 2029.

Stock Options (Tables)

12 Months Ended

Jun. 30, 2024

Stock Options [Abstract]

Stock Option Activity


							Aggregate
						Weighted	Intrinsic
				Weighted		Average	Value of
		Stock		Average		Remaining	In-The-
	Number of	Options		Exercise		Contractual	Money
	Shares	Price Range		Price		Life - Years	Options
Shares under option at June 30, 2022	1,058,911	$	1.73 - $2.92	$	2.18	3.72	$	5,055,797
Granted	—	$	—	$	—
Exercised	(87,000)	$	1.73 - $2.65	$	1.97
Expired	—	$	—	$	—
Forfeited	(51,000)	$	1.73 - $2.65	$	1.92
Shares under option at June 30, 2023	920,911	$	1.73 - $2.92	$	2.21	2.21	$	1,373,117
Granted	—	$	—	$	—
Exercised	(65,000)	$	1.73 - $2.65	$	2.08
Expired	(200,000)	$	$2.92	$	2.92
Forfeited	—	$	—	$	—
Shares under option at June 30, 2024	655,911	$	1.73 - $2.65	$	2.01	1.65	$	1,602,600
Exercisable as of June 30, 2023	532,245	$	1.73 - $2.92	$	2.38	1.30	$	700,947
Exercisable as of June 30, 2024	501,911	$	1.73 - $2.65	$	2.05	1.19	$	1,202,985

Intrinsic Value


	2024		2023
Total intrinsic value of stock options exercised	$	179,865	$	371,714
Cash received from stock option exercises	$	134,975	$	171,350
Total fair value of stock options vested	$	278,208	$	448,476
Total recognized tax benefit	$	37,073	$	77,328

Nonvested Option Activity


		Weighted
		Average
		Grant Date
	Shares	Fair Value
Non-vested as of June 30, 2022	794,334	$	1.22
Granted	—		—
Vested	(354,668)		1.26
Forfeited	(51,000)		1.34
Non-vested as of June 30, 2023	388,666		1.17
Granted	—		—
Vested	(234,666)		1.19
Forfeited	—		—
Non-vested as of June 30, 2024	154,000	$	1.14

Employee Benefit Plans

12 Months Ended

Jun. 30, 2024

Employee Benefit Plans [Abstract]

Employee Benefit Plans

16. EMPLOYEE BENEFIT PLANS

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 years ended June 30, 2024 or 2023, respectively.

The Company maintains a retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees of the Company who have completed one full fiscal quarter of service. Matching contributions can be made at the discretion of the

Board of Directors. For fiscal years 2024 and 2023, the matching contribution was 25% of employee contributions to the plan. Vesting of Company contributions occurs immediately. Company contributions were $80,831 and $92,986 during 2024 and 2023, respectively.

Income (Loss) Per Common And Common Stock Equivalent Share (Tables)

12 Months Ended

Jun. 30, 2024

Income (Loss) Per Common And Common Stock Equivalent Share [Abstract]

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


		Years Ended June 30,
	2024		2023
Numerator
Net (loss) income	$	(950,911)	$	8,319,212

Denominator
Weighted average shares, basic		9,251,373		9,192,799
Dilutive effect of stock compensation awards (1)		—		560,961
Diluted shares		9,251,373		9,753,760

Net (loss) income attributable to common shareholders per share:
Basic	$	(0.10)	$	0.90
Diluted	$	(0.10)	$	0.85

Deferred Compensation (Narrative) (Details) - Current Officer [Member] - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Discount factor	5.55%	5.21%
Life expectancy	18 years 1 month 6 days	18 years 10 months 24 days
Deferred compensation recorded liability	$ 2,093,142	$ 1,997,120
Deferred compensation expense	$ 96,004	$ 59,891
Cash compensation, percentage of base salary	2.00%

Leases

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

14. LEASES

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 the 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 (the “Extended Term”), 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 “Second Extended Term”). 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.

The Company used its incremental borrowing rate as of the date of renewal, May 24, 2022, to recalculate the net present value of the operating lease ROU asset and liability. Both the Extended Term and the Second Extended Term renewal options were included in the calculation of the ROU asset and liability as the Company believes it is reasonably certain to exercise both rights to renew. The non-lease components of the agreement related to common area maintenance charges are accounted for separately.

Supplemental information related to lease expense and valuation of the ROU asset and liability was as follows:


		Year Ended
	2024		2023
Operating lease cost	$	387,669	$	387,669
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(380,000)	$	(380,000)
Weighted-average remaining lease term (in years)		9		10
Weighted-average discount rate		5.25%		5.25%

The maturity schedule of future minimum lease payments and reconciliation to the operating lease liabilities reported on the 2024 Consolidated Balance Sheet is as follows:


Year Ending June 30,
2025	$	380,000
2026		380,000
2027		380,000
2028		380,000
2029		397,000
Thereafter		1,588,000
Total lease payments		3,505,000
Present value adjustment		(723,578)
Total lease liabilities	$	2,781,422

Legal Matters (Narrative) (Details) - USD ($)	12 Months Ended
Legal Matters (Narrative) (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2024
Legal Matters [Abstract]
Licensing proceeds	$ 33,000,000
Legal fees and related expenses	22,141,000
Estimate of loss	41,000	$ 41,000
Accrual	$ 41,000	$ 41,000

Description Of Business And Summary Of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Description Of Business And Summary Of Significant Accounting Policies

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS — Koss Corporation ("Koss"), a Delaware corporation, and its 100%-owned subsidiaries (collectively the "Company"), reports its finances as a single reporting segment, as the Company’s only business line is the design, manufacture and sale of stereo headphones and related accessories. The Company leases its plant and office in Milwaukee, Wisconsin. The domestic market is served by domestic sales representatives and independent manufacturers' representatives working directly with certain retailers, distributors, and original equipment manufacturers. International markets are served by domestic sales representatives and sales personnel in the Netherlands and the Caucasus region which utilize independent distributors in several foreign countries. The Company has two subsidiaries, Koss Corp B.V. and Koss U.K. Limited ("Koss UK"), which were formed to comply with certain European Union ("EU") requirements. Koss Corp B.V. and Koss UK are non-operating and hold no assets.

