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Document and Entity Information Document (USD $)
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6 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2013
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Feb. 07, 2014
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Dec. 31, 2012
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | KOSS CORP | ||
| Entity Central Index Key | 0000056701 | ||
| Current Fiscal Year End Date | --06-30 | ||
| Entity Filer Category | Smaller Reporting Company | ||
| Document Type | 10-Q | ||
| Document Period End Date | Dec. 31, 2013 | ||
| Document Fiscal Year Focus | 2014 | ||
| Document Fiscal Period Focus | Q2 | ||
| Amendment Flag | false | ||
| Entity Common Stock, Shares Outstanding | 7,382,706 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Public Float | $ 12,824,625 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Details
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Dec. 31, 2013
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Dec. 31, 2012
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Dec. 31, 2013
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Dec. 31, 2012
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| Net sales | $ 6,524,215 | $ 8,642,031 | $ 13,348,554 | $ 17,556,893 |
| Cost of goods sold | 4,543,003 | 5,884,424 | 9,114,373 | 11,548,115 |
| Impairment of capitalized software, inventory and related items | 4,535,747 | 0 | 4,535,747 | 0 |
| Gross profit (loss) | (2,554,535) | 2,757,607 | (301,566) | 6,008,778 |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 2,745,044 | 3,003,488 | 5,570,849 | 6,022,239 |
| Unauthorized transaction related costs and recoveries, net | 112,171 | (812,344) | (596,545) | (1,195,071) |
| Total operating expenses | 2,857,215 | 2,191,144 | 4,974,304 | 4,827,168 |
| Income (loss) from operations | (5,411,750) | 566,463 | (5,275,870) | 1,181,610 |
| Other income (expense): | ||||
| Interest income | 0 | 0 | 0 | 10 |
| Interest expense | (8,193) | (27,206) | (15,799) | (56,515) |
| Total other expense, net | (8,193) | (27,206) | (15,799) | (56,505) |
| Income (loss) before income tax provision (benefit) | (5,419,943) | 539,257 | (5,291,669) | 1,125,105 |
| Income tax provision (benefit) | (1,967,102) | 200,569 | (1,918,230) | 420,264 |
| Net income (loss) | $ (3,452,841) | $ 338,688 | $ (3,373,439) | $ 704,841 |
| Income (loss) per common share: | ||||
| Basic (in dollars per share) | $ (0.47) | $ 0.05 | $ (0.46) | $ 0.10 |
| Diluted (in dollars per share) | $ (0.47) | $ 0.05 | $ (0.46) | $ 0.10 |
| Dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 |
| X | ||||||||||
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- Definition
Impairment/write-down of capitalized software, inventory, product design costs & assumed liabilities and tooling No definition available.
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. In addition, this element represents the total of interest expense computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity. No definition available.
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| X | ||||||||||
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- Definition
This element represents the total of net expenses related to recognition of unauthorized transactions in accounts during the reporting period from the previous years, for example, legal expenses recoveries denote recoveries from insurance claims. No definition available.
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| X | ||||||||||
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets excluding property, plant and equipment that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The carrying amount of capitalized product software expenditures, net of accumulated amortization, as of the balance sheet date. No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of amounts which could be received based on the terms of the insurance contract upon surrendering life policies owned by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable beyond one year (or the operating cycle, if longer). No definition available.
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| X | ||||||||||
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of obligation due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONDENSED BALANCE SHEETS (PARENTHETICAL) (USD $)
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Dec. 31, 2013
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Jun. 30, 2012
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|---|---|---|
| Allowance for doubtful accounts | $ 76,900 | $ 43,405 |
| Common stock, par value | $ 0.005 | $ 0.005 |
| Common stock, shares authorized | 20,000,000 | 20,000,000 |
| Common stock, shares issued | 7,382,706 | 7,382,706 |
| Common stock, shares outstanding | 7,382,706 | 7,382,706 |
| X | ||||||||||
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net change during the reporting period in cash surrender value of life insurance. No definition available.
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| X | ||||||||||
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- Definition
Impairment/write-down of capitalized software, inventory and tooling No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the obligation created by employee agreements whereby earned compensation will be paid in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period of all assets and liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) in cash associated with the entity's continuing operating, investing, and financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. No definition available.
