Document and Entity Information Document (USD $)
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12 Months Ended | ||
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Jun. 30, 2015
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Aug. 17, 2015
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Dec. 31, 2014
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Entity Information [Line Items] | |||
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-K | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
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 | $ 4,566,606 |
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End date of current fiscal year in the format --MM-DD. No definition available.
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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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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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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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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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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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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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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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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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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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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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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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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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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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12 Months Ended | |
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Jun. 30, 2015
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Jun. 30, 2014
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Net sales | $ 24,230,056 | $ 23,840,882 |
Cost of goods sold | 15,781,489 | 17,816,754 |
Impairment of capitalized software, inventory and related items | 0 | 6,305,947 |
Gross profit | 8,448,567 | (281,819) |
Operating expenses: | ||
Selling, general and administrative expenses | 7,904,739 | 10,468,708 |
Unauthorized transaction related costs and recoveries, net | 31,027 | (745,795) |
Total operating expenses | 7,935,766 | 9,722,913 |
Income (loss) from operations | 512,801 | (10,004,732) |
Other expense (income): | ||
Interest expense (income) | (12,813) | 49,589 |
Income (loss) before income tax provision (benefit) | 499,988 | (9,955,143) |
Income tax provision (benefit) | 17,375 | (4,401,589) |
Net income (loss) | $ 482,613 | $ (5,553,554) |
Income (loss) per common share: | ||
Basic (in dollars per share) | $ 0.07 | $ (0.75) |
Diluted (in dollars per share) | $ 0.07 | $ (0.75) |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0.18 |
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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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CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $)
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Jun. 30, 2015
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Jun. 30, 2014
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Allowance for doubtful accounts | $ 20,501 | $ 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 |
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SIGNIFICANT ACCOUNTING POLICIES (Notes)
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12 Months Ended |
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Significant Accounting Policies | NATURE OF BUSINESS — Koss Corporation (“Koss”), a Delaware corporation, and its 100%-owned subsidiary (collectively the “Company”), reports its finances as a single reporting segment, as the Company’s principal business line is the design, manufacture and sale of stereo headphones and related accessories. The Company leases its plant and office in Milwaukee, Wisconsin. The domestic market is served by domestic sales representatives and independent manufacturers' representatives working directly with certain retailers, distributors, and original equipment manufacturers. International markets are served by domestic sales representatives and a sales office in Ireland which utilizes independent distributors in several foreign countries. The Company has one subsidiary, Koss U.K. Limited ("Koss UK"), which was formed to comply with certain European Union (EU) requirements. Koss U.K. is non-operating and holds no assets. BASIS OF CONSOLIDATION — The consolidated financial statements include the accounts of Koss and its subsidiary, Koss UK, which is a 100%-owned subsidiary. All significant intercompany accounts and transactions have been eliminated. REVENUE RECOGNITION — The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; shipment and delivery have occurred; the seller’s price to the buyer is fixed and determinable; and collectibility is reasonably assured. When these criteria are generally satisfied, the Company recognizes revenue. The Company also offers certain customers the right to return products that do not meet the standards agreed with the customer. The Company continuously monitors such product returns and cannot guarantee that they will continue to experience the same return rates that they have experienced in the past. Any significant increase in product quality failure rates and the resulting credit returns could have a material adverse impact on the Company’s operating results for the period or periods in which such returns materialize. The Company provides for certain sales incentives. The Company records a provision for estimated incentives based upon the incentives offered to customers on product related sales in the same period as the related revenues are recorded. The provision is recorded as a reduction of sales. The Company also records a provision for estimated sales returns and allowances on product related sales in the same period as the related revenues are recorded. These estimates are based on historical sales returns, analysis of credit memo data and other known factors. If the historical data the Company uses to calculate these estimates does not properly reflect future returns, adjustments may be required in future periods. SHIPPING AND HANDLING FEES AND COSTS — Shipping and handling costs charged to customers have been included in net sales. Shipping and handling costs incurred by the Company have been included in cost of goods sold. RESEARCH AND DEVELOPMENT — Research and development activities charged to operations as a component of selling, general and administrative expenses in the accompanying Consolidated Statements of Operations amounted to $1,024,885 in fiscal year 2014. There were no research and development activities charged to operations in fiscal year 2015. ADVERTISING COSTS — Advertising costs included within selling, general and administrative expenses in the accompanying Consolidated Statements of Operations were $154,505 in 2015 and $211,196 in 2014. Such costs are expensed as incurred. INCOME TAXES — The Company operates as a C Corporation under the Internal Revenue Code of 1986, as amended (the “Code”). Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to different methods used for depreciation and amortization for income tax purposes, net operating losses, capitalization requirements of the Code, allowances for doubtful accounts, stock-based compensation, warranty reserves, and other income tax related carryforwards. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE — Income (loss) per common and common stock equivalent share is calculated under the provisions of Topic 260 in the Accounting Standards Codification ("ASC") which provides for calculation of “basic” and “diluted” income (loss) per share. Basic income (loss) per common and common stock equivalent share includes no dilution and is computed by dividing net income by the weighted average common shares outstanding for the period. Diluted income (loss) per common and common stock equivalent share reflects the potential dilution of securities that could share in the earnings of an entity. See Note 13 for additional information on income (loss) per common and common stock equivalent share. CASH AND CASH EQUIVALENTS — The Company considers depository accounts and investments with a maturity at the date of acquisition and expected usage of three months or less to be cash and cash equivalents. The Company maintains its cash on deposit at a commercial bank located in the United States of America. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced and does not expect to incur any losses on these deposits. ACCOUNTS RECEIVABLE — Accounts receivable consists of unsecured trade receivables due from customers. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due item and general economic conditions. See Note 3 for additional information on accounts receivable. INVENTORIES — The Company’s inventory is valued at the lower of last-in, first-out (“LIFO”) cost or market. The carrying value of inventory is reviewed for impairment on at least a quarterly basis or more frequently if warranted due to changes in market conditions. See Note 5 for additional information on inventory. EQUIPMENT AND LEASEHOLD IMPROVEMENTS — Equipment and leasehold improvements are stated at cost. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Major expenditures for property and equipment and significant renewals are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, their costs and related accumulated depreciation and amortization are removed from the accounts and any resulting gains or losses are included in operations. LIFE INSURANCE POLICIES — Life insurance policies are stated at cash surrender value or at the amount the Company would receive in the case of split-dollar arrangements. Increases in cash surrender value are included in selling, general and administrative expenses in the Consolidated Statements of Operations, which is where the annual premiums are recorded. PRODUCT WARRANTY OBLIGATIONS — Estimated future warranty costs related to products are charged to cost of goods sold during the period the related revenue is recognized. The product warranty liability reflects the Company’s best estimate of probable obligations under those warranties. See Note 10 for additional information on product warranty obligations. DEFERRED COMPENSATION — The Company’s deferred compensation liabilities are for a current and former officer and are calculated based on compensation, years of service and mortality tables. The related expense is calculated using the net present value of the expected payments and is included in selling, general and administrative expenses in the Consolidated Statements of Operations. See Note 11 for additional information on deferred compensation. FAIR VALUE OF FINANCIAL INSTRUMENTS — Cash equivalents, accounts receivable and accounts payable approximate fair value based on the short maturity of these instruments. IMPAIRMENT OF LONG-LIVED ASSETS — The Company evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. The Company evaluates the recoverability of equipment and leasehold improvements annually or more frequently if events or circumstances indicate that an asset might be impaired. If an asset is considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Management determines fair value using a undiscounted future cash flow analysis or other accepted valuation techniques. The Company recorded an impairment of capitalized software in the year ended June 30, 2014, detailed in Note 4. No impairments of the Company's long-lived assets were recorded in the year ended June 30, 2015. LEGAL COSTS — All legal costs related to litigation are charged to operations as incurred, except settlements, which are expensed when a claim is probable and can be estimated. Recoveries of legal costs are recorded when the amount and items to be paid are confirmed by the insurance company. Proceeds from the settlement of legal disputes are recorded in income when the amounts are determinable and the collection is certain. STOCK-BASED COMPENSATION — The Company has a stock-based employee compensation plan, which is described more fully in Note 14. The Company accounts for stock-based compensation in accordance with ASC 718 "Compensation - Stock Compensation". Under the fair value recognition provisions of this statement, share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RECLASSIFICATIONS — Certain amounts previously reported have been reclassified to conform to the current presentation. |
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UNAUTHORIZED TRANSACTION RELATED RECOVERIES (Notes)
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Jun. 30, 2015