BASIS OF CONSOLIDATION — The Consolidated Financial Statements include the accounts of Koss and its subsidiaries, Koss Corp B.V. and Koss UK, which are 100%-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS — During the second quarter of fiscal year 2024, the Company learned that, due to misinterpretation of the required tax treatment for certain disqualifying dispositions of Incentive Stock Options (ISO), the Company improperly withheld amounts for Social Security and Medicare (“FICA”) taxes on the taxable gains resulting from those dispositions and remitted such amounts to the Internal Revenue Service (“IRS”). Thus, for such disqualifying dispositions of ISOs beginning in fiscal year 2021, certain employees are owed a refund from the Company for the overpayment of the FICA taxes, with a similar refund due to the Company from the IRS for the employer portion of the taxes which were also remitted to the IRS and expensed by the Company. The Company will reimburse the over withheld taxes to the impacted employees and will file amended 941-X forms with the IRS to claim a refund for both the Company overpayment of FICA taxes as well as the amounts refunded to employees. As of June 30, 2024, the over-withheld taxes due to the impacted employees were remitted to the Company’s payroll provider for distribution to the employees. As such, no liability is recorded in accrued liabilities on the Consolidated Balance Sheet as of that date. The refund expected from the IRS as of June 30, 2024 and 2023 is $722,498 and $717,892, respectively, and is included in prepaid expenses and other current assets on the Consolidated Balance Sheets.

Based on an analysis of Accounting Standards Codification ASC 250 – “Accounting Changes and Error Corrections” (“ASC 250”), Staff Accounting Bulletin 99 – “Materiality” and Staff Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, the Company determined that these errors did not result in the previously issued consolidated financial statements being materially misstated, and as such no restatement was necessary.

The following tables present the effect of the revision on the Consolidated Balance Sheet as of June 30, 2023 and the Consolidated Statement of Operations and the Consolidated Statement of Cash Flows for the year ended June 30, 2023.


		As of June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Balance Sheet:
Prepaid expenses and other current assets	$	284,622	$	717,892	$	1,002,514
Total current assets		28,380,967		717,892		29,098,859
Total assets		38,370,805		717,892		39,088,697
Accrued liabilities		970,530		371,509		1,342,039
Total current liabilities		2,011,817		371,509		2,383,326
Total liabilities		6,909,910		371,509		7,281,419
Retained earnings		18,300,728		346,383		18,647,111
Total stockholders' equity	$	31,460,895	$	346,383	$	31,807,278

‎


		Year Ended June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Statement of Operations:
Selling, general and administrative expenses	$	29,358,466	$	(16,832)	$	29,341,634
(Loss) from operations		(24,901,052)		16,832		(24,884,220)
Income before income tax provision		8,619,757		16,832		8,636,589
Net income	$	8,302,380	$	16,832	$	8,319,212
Income per common share:
Basic	$	0.90			$	0.90
Diluted	$	0.85			$	0.85


		Year Ended June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Statement of Cash Flows:
Net income	$	8,302,380	$	16,832	$	8,319,212
Prepaid expenses and other current assets		(96,144)		(34,885)		(131,029)
Accrued liabilities		410,174		18,053		428,227
Net cash provided by operating activities	$	10,735,649	$	-	$	10,735,649

The effect of this revision on the opening balances within the Company's Consolidated Statement of Stockholders' Equity for the years ended June 30, 2023 and 2022 was as follows:


		As Previously Reported		Revision		As Revised
Retained earnings, June 30, 2022	$	9,998,348	$	329,551	$	10,327,899
Total stockholders' equity, June 30, 2022		22,697,489		329,551		23,027,040

Retained earnings, June 30, 2023		18,300,728		346,383		18,647,111
Total stockholders' equity, June 30, 2023	$	31,460,895	$	346,383	$	31,807,278

The Company's Consolidated Statement of Stockholders' Equity for the year ended June 30, 2023 has also been revised to reflect the impacts to net income as presented above.

REVENUE RECOGNITION — Revenues from product sales are recognized when the customer obtains control of the product, which typically occurs upon shipment from the Company's facility. There are a very limited number of customers for which control does not pass until they have received the products at their facility. Revenue from product sales is adjusted for estimated warranty obligations and variable consideration, which are detailed below. The amount of revenue recognized is to reflect the consideration expected to be received for those goods or services.

Warranties - The Company offers a lifetime warranty to consumers in the United States and certain other countries. This lifetime warranty creates a future performance obligation. The Company determines the standalone selling price for this performance obligation using the cost-plus method. There are also certain foreign distributors that receive warranty repair parts and replacement headphones to satisfy warranty obligations in those countries. The Company defers revenue to recognize the future obligations related to these warranties. The deferred revenue is based on historical analysis of warranty claims relative to sales. This deferred revenue reflects the Company's best estimates of the amount of warranty returns and repairs it will experience during those future periods. If future warranty activity varies from the estimates, the Company will adjust the estimated deferred revenue, which would affect net sales and operating results in the period that such adjustment becomes known. The Company typically receives payment for product at the time of shipment or under normal collection terms, which are generally 30-60 days. The Company estimates that the warranty related performance obligation is satisfied within one to three years and therefore uses that same time frame for recognition of the deferred revenue, using amortization of 50% in year 1, 30% in year 2, and 20% in year 3 for domestic sales. Export deferred revenue, where applicable, is recognized over a 12-month period from date of shipment.