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the development, modification or acquisition of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for payments to purchase life insurance policies for which the entity is the beneficiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Notes)
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6 Months Ended |
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Dec. 31, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Condensed Consolidated Financial Statements | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet of Koss Corporation (the "Company") as of June 30, 2013 has been derived from audited financial statements. The unaudited condensed consolidated financial statements presented herein are based on interim amounts. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The operating results for the six months ended December 31, 2013 are not necessarily indicative of the operating results that may be experienced for the full fiscal year ending June 30, 2014. In the three months ended December 31, 2013, the Company formed Koss U.K. Limited to comply with certain European Union (EU) requirements which require a EU mailing address for customers in that region to contact the Company. The entity is non-operating and holds no assets. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013. |
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES (Notes)
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Dec. 31, 2013
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| Unauthorized Transactions, Related Recoveries, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unauthorized Transaction Related Costs and Recoveries | UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES In 2009, the Company learned of significant unauthorized transactions, details of which have been disclosed in depth in the Company's previous periodic reports filed with the SEC. The unauthorized transaction related recoveries, net line in the Condensed Consolidated Statements of Operations is comprised of legal defense costs, legal fees related to certain claims against third parties (see Note 15), and recoveries related to the unauthorized transactions which are summarized below. For the three and six months ended December 31, 2013 and 2012, these costs and recoveries were as follows:
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- Definition
This element represents the complete disclosure related to unauthorized transactions. No definition available.
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IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS (Notes)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Impairment of Capitalized Software, Inventory and Related Items [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Impairment of Capitalized Software, Inventory and Related Items | IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS The Company recorded an impairment to the statement of operations line item titled "Impairment of capitalized software, inventory and related items" in the three months ended December 31, 2013. The impairment is detailed in the following table:
The Company determined that the capitalized software will be replaced by a new architecture being developed, which began in the three months ended December 31, 2013. As a result, the remaining value was expensed as of December 31, 2013. In conjunction with the review of the capitalized software, it was determined that certain inventory items were obsolete or the Company had quantities that are not expected to be used over the product forecast period. These inventory items are included net of expected recoveries. Product design costs and assumed liabilities to wrap up the current architecture design were expensed. The Company will incur future costs for the continued development, software code and product launch of the WiFi-based products. Tooling related to products that are no longer expected to be launched was expensed. |
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Impairment of capitalized software, inventory and related items [Text Block] No definition available.
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INVENTORIES (Notes)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | INVENTORIES The components of inventories at December 31, 2013 and June 30, 2013, were as follows:
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The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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PRODUCT SOFTWARE DEVELOPMENT EXPENDITURES (Notes)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Capitalized Computer Software, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Software Development Expenditures | PRODUCT SOFTWARE DEVELOPMENT EXPENDITURES The Company follows the guidance of ASC 985-20 “Costs of Software to be Sold, Leased, or Marketed” when capitalizing software development costs associated with software embedded in or to be incorporated into its products. The cost of purchased software technology is capitalized and stated at the lower of unamortized cost or expected net realizable value. Software is subject to rapid technological obsolescence and future revenue estimates supporting the capitalized software cost can be negatively affected based upon competitive products, services and pricing. Such adverse developments could reduce the estimated net realizable value of our product software development costs and could result in impairment or a shorter estimated life. Such events would require us to take a charge in the period in which the event occurs or to increase the amortization expense in future periods and would have a negative effect on our results of operations. At a minimum, we review for impairment on a quarterly basis. The Company launched a new product offering utilizing this software in the fourth quarter of fiscal year 2012 and began amortizing the related capitalized software costs. In the quarter ended December 31, 2013, management determined that the existing product software technology will be superseded. As such, the product software development expenditures was fully impaired in the quarter ended December 31, 2013. The remaining asset value of $2,308,752 was charged to the Statement of Operations line item titled "Impairment of capitalized software, inventory and related items." The following table reflects capitalized software amortization and impairment related expense for the three and six months ended December 31, 2013 and 2012.