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Unauthorized Transactions, Costs and Related Recoveries, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unauthorized Transaction Related Recoveries | In December 2009, the Company learned of significant unauthorized transactions as previously reported. The Company has ongoing costs and recoveries associated with the unauthorized transactions. For the years ended June 30, 2015 and 2014, the costs incurred were for legal fees related to claims initiated against third parties (see Note 20). The Company has received various recoveries related to the unauthorized transactions which are summarized below. The Company will continue to incur legal fees for the claims initiated against third parties. There have been other recoveries of the assets previously owned and forfeited by the former Vice President of Finance. The remaining amounts to be received from the assets forfeited are not expected to be significant. For the years ended June 30, 2015 and 2014, the costs and recoveries were as follows:
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ACCOUNTS RECEIVABLE (Notes)
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts receivable includes unsecured trade receivables due from customers. The Company performs credit evaluations of its customers and does not require collateral to establish an account receivable. The Company's largest customer was on cash in advance terms as of June 30, 2015 and 2014, respectively. The Company evaluates collectibility of accounts receivable based on a number of factors. Accounts receivable are considered to be past due if unpaid one day after their due date. An allowance for doubtful accounts is recorded for past due receivable balances based on a review of the past due item and general economic conditions. The Company writes off accounts receivable when they become uncollectible. The Company recovered $112,417 of previously written-off accounts receivable during fiscal 2014. There were no recoveries during fiscal 2015. Changes in the allowance for doubtful accounts were as follows:
The vast majority of international customers, outside of Canada, purchase products on a cash against documents or cash in advance basis. Approximately 5% and 14% of the Company's trade accounts receivable at June 30, 2015 and 2014, were foreign receivables denominated in U.S. dollars. |
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IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS (Notes)
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Jun. 30, 2015
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Impairment of Capitalized Software, Inventory and Related Items [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Impairment of Capitalized Software, Inventory and Related Items | The Company recorded an impairment charge in the Consolidated Statements of Operations line item titled "Impairment of capitalized software, inventory and related items" during the fiscal year ended 2014. The impairment is detailed in the following table:
The Company determined that the capitalized software needed to be replaced by a new architecture under development. As a result, the remaining value of the capitalized software was expensed in the year ended ended June 30, 2014. The Company may still develop this technology but has temporarily suspended its research and development effort until the base business is restored to more profitable levels. 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. Tooling related to products that are no longer expected to be launched was expensed. To the extent the Company incurs future costs for the continued development, software code and product launch of the WiFi-based products, then those costs will be expensed as incurred. |
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INVENTORIES (Notes)
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Jun. 30, 2015
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Inventories | As of June 30, 2015 and 2014, the Company’s inventory was valued using the lower of last-in, first-out (“LIFO”) cost or market. If the first-in, first-out (“FIFO”) method of inventory accounting had been used by the Company for inventories valued at LIFO, inventories would have been $753,439 and $1,172,262 higher than reported at June 30, 2015 and 2014, respectively. The components of inventories at June 30, 2015 and 2014 were as follows:
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EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Notes)
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Jun. 30, 2015
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Property, Plant and Equipment, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment and Leasehold Improvements | The major categories of equipment and leasehold improvements at June 30, 2015 and 2014 are summarized as follows:
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INCOME TAXES (Notes)
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Jun. 30, 2015
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | The Company utilizes the liability method of accounting for income taxes. The liability method measures the expected income tax impact of future taxable income and deductions implicit in the consolidated balance sheets. The income tax provision in 2015 and 2014 consisted of the following:
The 2015 and 2014 tax results in an effective rate different than the federal statutory rate because of the following:
Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2015 and June 30, 2014 include:
Deferred income tax assets as presented on the consolidated balance sheets:
Deferred income tax balances reflect the effects of temporary differences between the tax bases of assets and liabilities and their carrying amounts. These differences are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. The recognition of these deferred tax balances will be realized through normal recurring operations and, as such, the Company has recorded the full value of such expected benefits. The Company has no federal net operating loss carryforwards as of June 30, 2015. The Company has net operating loss carryforwards in the state of Wisconsin totaling $6,095,423 which expire in fiscal years 2026 through 2036. ASC Topic 740 "Income Taxes" prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. There were no additional significant matters determined to be unrecognized tax benefits taken or expected to be taken in a tax return that have been recorded on the Company’s consolidated financial statements for the year ended June 30, 2015. As part of the unauthorized transactions, there was no interest accrued by the Company as of June 30, 2015 and 2014, respectively.