Reserves for Variable Consideration - Revenue from product sales is recorded at the net sales price, which includes estimates of variable consideration for which reserves are established and which result from returns, rebates, and co-pay assistance that are offered within contracts between the Company and its customers. Overall, these reserves reflect the Company's best estimates of the amount of consideration to which it is entitled based on the terms of the contract. If actual results in the future vary from the estimates, the Company will adjust these estimates, which would affect net sales and operating results in the period such variances become known.

Product Returns - The Company generally offers customers a limited right of return. The Company estimates the amount of product sales that may be returned by its customers and records the estimate as a reduction of revenue in the period the related product revenue is recognized. Product return liabilities are estimated using historical sales and returns information. If actual results in the future vary from the estimates, the Company will adjust these estimates, which would affect net sales and operating results in the period such variances become known.

Volume Rebates - The Company offers volume rebates to certain customers in the United States and certain foreign distributors. These volume rebates are tied to sales volume within specified periods. The amount of revenue is reduced for variable consideration related to customer rebates, which are calculated using expected values and is based on program specific factors such as expected rebate percentages and expected volumes. Changes in such accruals may be required if actual sales volume differs from estimated sales volume, which would affect net sales and operating results in the period such variances become known.

Seller Fees – The Company pays fees to a major online marketplace for use of its services. Referral fees, the commission paid to the online platform to cover the costs associated with promoting, advertising, and facilitating product sales to its customers, are calculated as a percentage of the sales price and are imposed on sales of all products sold through the marketplace. When orders are fulfilled by the online marketplace, the Company is assessed fulfillment fees to cover the cost of fulfillment of the order as well as the assumption of risk of inventory control, damages and returns. The fees assessed are based on a product’s category, price, size and weight and are deducted from the sales price of each product prior to remittance to the Company with revenue reported on a net basis. Revenue from orders obtained through the online marketplace, but fulfilled by the Company direct to the end customer, are reported as gross sales and referral fees are recorded as selling expense in selling, general and administrative expenses. The Company’s related fulfillment costs are recorded in cost of goods sold.

Sales Commissions - The Company has elected the practical expedient of not capitalizing sales commissions.

RESEARCH AND DEVELOPMENT — Research and development is primarily comprised of product prototypes and testing. These activities, charged to operations as a component of selling, general and administrative expenses in the accompanying Consolidated Statements of Operations, amounted to $238,086 and $288,231 in 2024 and 2023, respectively.

ADVERTISING COSTS — Advertising costs included within selling, general and administrative expenses in the accompanying Consolidated Statements of Operations were $142,859 in 2024 and $65,374 in 2023. Such costs are expensed as incurred.

INCOME TAXES — The Company operates as a C Corporation under the Internal Revenue Code (the “Code”). Amounts provided for income tax expense (benefit) are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision (benefit) for income taxes. The differences relate principally to different methods used for depreciation and amortization for income tax purposes, net operating loss carryforwards, capitalization requirements of the Code, allowances for doubtful accounts, provisions for excess and obsolete inventory, stock-based compensation, warranty reserves, and other income tax related carryforwards. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount that is more likely than not to be realized.

PATENT COSTS — The Company incurs on-going legal fees and filing costs related to the patent portfolio. These costs are expensed in the period they are incurred since no patent legal costs are probable to provide a future economic benefit.

INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE — Income (loss) per common and common stock equivalent share is calculated under the provisions of Topic 260 in the Accounting Standards Codification (“ASC”) which provides for calculation of “basic” and “diluted” income (loss) per share. Basic income (loss) per common and common stock equivalent share includes no dilution and is computed by dividing net income (loss) by the weighted average common shares outstanding for the period. Diluted income (loss) per common and common stock equivalent share reflects the potential dilution of securities that could share in the earnings (losses) of an entity. See Note 11 for additional information on income (loss) per common and common stock equivalent share.

CASH AND CASH EQUIVALENTS — The Company considers depository accounts and investments with a maturity at the date of acquisition and expected usage of three months or less to be cash and cash equivalents. The Company maintains its cash on deposit at a commercial bank located in the United States of America. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced, and does not expect to incur, any losses on these deposits.

ACCOUNTS RECEIVABLE — Accounts receivable consist of unsecured trade receivables due from customers. An allowance for credit losses is deducted from the cost basis of the receivables and is estimated using the aging method whereby expected credit losses

are determined on the basis of how long a receivable has been outstanding as well as historical loss data. The estimates are then adjusted for changes in the risk characteristics of the Company’s customer base, changes in credit practices, current conditions, and reasonable and supportable future forecasts that would impact the collectability of the receivables. This model replaced the incurred loss model used in previous years.

An adjustment of $4,105 was made during the year ended June 30, 2024 to record the appropriate allowance per the new methodology and no write-offs were necessary and there were no recoveries on prior losses. As such, the impact of the change on the Company’s financial statements was not significant.

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 discount to maturity. Such amortization or accretion is included in interest income, along with other interest on cash and cash equivalents. Accrued interest receivable on held-to-maturity debt securities is shown separately on the Consolidated Balance Sheets and is not included in any estimate for credit losses. No allowance for credit losses on held-to-maturity U.S. Treasury securities is recorded 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. See Note 4 for additional information on investments.

INVENTORIES — As of June 30, 2024 and 2023, the Company’s inventory was recorded using standard cost which approximates the lower of first in first out (“FIFO”) cost or net realizable value. The carrying value of inventory is reviewed for impairment on at least a quarterly basis, or more frequently if warranted due to changes in market conditions. See Note 5 for additional information on inventory.

EQUIPMENT AND LEASEHOLD IMPROVEMENTS — Equipment and leasehold improvements are stated at cost. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Major expenditures for leasehold improvements and equipment and significant renewals are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, their costs and related accumulated depreciation and amortization are removed from the accounts and any resulting gains or losses are included in operations. See Note 6 for additional information on equipment and leasehold improvements.