Accumulated amortization and impairment as of December 31, 2013 totaled $4,374,477. Accumulated amortization as of June 30, 2013 totaled $1,701,185. Software development costs expended to supersede the product software technology will be expensed as incurred and charged to research and development. |
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- Definition
Disclosure related to capitalized product software development costs, net of amortization, carried in the Other Assets section on the balance sheet. [Text Block] No definition available.
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INCOME TAXES (Notes)
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6 Months Ended |
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Dec. 31, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES The Company files income tax returns in the United States (Federal), Wisconsin (State) and various other state jurisdictions. Tax years open to examination by tax authorities under the statute of limitations include fiscal years 2008 through 2013 for Federal and fiscal years 2008 through 2013 for most state jurisdictions. The Company’s unrecognized tax benefits, excluding interest and penalties, were $696,113 as of December 31, 2013 and as of June 30, 2013. All of the Company’s unrecognized tax benefits as of December 31, 2013, if recognized, would impact the effective tax rate. The Company recognizes interest related to unrecognized tax benefits in interest expense. During the current fiscal year, it is reasonably possible that federal and state tax audit resolutions could reduce unrecognized tax benefits and income tax expense by up to $550,000, either because the Company's tax positions are sustained on audit or settled, or the applicable statute of limitations closes. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CREDIT FACILITY (Notes)
|
6 Months Ended |
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|
Dec. 31, 2013
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| Debt Disclosure [Abstract] | |
| Credit Facility | CREDIT FACILITY On May 12, 2010, the Company entered into a secured credit facility with JPMorgan Chase Bank, N.A. (“Lender”). The Credit Agreement dated May 12, 2010 between the Company and the Lender (“Credit Agreement”) provides for an $8,000,000 revolving secured credit facility with interest rates either ranging from 0.0% to 0.75% over the Lender’s most recently publicly announced prime rate or 2.0% to 3.0% over LIBOR, depending on the Company’s leverage ratio. The Company pays a fee of 0.3% to 0.45% for unused amounts committed in the credit facility. On July 24, 2013, the Credit Agreement was amended to extend the expiration to July 31, 2015. In addition to the revolving loans, the Credit Agreement also provides that the Company may, from time to time, request the Lender to issue letters of credit for the benefit of the Company of up to a sublimit of $2,000,000 and subject to certain other limitations. The loans may be used only for general corporate purposes of the Company. The Credit Agreement contains certain affirmative, negative and financial covenants customary for financings of this type. The negative covenants include restrictions on other indebtedness, liens, fundamental changes, certain investments, asset sales, sale and leaseback transactions and transactions with affiliates, among other restrictions. The financial covenants include a minimum current ratio, minimum tangible net worth and maximum leverage ratio requirements. The Company and the Lender also entered into the Pledge and Security Agreement dated May 12, 2010 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 balance on this facility was $0 as of December 31, 2013 and June 30, 2013. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INTEREST EXPENSE (Notes)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Interest Expense | INTEREST EXPENSE The Company incurs interest expense primarily related to its secured credit facility (see Note 7) and to its liabilities for its tax positions related to the unauthorized transactions. As the tax returns have been settled and statutes have closed, the accrued interest expense on certain items has been reversed. Interest expense detail was as follows for the three and six months ended December 31, 2013 and 2012, respectively:
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Detailed components of interest expense line item from Income Statement. No definition available.
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INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Notes)
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6 Months Ended |
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Dec. 31, 2013
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| Earnings Per Share, Basic and Diluted [Abstract] | |
| Income (Loss) Per Common and Common Stock Equivalent Share | 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. The weighted-average number of common shares outstanding was 7,382,706 for the quarters ended December 31, 2013 and 2012. When dilutive, stock options are included in income (loss) per share as share equivalents using the treasury stock method. For the periods ended December 31, 2013 and 2012, there were no common stock equivalents related to stock option grants that were included in the computation of the weighted-average number of shares outstanding for diluted income (loss) per share. Shares issuable upon the exercise of outstanding options of 2,186,000 and 1,944,308 were excluded from the diluted weighted-average common shares outstanding for the periods ended December 31, 2013 and 2012, respectively, as they would be anti-dilutive. |
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DIVIDENDS DECLARED (Notes)
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6 Months Ended |
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Dec. 31, 2013
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| Dividends, Cash [Abstract] | |
| Dividends Declared | DIVIDENDS DECLARED On October 24, 2013, the Company declared a quarterly cash dividend of $0.06 per share for the stockholders of record on December 30, 2013, to be paid January 15, 2014. Such dividend payable has been recorded as of December 31, 2013. |
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- Definition
The entire disclosure related to dividends declared by the entity during the reporting period in one text block. No definition available.