LEASES — The Company determines if a contract is a lease at the date of inception. 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 the former chairman’s revocable trust and includes current stockholders of the Company. The lease agreement provides the Company the right to substantially all of the economic benefits and direct the use of the building, thus is considered a lease. The agreement does not convey ownership of the building to the lessee at the end of the lease term, does not contain an option to purchase the underlying asset at the end of the lease term and the lease term is not for a major part of the remaining economic life of the underlying asset so is accounted for as an operating lease.

Operating leases are reported on the Company's Consolidated Balance Sheets as operating lease right-of-use ("ROU") assets and operating lease liabilities. Operating lease ROU assets and liabilities are valued at the present value of the future lease payment obligations. The Company uses a rate based upon current incremental borrowing rates to determine the present value of future lease payments as the rate is not implicit in the lease. Operating lease expense is recorded on a straight-line basis over the life of the lease taking into account expected renewal periods.

LIFE INSURANCE POLICIES — Life insurance policies are stated at cash surrender value or at the amount the Company would receive in the case of split-dollar arrangements. Increases in cash surrender value, net of annual premiums paid, and the proceeds from company-owned life insurance policies are included in selling, general and administrative expenses and other income, respectively, in the Consolidated Statements of Operations.

DEFERRED COMPENSATION —At June 30, 2024 and 2023, 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 Consolidated Statements of Operations. See Note 10 for additional information on deferred compensation.

FAIR VALUE OF FINANCIAL INSTRUMENTS — Fair value is the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants at the measurement date. A three-tier hierarchy prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than quoted market prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. The asset's or liability's fair value measurement within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Cash equivalents, accounts receivable, and accounts payable approximate fair value based on the short maturity of these instruments. The Company’s U.S. treasury debt securities are recorded at amortized cost with fair value disclosure. They have a readily available market price (Level 1 input), thus a lesser degree of judgment needs to be used in measuring fair value, and fair value was determined by quoted market prices. The fair value is based upon quoted market prices and is disclosed in Note 4.

IMPAIRMENT OF LONG-LIVED ASSETS — The Company evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an asset is considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Management determines fair value using an undiscounted future cash flow analysis or other accepted valuation techniques. No impairments of the Company's long-lived assets were recorded in the years ended June 30, 2024 or 2023.

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 legal disputes are recorded in other income when the

amounts are determinable, and the collection is certain. 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. In the year ended June 30, 2023, the Company incurred legal fees and expenses of approximately $22,141,000 related to licensing proceeds received in the same year. Changes to the contingent legal fee expenses would have a material impact on the results of operations.

STOCK-BASED COMPENSATION — The Company has a stock-based employee compensation plan, which is described more fully in Note 12. The Company accounts for stock-based compensation in accordance with ASC 718 “Compensation - Stock Compensation”. Under the fair value recognition provisions of this statement, share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company recognizes forfeitures as they occur.

OTHER INCOME — The Company maintains a program focused on enforcing its intellectual property and, in particular, certain of its patent portfolio, by filing complaints against certain parties alleging infringement on the Company’s patents relating to its wireless headphone technology. The Company has granted license agreements related to certain patents allowing the Company to recover certain of the fees and costs that were involved with the underlying efforts to enforce this portfolio. In the year ended June 30, 2023, the Company received licensing proceeds of $33,000,000, which was recorded as other income. No other income was received in the year ended June 30, 2024.

USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates.

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Abstract]
Federal income tax (benefit) liability at statutory rate	$ (214,457)	$ 1,803,000
State income tax liability, net of federal income tax effect	(41,386)	323,565
Utilization of net operating loss carryforwards		(1,720,747)
Increase (decrease) in valuation allowance	270,679	(44,841)
Stock option (deduction)	(243)	(24,218)
All other permanent items	(45,299)	(41,701)
R&D credit	(25,459)	(19,340)
Return-to-provision	(81,738)	(54,414)
Deferred adjustment related to payroll tax withholding on disqualifying disposition of incentive stock options	110,906
State tax rate change	(55,248)	83,094
Uncertain tax position	2,593	25,269
Other	6,048	(12,290)
Total income tax (benefit) provision	$ (73,604)	$ 317,377

Income (Loss) Per Common And Common Stock Equivalent Share (Reconciliation of Numerator and Denominator Used to Calculate Basic and Diluted (Loss) Income per Share) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income (Loss) Per Common And Common Stock Equivalent Share [Abstract]
Net (loss) income	$ (950,911)	$ 8,319,212
Weighted average shares, basic (in shares)	9,251,373	9,192,799
Dilutive effect of stock compensation awards (in shares)		560,961
Diluted shares (in shares)	9,251,373	9,753,760
Basic (in dollars per share)	$ (0.10)	$ 0.90
Diluted (in dollars per share)	$ (0.10)	$ 0.85
Anti-dilutive shares	717,024	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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+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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)

12 Months Ended

Jun. 30, 2024

Revenue Recognition [Abstract]

Disaggregation of Revenue


	2024		2023
United States	$	9,795,438	$	9,848,521
Export		2,469,631		3,251,130
Net Sales	$	12,265,069	$	13,099,651