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STOCK OPTIONS (Notes)
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6 Months Ended |
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Stock Options | STOCK OPTIONS The Company recognizes stock-based compensation expense for options granted under both the 1990 Flexible Incentive Plan and the 2012 Omnibus Incentive Plan. The stock-based compensation relates to stock options granted to employees, non-employee directors and non-employee consultants. In the six months ended December 31, 2013, options to purchase 445,000 shares were granted under the 2012 Omnibus Incentive Plan at a weighted average exercise price of $5.64. In the six months ended December 31, 2012, options to purchase 430,000 shares were granted under the 2012 Omnibus Incentive Plan at a weighted average exercise price of $5.29. Stock-based compensation expense during the three and six months ended December 31, 2013 was $171,822 and $344,352, respectively. Stock-based compensation expense during the three and six months ended December 31, 2012 was $145,439 and $293,941, respectively. |
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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STOCK PURCHASE AGREEMENTS (Notes)
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6 Months Ended |
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Dec. 31, 2013
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| Stock Purchase Agreement Disclosure [Abstract] | |
| Stock Purchase Agreements | STOCK PURCHASE AGREEMENTS The Company has an agreement with its Chairman, John C. Koss, in the event of his death, at the request of the executor of his estate, to repurchase his Company common stock from his estate. The Company does not have the right to require the estate to sell stock to the Company. As such, this arrangement is accounted for as a written put option with the fair value of the put option recorded as a derivative liability. As of December 31, 2013, the estate of John C. Koss does not hold a material amount of Company stock. The fair value of the written put option at December 31, 2013 and June 30, 2013 was $0 and $154,745, respectively. The repurchase price is 95% of the fair market value of the common stock on the date that notice to repurchase is provided to the Company. The total number of shares to be repurchased will be sufficient to provide proceeds which are the lesser of $2,500,000 or the amount of estate taxes and administrative expenses incurred by the Chairman’s estate. The Company may elect to pay the purchase price in cash or may elect to pay cash equal to 25% of the total amount due and to execute a promissory note for the balance, payable over four years, at the prime rate of interest. The Company maintains a $1,150,000 life insurance policy to fund a substantial portion of this obligation. |
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Stock Purchase Derivative Liability and Treasury Stock [Text Block] No definition available.
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ADDITIONAL CASH FLOW INFORMATION (Notes)
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Dec. 31, 2013
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| Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Cash Flow Information | ADDITIONAL CASH FLOW INFORMATION The net changes in cash as a result of changes in operating assets and liabilities consist of the following:
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The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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STOCKHOLDERS' EQUITY (Notes)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | STOCKHOLDERS’ EQUITY The following table summarizes the changes in stockholders’ equity for the six months ended December 31, 2013 and 2012:
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- Definition
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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LEGAL MATTERS (Notes)
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6 Months Ended | ||||||||
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Dec. 31, 2013
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||
| Legal Matters | LEGAL MATTERS As of December 31, 2013, the Company is party to the matters related to the unauthorized transactions described below:
The ultimate resolution of these matters is not determinable unless otherwise noted. |
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- Definition
The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. No definition available.
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UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Unauthorized Transactions, Related Recoveries, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unauthorized Transaction Related Costs and Recoveries | For the three and six months ended December 31, 2013 and 2012, these costs and recoveries were as follows:
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| X | ||||||||||
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- Definition
Unauthorized Transactions, Related Recoveries, net [Table Text Block] No definition available.
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IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Impairment of Capitalized Software, Inventory and Related Items [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Impairment of capitalized software, inventory and related items | The impairment is detailed in the following table:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Detail of impairment of capitalized software, inventory and related items [Table Text Block] No definition available.
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INVENTORIES (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | The components of inventories at December 31, 2013 and June 30, 2013, were as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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PRODUCT SOFTWARE DEVELOPMENT EXPENDITURES (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Capitalized Computer Software, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product software development expenditures | The following table reflects capitalized software amortization and impairment related expense for the three and six months ended December 31, 2013 and 2012.
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| X | ||||||||||
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- Definition
Product software development expenditures, net [Table Text Block] No definition available.
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| X | ||||||||||
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- Details
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INTEREST EXPENSE (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Interest Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense | Interest expense detail was as follows for the three and six months ended December 31, 2013 and 2012, respectively:
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- Definition
interest expense [Table Text Block]Tabular disclosure of the detailed components of interest expense. No definition available.
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| X | ||||||||||
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- Details
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ADDITIONAL CASH FLOW INFORMATION (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Cash Flow Information | The net changes in cash as a result of changes in operating assets and liabilities consist of the following:
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| X | ||||||||||
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- Definition
Tabular disclosure of supplemental cash flow information for the periods presented. No definition available.
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| X | ||||||||||
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- Details
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STOCKHOLDERS' EQUITY (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | The following table summarizes the changes in stockholders’ equity for the six months ended December 31, 2013 and 2012:
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| X | ||||||||||
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- Definition
Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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UNAUTHORIZED TRANSACTION RELATED COSTS AND RECOVERIES (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
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Dec. 31, 2013
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Dec. 31, 2012
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|
| Unauthorized Transactions, Related Recoveries, Net [Abstract] | ||||
| Legal fees incurred | $ 112,171 | $ 81,008 | $ 219,984 | $ 152,312 |
| Recoveries: | ||||
| Insurance proceeds | 0 | (1,215) | 0 | (14,322) |
| Proceeds from asset forfeitures | 0 | (892,137) | (816,529) | (1,333,061) |
| Total recoveries | 0 | (893,352) | (816,529) | (1,347,383) |
| Unauthorized transaction related costs and recoveries, net | $ 112,171 | $ (812,344) | $ (596,545) | $ (1,195,071) |
| X | ||||||||||
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- Definition
Insurance proceeds included in income for the period No definition available.
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| X | ||||||||||
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- Definition
Legal fees charged to expense during the period, related to unauthorized transactions No definition available.
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| X | ||||||||||
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- Definition
Proceeds from former VP of Finance's assets forfeited included in income for the period, related to unauthorized transactions No definition available.
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| X | ||||||||||
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- Definition
Total recoveries included in income for the period, related to unauthorized transactions No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
This element represents the total of net expenses related to recognition of unauthorized transactions in accounts during the reporting period from the previous years, for example, legal expenses recoveries denote recoveries from insurance claims. No definition available.
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| X | ||||||||||
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- Details
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IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Impairment of Capitalized Software, Inventory and Related Items [Abstract] | ||||
| Product software development expenditures | $ 2,308,752 | $ 0 | $ 2,308,752 | $ 0 |
| Inventories | 1,759,710 | 1,759,710 | ||
| Product design costs and assumed liabilities | 263,503 | 263,503 | ||
| Tooling | 203,782 | 203,782 | ||
| Impairment of capitalized software, inventory and related items | $ 4,535,747 | $ 0 | $ 4,535,747 | $ 0 |
| X | ||||||||||
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- Definition
Impairment/write-down of capitalized software, inventory, product design costs & assumed liabilities and tooling No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Product design costs and assumed liabilities to wrap up the current architecture design No definition available.