Concentrations (Narrative) (Details) - customer	12 Months Ended
Concentrations (Narrative) (Details) - customer	Jun. 30, 2024	Jun. 30, 2023
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of major customers	3
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Amazon [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	13.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Eurostar [Member]
Concentration Risk [Line Items]
Concentration risk percentage	0.00%	24.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Ingram Micro [Member]
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	14.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| The Computer Supply People [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Number of major customers	5	5
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Five Largest Clients [Member]
Concentration Risk [Line Items]
Concentration risk percentage	46.00%	51.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Amazon [Member]
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	20.00%
Geographic Concentration Risk [Member] \| Accounts Receivable [Member] \| Foreign [Member]
Concentration Risk [Line Items]
Concentration risk percentage		24.00%
Geographic Concentration Risk [Member] \| Trade Accounts Receivable [Member] \| Foreign [Member]
Concentration Risk [Line Items]
Concentration risk percentage	5.00%
Geographic Concentration Risk [Member] \| Manufacturing Costs Benchmark [Member] \| Vendor One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	65.00%	59.00%
Geographic Concentration Risk [Member] \| Manufacturing Costs Benchmark [Member] \| China [Member]
Concentration Risk [Line Items]
Number of major vendors	2
Maximum [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| The Computer Supply People [Member]
Concentration Risk [Line Items]
Concentration risk percentage		10.00%

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	$ 10,327,899	$ 23,027,040
Net income (loss)			8,319,212	8,319,212
Stock-based compensation expense		289,676		$ 289,676
Exercise of common stock options (in shares)	87,000			87,000
Exercise of common stock options	$ 435	170,915		$ 171,350
Balance (in shares) at Jun. 30, 2023	9,234,795			9,234,795
Balance at Jun. 30, 2023	$ 46,174	13,113,993	18,647,111	$ 31,807,278
Net income (loss)			(950,911)	(950,911)
Stock-based compensation expense		155,834		$ 155,834
Exercise of common stock options (in shares)	65,000			65,000
Exercise of common stock options	$ 325	134,650		$ 134,975
Balance (in shares) at Jun. 30, 2024	9,299,795			9,299,795
Balance at Jun. 30, 2024	$ 46,499	$ 13,404,477	$ 17,696,200	$ 31,147,176

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended		24 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Income Tax Disclosure [Line Items]
Uncertainty tax position related to research and development costs	$ 28,000	$ 25,000	$ 28,000
Operating loss carryforwards	32,778,000		32,778,000
Interest and penalties			0
Unrecognized tax benefits	0		0
Income Tax Expense (Benefit)	(73,604)	317,377
Federal tax benefit	(81,278)	230,139
Wisconsin Department of Revenue [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards	4,381,000		4,381,000
Federal [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards, not subject to expiration	32,778,000		32,778,000
Operating loss carryforwards	1,270,000	6,944,000	1,270,000
Income Tax Expense (Benefit)	230,139
Research and development tax credits including carryovers		$ 132,466
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Income Tax Expense (Benefit)	87,238
State and Local Jurisdiction [Member] \| Wisconsin Department of Revenue [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards, subject to expiration	11,242,000		11,242,000
State and Local Jurisdiction [Member] \| Other States [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards, subject to expiration	15,910,000		$ 15,910,000
Minimum [Member] \| State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Income Tax Expense (Benefit)	$ 7,674

Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Accrued Liabilities [Abstract]
Cooperative advertising and promotion allowances	$ 86,935	$ 77,181
Customer credit balances	33,453	281,780
Employee benefits	72,240	76,323
Legal and professional fees	80,200	85,500
Bonus and profit-sharing	52,563	369,529
Sales commissions	44,045	46,857
Amounts owed to employees for overpayment of payroll taxes on disqualifying dispositions of incentive stock options		371,509
Other	32,911	33,360
Total accrued liabilities	$ 402,347	$ 1,342,039

Accrued Liabilities (Tables)

12 Months Ended

Jun. 30, 2024

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities


	2024		2023
Cooperative advertising and promotion allowances	$	86,935	$	77,181
Customer credit balances		33,453		281,780
Employee benefits		72,240		76,323
Legal and professional fees		80,200		85,500
Bonus and profit-sharing		52,563		369,529
Sales commissions		44,045		46,857
Amounts owed to employees for overpayment of payroll taxes on disqualifying dispositions of incentive stock options		—		371,509
Other		32,911		33,360
Total accrued liabilities	$	402,347	$	1,342,039

New Accounting Standard (Policies)

12 Months Ended

Jun. 30, 2024

New Accounting Standard [Abstract]

New Accounting Standard

NEW ACCOUNTING STANDARD

New Accounting Standards Adopted as of July 1, 2023

Effective July 1, 2023, the Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments using the modified retrospective approach for all financial assets measured at amortized cost, including trade receivables and held-to-maturity debt securities. The main goal of this ASU is to require businesses to adjust their allowance for lifetime expected credit losses rather than incurred losses. It is believed that the change will result in more timely recognition of such losses. The expected credit losses estimate will be based upon historical information, current conditions, and reasonable and supportable forecasts. Financial assets measured at amortized cost are presented at the net amount expected to be collected by using an allowance for credit losses.

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 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 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).

Recently Issued Accounting Standard

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid and requires consistent categories and greater disaggregation of information in the rate reconciliation, income taxes paid disaggregated by jurisdiction and certain other amendments. The new guidance will be effective for annual periods beginning after December 15, 2024, or the Company’s fiscal year ending June 30, 2026. Management is currently assessing the impact of the adoption of this standard on the Company’s Consolidated Financial Statements.