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| X | ||||||||||
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- Definition
For each income statement presented, the amount charged to expense for write-downs of capitalized computer software costs to net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The charge against earnings resulting from the aggregate write down of tangible assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INVENTORIES (Details) (USD $)
|
Dec. 31, 2013
|
Jun. 30, 2013
|
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 5,483,583 | $ 5,019,597 |
| Work-in process | 37,726 | 0 |
| Finished goods | 6,588,049 | 6,690,301 |
| Gross inventory | 12,109,358 | 11,709,898 |
| Allowance for obsolete inventory | (3,022,694) | (1,208,726) |
| Total inventories | $ 9,086,664 | $ 10,501,172 |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gross amount, as of the balance sheet date, of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount before valuation and LIFO reserves of raw materials expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of valuation reserve for inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
PRODUCT SOFTWARE DEVELOPMENT EXPENDITURES (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Product software development expenditures charged to: | ||||
| Cost of goods sold | $ 0 | $ 397,926 | $ 364,539 | $ 762,466 |
| Impairment of capitalized software, inventory and related items | 2,308,752 | 0 | 2,308,752 | 0 |
| Total software expense | $ 2,308,752 | $ 397,926 | $ 2,673,291 | $ 762,466 |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
For each income statement presented, the amount charged to expense for amortization of capitalized computer software costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For each income statement presented, the amount charged to expense for write-downs of capitalized computer software costs to net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total increases or decreases in capitalized computer software costs for period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
PRODUCT SOFTWARE DEVELOPMENT EXPENDITURES, NARRATIVE (Details) (USD $)
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
|---|---|---|---|
| Capitalized Computer Software, Net [Abstract] | |||
| Remaining 9/30/13 asset value charged to Statement of Operations line item titled Impairment of capitalized software, inventory and related items | $ 0 | $ 2,308,752 | $ 2,673,291 |
| Accumulated amortization and impairment | 4,374,477 | ||
| Accumulated amortization | $ 1,701,185 |
| X | ||||||||||
|
- Definition
Accumulated amortization and impairment No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amount of capitalized product software expenditures, net of accumulated amortization, as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
For each balance sheet presented, the amount of accumulated amortization for capitalized computer software costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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INCOME TAXES (Details) (USD $)
|
Dec. 31, 2013
|
Jun. 30, 2013
|
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Unrecognized tax benefits | $ 696,113 | $ 696,113 |
| Maximum reasonably possible reduction of unrecognized tax benefits and income tax expense, during the current fiscal year | $ 550,000 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of the unrecognized tax benefit of a position taken for which it is reasonably possible that the total amount thereof will significantly increase or decrease within twelve months of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CREDIT FACILITY (Details) (USD $)
|
Dec. 31, 2013
|
Jun. 30, 2013
|
May 12, 2010
Rate
|
|---|---|---|---|
| Debt Disclosure [Abstract] | |||
| Revolving credit maximum | $ 8,000,000 | ||
| Percent over prime, depending on Company's leverage ratio, minimum | 0.00% | ||
| Percent over prime, depending on Company's leverage ratio, maximum | 0.75% | ||
| Percent over LIBOR, depending on Company's leverage ratio, minimum | 2.00% | ||
| Percent over LIBOR, depending on Company's leverage ratio, maximum | 3.00% | ||
| Unused capacity, commitment fee percentage, minimum | 0.30% | ||
| Unused capacity, commitment fee percentage, maximum | 0.45% | ||
| Letter of credit sublimit | 2,000,000 | ||
| Outstanding balance | $ 0 | $ 0 |
| X | ||||||||||
|
- Definition
Line of Credit Facility, percent over LIBOR, depending on Company's leverage ratio, maximum No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility, percent over LIBOR, depending on Company's leverage ratio, minimum No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility, percent over prime, depending on Company's leverage ratio, maximum No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility, Percent Over Prime, Depending Upon Company Leverage Ratio, Minimum No definition available.
|
| X | ||||||||||
|
- Definition
The maximum fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The maximum amount of borrowing capacity under a line of credit that is available as of the balance sheet date for financing purchases of goods acquired for inventory or imminent delivery to a customer. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
INTEREST EXPENSE (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Interest Expense [Abstract] | ||||
| Interest benefit (expense) on secured credit facility | $ 0 | $ (15,266) | $ 587 | $ (32,635) |
| Interest expense for tax positions related to unauthorized transactions | (8,193) | (11,940) | (16,386) | (23,880) |
| Interest expense | $ (8,193) | $ (27,206) | $ (15,799) | $ (56,515) |
| X | ||||||||||
|
- Definition
Interest expense recognized during the period for tax positions related to unauthorized transactions No definition available.