Credit Facility (Narrative) (Details) - USD ($)	12 Months Ended
Credit Facility (Narrative) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Line of Credit Facility [Line Items]
Interest expense	$ 0	$ 0
Town Bank [Member] \| Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 5,000,000
Unused line fees	0.00%
Outstanding borrowings	$ 0	$ 0
Town Bank [Member] \| Amended Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000
Town Bank [Member] \| Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Line of Credit Facility [Line Items]
Spread on variable interest rate	1.50%

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Income Taxes

7. INCOME TAXES

The Company utilizes the liability method of accounting for income taxes. The liability method measures the expected income tax impact of future taxable income and deductions implicit in the Consolidated Balance Sheets. The income tax (benefit) provision in 2024 and 2023 consisted of the following:


Years Ended June 30,	2024		2023
Current:
Federal	$	(81,278)	$	230,139
State		7,674		87,238
Deferred		—		—
Total income tax (benefit) provision	$	(73,604)	$	317,377

The 2024 and 2023 tax results in an effective rate different than the federal statutory rate because of the following:


Years Ended June 30,	2024		2023
Federal income tax (benefit) liability at statutory rate	$	(214,457)	$	1,803,000
State income tax liability, net of federal income tax effect		(41,386)		323,565
Utilization of net operating loss carryforwards		—		(1,720,747)
Increase (decrease) in valuation allowance		270,679		(44,841)
Stock option (deduction)		(243)		(24,218)
All other permanent items		(45,299)		(41,701)
R&D credit		(25,459)		(19,340)
Return-to-provision		(81,738)		(54,414)
Deferred adjustment related to payroll tax withholding on disqualifying disposition of incentive stock options		110,906		—
State tax rate change		(55,248)		83,094
Uncertain tax position		2,593		25,269
Other		6,048		(12,290)
Total income tax (benefit) provision	$	(73,604)	$	317,377

During the year ended June 30, 2024, a federal tax benefit of $81,278 was recorded as a result of the return-to-provision (RTP) adjustments recorded in the period identified. The adjustments were identified when the prior year tax returns were filed in the third quarter of fiscal year 2024. State income tax expense of $7,674, which represented only the required minimum estimated state tax payments due, offset the federal tax benefit for a total income tax benefit of $73,604. For the year ended June 30, 2023, as a result of additional income generated by licensing fees, partially offset by related legal fees and expenses, taxable income for the period was generated. For NOLs arising in tax years beginning after December 31, 2017, the Tax Cuts and Jobs Act (“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 is limited to 80 percent of the resulting taxable income whereas NOL carryforwards from fiscal 2017 and 2018 could be utilized to offset taxable income at 100 percent. The utilization of net operating loss carryforwards significantly reduced the taxable income for the year ended June 30, 2023, resulting in federal and state tax provisions of $230,139 and $87,238, respectively.

‎

Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2024 and 2023 include:


	2024		2023
Deferred income tax assets:
Deferred compensation	$	523,785	$	491,608
Stock-based compensation		76,532		117,607
Accrued expenses and reserves		501,736		571,719
Deferred revenue		102,519		138,665
Federal and state net operating loss carryforwards		8,508,548		8,216,671
IRC Section 174 research and development costs		116,204		63,855
Credit carryforwards		184,406		169,552
Equipment and leasehold improvements		159,648		136,294
Operating lease liability		696,026		744,431
Valuation allowance		(10,176,697)		(9,906,018)
Total deferred income tax assets		692,707		744,384

Deferred income tax liabilities:
Operating right-of-use asset		(692,028)		(742,386)
Other		(679)		(1,998)
Total deferred income tax liabilities		(692,707)		(744,384)
Net deferred income tax assets	$	—	$	—

Deferred income tax balances reflect the effects of temporary differences between the tax bases of assets and liabilities and their carrying amounts. These differences are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. The recognition of these deferred tax balances will be realized through normal recurring operations and, as such, the Company has recorded the value of such expected benefits. The Company has federal net operating loss carryforwards of approximately $32,778,000 which can be carried forward indefinitely and state net operating loss carryforwards totaling approximately $11,242,000 in Wisconsin, which expire in tax years 2029 through 2043, and approximately $15,910,000 in other states. Given a taxable net loss for fiscal year 2024, it is expected that $1,270,000 will be added to the Company’s federal net operating loss carryforwards. The Company's remaining tax loss carryforward as of June 30, 2024 is expected to be approximately $32,778,000 and given recurring taxable losses with the exception of fiscal year 2023 whereby taxable income was generated mainly as a result of non-recurring license proceeds, the future realization of this continues to be uncertain. The valuation allowance was adjusted to continue to fully offset the deferred tax asset as there is sufficient negative evidence to support a full valuation allowance. For the year ended June 30, 2023, the Company utilized federal net operating loss carryforwards of approximately $6,944,000 to offset taxable income. At the state level, net operating loss carryforwards of $4,381,000 in Wisconsin and all other states combined were utilized.

The need for a valuation allowance is evaluated each accounting period based on the Company’s evaluation of positive and negative evidence concerning the usage of their deferred tax assets. As of the end of the period, the Company has evaluated all evidence concerning the usage of their deferred tax assets and the determination has been made to maintain a full valuation allowance on the Company’s net deferred tax asset. The need for a valuation allowance is an estimate at period-end, which is subject to change once additional evidence is obtained in future periods.

The following are the changes in the valuation allowance:
	Balance,		Decrease (Increase)
	beginning		in valuation		Balance,
Years Ended June 30,	of year		allowance		end of year
2024	$	(9,906,018)	$	(270,679)	$	(10,176,697)
2023	$	(11,671,606)	$	1,765,588	$	(9,906,018)

Generally accepted accounting principles in the United States (“GAAP”) prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. Due to the non-recurring license proceeds, the Company had positive taxable income for the fiscal year ending June 30, 2023 and was able to use all their federal R&D tax credits, including carryovers, of $132,466. The claim for research and development (R&D) tax credits continues to be a highly scrutinized area by the Internal Revenue Service and, while the Company is confident in its credit claim, it cannot anticipate the impact that future guidance could have on current claims. Due to the costs of defense, the Company may also decide to settle for less than the full amount of the credits used on the returns. As a result, the Company believes that it is more likely than not that upon audit, the realization of the credits used would be 80% and accordingly recorded a liability of approximately $28,000 and $25,000 as a reserve for an uncertain tax position (“UTP”) related to the R&D credits taken at June 30, 2024 and 2023, respectively. The UTP increased during 2024 due to a change in the final credit amount utilized with the fiscal year 2023 tax return.