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. In addition, this element represents the total of interest expense computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Details)
|
6 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Earnings Per Share, Basic and Diluted [Abstract] | ||
| Weighted average number of shares outstanding | 7,382,706 | 7,382,706 |
| Common stock equivalents related to stock option grants that were included in the computation of the weighted-average number of shares outstanding | 0 | 0 |
| Shares issuable upon the exercise of outstanding options, excluded from the diluted weighted-average common shares outstanding as they would be anti-dilutive | 2,186,000 | 1,944,308 |
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DIVIDENDS DECLARED (Details) (USD $)
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0 Months Ended | 3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|---|
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Oct. 24, 2013
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Dec. 31, 2013
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Dec. 31, 2012
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Dec. 31, 2013
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Dec. 31, 2012
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Sep. 30, 2012
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| Dividends Declared [Abstract] | ||||||
| Quarterly cash dividend declared | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 | |
| Dividend declared but not yet paid | $ 0.06 | |||||
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- Details
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| X | ||||||||||
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The per share amount of a dividend declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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STOCK OPTIONS (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Dec. 31, 2013
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Dec. 31, 2012
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Dec. 31, 2013
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Dec. 31, 2012
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|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
| Granted (in shares) | 445,000 | 430,000 | ||
| Weighted average exercise price of shares granted in period | $ 5.64 | $ 5.29 | ||
| Stock-based compensation expense | $ 171,822 | $ 145,439 | $ 344,352 | $ 293,941 |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
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STOCK PURCHASE AGREEMENTS (Details) (USD $)
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6 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
Rate
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Jun. 30, 2013
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|
| Stock Purchase Agreement Disclosure [Abstract] | ||
| Fair value of written put option | $ 0 | $ 154,745 |
| Repurchase price, percent of fair market value | 95.00% | |
| Maximum proceeds from shares to be repurchased | 2,500,000 | |
| Minimum percent Company may elect to pay in cash upon exercise of put | 25.00% | |
| Years over which Company may execute a promissory note payable, for the balance, at the prime rate of interest | 4 years | |
| Death benefit of life insurance policy Company maintains to fund a substantial portion of the liability | $ 1,150,000 |
| X | ||||||||||
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- Definition
Derivative, Death Benefit of Life Insurance Policy Company Maintains to Fund Substantial Portion of the Liability for Put Option No definition available.
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| X | ||||||||||
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- Definition
Derivative, percent Company may elect to pay in cash of the total amount due No definition available.
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| X | ||||||||||
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- Definition
Derivative, Repurchase Price, % of Fair Market Value No definition available.
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| X | ||||||||||
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- Definition
Derivative, years over which Company may execute a promissory note payable, for the balance, at the prime rate of interest No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Fair value before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ADDITIONAL CASH FLOW INFORMATION (Details) (USD $)
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6 Months Ended | |
|---|---|---|
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Dec. 31, 2013
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Dec. 31, 2012
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|
| Supplemental Cash Flow Elements [Abstract] | ||
| Accounts receivable | $ 8,026,234 | $ 2,043,236 |
| Inventories | (345,202) | (420,832) |
| Prepaid expenses and other current assets | (102,903) | (816,153) |
| Income taxes payable | (1,871,723) | 0 |
| Accounts payable | 244,590 | (2,199,398) |
| Accrued liabilities | (2,021,152) | (565,522) |
| Other liabilities | (148,940) | 0 |
| Net change | (3,780,904) | 1,958,669 |
| Net cash paid during the period for: | ||
| Income taxes | 2,029,000 | 6,674 |
| Interest | $ 0 | $ 32,635 |
| X | ||||||||||
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period of all assets and liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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STOCKHOLDERS' EQUITY (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Stockholders' Equity Attributable to Parent [Abstract] | ||||
| Net income (loss) | $ (3,452,841) | $ 338,688 | $ (3,373,439) | $ 704,841 |
| Dividends declared | (885,925) | (885,925) | ||
| Stock-based compensation expense | 171,822 | 145,439 | 344,352 | 293,941 |
| Income tax benefit from stock-based compensation expense | 12,432 | 0 | ||
| (Decrease) increase in stockholders' equity | $ (3,902,580) | $ 112,857 | ||
| X | ||||||||||
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- Definition
Amount of increase in additional paid in capital (APIC) resulting from a tax benefit associated with share-based compensation plan other than an employee stock ownership plan (ESOP). Includes, but is not limited to, excess tax benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) in stockholders' equity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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