The reserve for UTP was recorded in income taxes payable on the Consolidated Balance Sheets. There were no other matters determined to be unrecognized tax benefits taken or expected to be taken in a tax return that have been recorded on the Company’s Consolidated Financial Statements for the years ended June 30, 2024 and 2023.

Additionally, GAAP provides guidance on the recognition of interest and penalties related to income taxes. No interest or penalties related to income taxes has been accrued or recognized as of and for the years ended June 30, 2024 or 2023. The Company records interest related to unrecognized tax benefits, when applicable, in interest expense.

The Company files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company’s federal tax returns and state income tax returns are open for the standard statutory period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition

12 Months Ended

Jun. 30, 2024

Revenue Recognition [Abstract]

Revenue Recognition

3. 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:


	2024		2023
United States	$	9,795,438	$	9,848,521
Export		2,469,631		3,251,130
Net Sales	$	12,265,069	$	13,099,651

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. The Company recognized revenue, which was included in the deferred revenue liability at the beginning of the periods, of $308,851 and $338,529 in the years ended June 30, 2024 and 2023, respectively, for performance obligations related to consumer and customer warranties. The deferred revenue liability was $713,101 as of June 30, 2022. The Company estimates that the deferred revenue performance obligations are satisfied within 1 to 3 years and therefore uses the 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 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Credit Facility	12 Months Ended
Credit Facility	Jun. 30, 2024
Credit Facility [Abstract]
Credit Facility	8. 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 and 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 June 30, 2024, the Company was in compliance with all covenants related to the Credit Agreement. As of June 30, 2024 and 2023, there were no outstanding borrowings on the facility and there was no interest expense recognized during the years then ended.

- 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)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans (Narrative) (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Narrative) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Company contributions	$ 80,831	$ 92,986
Matching contributions, percent	25.00%	25.00%
Koss Employee Stock Ownership Trust [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Contributions	$ 0	$ 0

Stock Repurchase Program (Narrative) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 2,000,000
Stock Repurchase Program B [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount	45,500,000
Stock Repurchase Program Additional Authorized Amount	$ 43,360,247
Stock Repurchased and Retired During Period, Shares (in shares)	0	0

Description Of Business And Summary Of Significant Accounting Policies (Effect of Revision of Consolidated Statements Of Operations) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies Disclosure [Line Items]
Selling, general and administrative expenses	$ 6,057,606	$ 29,341,634
(Loss) from operations	(1,872,159)	(24,884,220)
Income before income tax provision	(1,024,515)	8,636,589
Net (loss) income	$ (950,911)	$ 8,319,212
Income per common share:
Basic (in dollars per share)	$ (0.10)	$ 0.90
Diluted (in dollars per share)	$ (0.10)	$ 0.85
As Previously Reported [Member]
Accounting Policies Disclosure [Line Items]
Selling, general and administrative expenses		$ 29,358,466
(Loss) from operations		(24,901,052)
Income before income tax provision		8,619,757
Net (loss) income		$ 8,302,380
Income per common share:
Basic (in dollars per share)		$ 0.90
Diluted (in dollars per share)		$ 0.85
Revision [Member]
Accounting Policies Disclosure [Line Items]
Selling, general and administrative expenses		$ (16,832)
(Loss) from operations		16,832
Income before income tax provision		16,832
Net (loss) income		$ 16,832

New Accounting Standard

12 Months Ended

Jun. 30, 2024

New Accounting Standard [Abstract]

New Accounting Standard

2. NEW ACCOUNTING STANDARD

New Accounting Standards Adopted as of July 1, 2023

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

Recently Issued Accounting Standard

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
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+ Details

Description Of Business And Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Nature of Business

Basis of Consolidation

Revision Of Previously Issued Financial Statements


		As of June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Balance Sheet:
Prepaid expenses and other current assets	$	284,622	$	717,892	$	1,002,514
Total current assets		28,380,967		717,892		29,098,859
Total assets		38,370,805		717,892		39,088,697
Accrued liabilities		970,530		371,509		1,342,039
Total current liabilities		2,011,817		371,509		2,383,326
Total liabilities		6,909,910		371,509		7,281,419
Retained earnings		18,300,728		346,383		18,647,111
Total stockholders' equity	$	31,460,895	$	346,383	$	31,807,278

‎


		Year Ended June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Statement of Operations:
Selling, general and administrative expenses	$	29,358,466	$	(16,832)	$	29,341,634
(Loss) from operations		(24,901,052)		16,832		(24,884,220)
Income before income tax provision		8,619,757		16,832		8,636,589
Net income	$	8,302,380	$	16,832	$	8,319,212
Income per common share:
Basic	$	0.90			$	0.90
Diluted	$	0.85			$	0.85


		Year Ended June 30, 2023
		As Previously Reported		Revision		As Revised
Consolidated Statement of Cash Flows:
Net income	$	8,302,380	$	16,832	$	8,319,212
Prepaid expenses and other current assets		(96,144)		(34,885)		(131,029)
Accrued liabilities		410,174		18,053		428,227
Net cash provided by operating activities	$	10,735,649	$	-	$	10,735,649

The effect of this revision on the opening balances within the Company's Consolidated Statement of Stockholders' Equity for the years ended June 30, 2023 and 2022 was as follows:


		As Previously Reported		Revision		As Revised
Retained earnings, June 30, 2022	$	9,998,348	$	329,551	$	10,327,899
Total stockholders' equity, June 30, 2022		22,697,489		329,551		23,027,040

Retained earnings, June 30, 2023		18,300,728		346,383		18,647,111
Total stockholders' equity, June 30, 2023	$	31,460,895	$	346,383	$	31,807,278

The Company's Consolidated Statement of Stockholders' Equity for the year ended June 30, 2023 has also been revised to reflect the impacts to net income as presented above.

Revenue Recognition

Sales Commissions - The Company has elected the practical expedient of not capitalizing sales commissions.

Research and Development

Advertising Costs

Income Taxes

Patent Costs

Income (Loss) Per Common and Common Stock Equivalent Share

Cash and Cash Equivalents

Accounts Receivable

Investments

Inventories

Equipment and Leasehold Improvements

Leases

Life Insurance Policies

Deferred Compensation

Fair Value of Financial Instruments

Impairment of Long-Lived Assets

Legal Costs

Stock-Based Compensation

Other Income

Use of Estimates

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Consolidated Statements of Income [Abstract]
Net sales	$ 12,265,069	$ 13,099,651
Cost of goods sold	8,079,622	8,642,237
Gross profit	4,185,447	4,457,414
Selling, general and administrative expenses	6,057,606	29,341,634
(Loss) from operations	(1,872,159)	(24,884,220)
Other income		33,000,000
Interest income	847,644	520,809
(Loss) income before income tax provision (benefit)	(1,024,515)	8,636,589
Income tax (benefit) provision	(73,604)	317,377
Net (loss) income	$ (950,911)	$ 8,319,212
(Loss) income per common share:
Basic (in dollars per share)	$ (0.10)	$ 0.90
Diluted (in dollars per share)	$ (0.10)	$ 0.85
Weighted-average number of shares:
Basic (in shares)	9,251,373	9,192,799
Diluted (in shares)	9,251,373	9,753,760

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2024	Aug. 26, 2024	Dec. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
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, $0.005 par value per share
Trading Symbol	KOSS
Security Exchange Name	NASDAQ
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 17,035,410
Entity Common Stock, Shares Outstanding		9,299,795
Documents Incorporated By Reference Text Block	Part III of this Form 10-K incorporates by reference certain information from Koss Corporation’s Proxy Statement for its 2024 Annual Meeting of Stockholders to be filed with the Commission under Regulation 14A within 120 days of the end of the fiscal year covered by this Form 10-K.
Document Fiscal Period Focus	FY
Entity Central Index Key	0000056701
Amendment Flag	false
Auditor Name	Wipfli LLP
Auditor Location	Radnor, Pennsylvania
Auditor Firm ID	344

Inventories

12 Months Ended

Jun. 30, 2024

Inventories [Abstract]

Inventories

5. INVENTORIES

The components of inventories at June 30, 2024 and 2023 were as follows:


		2024		2023
Raw materials	$	1,973,531	$	2,071,360
Finished goods		4,357,621		6,178,186
Inventories, gross		6,331,152		8,249,546
Reserve for obsolete inventory		(1,857,472)		(1,826,105)
Inventories, net	$	4,473,680	$	6,423,441

Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
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)	9,299,795	9,234,795
Common stock, shares outstanding (in shares)	9,299,795	9,234,795

Inventories (Components of Inventories) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Inventories [Abstract]
Raw materials	$ 1,973,531	$ 2,071,360
Finished goods	4,357,621	6,178,186
Inventories, gross	6,331,152	8,249,546
Reserve for obsolete inventory	(1,857,472)	(1,826,105)
Inventories, net	$ 4,473,680	$ 6,423,441

Investments (Summary of Held-to-Maturity Debt Securities by Contractual Maturity) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Amortized cost basis
Due within one year	$ 12,104,459	$ 17,064,274
Due after one year through five years	4,994,327
Amortized cost basis	17,098,786	17,064,274
Fair Value
Due within one year	12,075,702	16,970,534
Due after one year through five years	4,966,806
Fair Value	$ 17,042,508	$ 16,970,534

Concentrations

12 Months Ended

Jun. 30, 2024

Concentrations [Abstract]

Concentrations

17. CONCENTRATIONS

In the years ended June 30, 2024 and 2023, the Company’s largest concentration of sales came from DTC through the Amazon portal and were approximately 17% and 20% of net sales in fiscal year 2024 and 2023, respectively. The five largest customers of the Company accounted for approximately 46% of net sales in fiscal year 2024 and 51% in fiscal year 2023.

The three customers with individual accounts receivable balances greater than 10% as of June 30, 2024 were Ingram Micro, Amazon Vendor Central and The Computer Supply People. As of June 30, 2024 and 2023, accounts receivable from Ingram Micro represented 18% and 14% of total trade accounts receivable, respectively, and Amazon Vendor Central accounts receivable represented approximately 15% and 13%, respectively. The Computer Supply People accounts receivable as of June 30, 2024 and 2023 was approximately 12% and less than 10%, respectively, while there was no accounts receivable from Eurostar as of the end of the current fiscal year, the accounts receivable as of June 30, 2023 was 24% of total trade accounts receivable. The majority of international customers, outside of Canada, purchase products on a cash against documents or cash in advance basis. Approximately 5% and 24% of the Company's trade accounts receivable at June 30, 2024 and 2023, were foreign receivables denominated in U.S. dollars.

The Company uses contract manufacturing facilities in the People’s Republic of China and Taiwan. The majority of the contract manufacturing is done by two vendors with one vendor representing approximately 65% and 59% of the manufacturing costs in fiscal years 2024 and 2023, respectively. The Company has a long-term relationship with this vendor. However, increased costs from the vendor or an interruption of supply from this vendor could have a material adverse effect on the Company's profit margins and profitability.

‎

Stock Options (Narrative) (Details) - USD ($)	12 Months Ended
Stock Options (Narrative) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 39,371
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	10 months 17 days
Stock or Unit Option Plan Expense	$ 155,834	$ 289,676
2023 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	0	2,000,000
Options [Member] \| 2023 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Three to Five Years [Member] \| Options [Member] \| 2023 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Three to Five Years [Member] \| Options [Member] \| 2023 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
10% Stockholder [Member] \| Options [Member] \| 2023 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	5 years