Additionally, ASC Topic 740 provides guidance on the recognition of interest and penalties related to income taxes. There were no penalties related to income taxes that have been accrued or recognized as of and for the years ended June 30, 2015 and 2014. The Company records interest related to unrecognized tax benefits in interest expense. For the year ended 2014, the Company decreased the interest it had accrued related to its tax reporting of the unauthorized transactions. The Company reversed the accrued interest related to the tax return that was filed for the year ended June 30, 2008, because the statute of limitations expired for this return. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
In the fiscal year ended June 30, 2015, the Company settled its position with a state tax authority and reduced the unrecognized tax benefits to zero. The Company does not believe it has any unrecognized tax benefits as of June 30, 2015. Any changes to the Company's unrecognized tax benefits during the fiscal years ended June 30, 2015 and 2014 would impact the effective tax rate. The Company files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company’s federal tax returns through tax year June 30, 2011 are settled and the income tax returns for tax years beginning July 1, 2011 are open. For states in which the Company files state income tax returns, the statute of limitations is generally open for tax years ended June 30, 2011 and forward. During the quarter ended December 31, 2014, the Company's federal return for the fiscal year ended June 30, 2013, was under examination. That examination closed during the same quarter with no adjustments to the return. The following are the changes in the valuation allowance:
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CREDIT FACILITY (Notes)
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Jun. 30, 2015
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Debt Disclosure [Abstract] | |
Credit Facility | On May 12, 2010, the Company entered into a secured credit facility ("Credit Agreement") with JPMorgan Chase Bank, N.A. (“Lender”). The Credit Agreement provided 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. On July 23, 2014, the Credit Agreement was amended to reduce the facility to $5,000,000, subject to a borrowing base calculation as defined in the Credit Agreement, and to amend certain financial covenants. On July 29, 2015, the Credit Agreement was amended to extend the expiration to July 31, 2016, and to amend certain financial covenants. 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 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 minimum EBITDA and minimum tangible net worth 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. As of June 30, 2015 and 2014, there were no outstanding borrowings on the facility. |
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ACCRUED LIABILITIES (Notes)
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Jun. 30, 2015
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Accrued Liabilities | Accrued liabilities for the years ended June 30, 2015 and 2014 are as follows:
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PRODUCT WARRANTY OBLIGATIONS (Notes)
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Jun. 30, 2015
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Standard Product Warranty Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Obligations | The Company records a liability for product warranty obligations at the time of sale based upon historical warranty experience. The majority of the Company’s products carry a lifetime warranty. The Company also records a liability for specific warranty matters when they become known and are reasonably estimated. The Company’s current and non-current product warranty obligations are included in accrued liabilities and other liabilities, respectively, in the consolidated balance sheets. However, the Company is continuously releasing new and more complex and technologically advanced products. Even though some of these products have a shorter warranty period, it is at least reasonably possible that products could be released with certain unknown quality or design problems resulting in higher than expected warranty and related costs. These costs could have a materially adverse effect on the Company's results of operations and financial condition in the near term. Changes to the product warranty obligations for the years ended June 30, 2015 and 2014 are as follows:
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DEFERRED COMPENSATION (Notes)
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12 Months Ended |
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Jun. 30, 2015
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Deferred Compensation [Abstract] | |
Deferred Compensation | The Company has deferred compensation agreements with a former and current officer. The related expense is calculated using the net present value of the expected payments and is included in selling, general and administrative expenses in the Consolidated Statements of Operations. The Company's current and non-current deferred compensation obligations are included in accrued liabilities and deferred compensation, respectively, in the consolidated balance sheets. The net present value was calculated for the former officer using a discount factor of 2.70% and 2.60% as of June 30, 2015 and 2014, respectively. The net present value was calculated for the current officer using a discount factor of 4.80% and 4.62% at June 30, 2015 and 2014, respectively. The Board of Directors entered into an agreement to continue the 1991 base salary of former chairman for the remainder of his life. These payments began in the fiscal year ended June 30, 2015, and payments of $50,000 were made under this arrangement. The Company has a deferred compensation liability of $820,720 and $704,306 recorded as of June 30, 2015 and 2014, respectively. Deferred compensation expense of $166,414 and $202,383 was recognized under this arrangement in 2015 and 2014, respectively. The Board of Directors has approved a supplemental retirement plan with an officer that calls for annual cash compensation following retirement from the Company in an amount equal to 2% of base salary, as defined in the agreement, multiplied by the number of years of service to the Company. The retirement payments are to be paid monthly to the officer until his death and then to his surviving spouse monthly until her death. The Company has a deferred compensation liability of $1,436,766 and $1,615,785 recorded as of June 30, 2015 and 2014, respectively. A reversal of deferred compensation expense of $179,019 and $257,842 was recognized under this arrangement in 2015 and 2014, respectively. The Company uses life insurance policies to provide funds to meet its deferred compensation obligations. |
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INTEREST EXPENSE (Notes)
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Jun. 30, 2015
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Interest Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | The Company incurs interest expense primarily related to its secured credit facility (see Note 8) and to its liabilities for its tax positions related to the unauthorized transactions. As the tax returns have been settled and statute of limitations have expired, the accrued interest expense on certain items has been reversed. Interest expense detail was as follows for the fiscal years ended June 30, 2015 and 2014, 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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Jun. 30, 2015
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Earnings Per Share, Basic and Diluted [Abstract] | |
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 years ended June 30, 2015 and 2014. When dilutive, stock options are included in income (loss) per share as share equivalents using the treasury stock method. For the years ended June 30, 2015 and 2014 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 2,245,000 and 2,066,000 were excluded from the diluted weighted average common shares outstanding for the years ended June 30, 2015 and 2014, respectively, as they would be anti-dilutive. |
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STOCK OPTIONS (Notes)
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Jun. 30, 2015
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options | In 2012, pursuant to the recommendation of the Board of Directors, the stockholders ratified the creation of the Company’s 2012 Omnibus Incentive Plan (the “2012 Plan”), which superseded the 1990 Flexible Incentive Plan (the "1990 Plan"). The 2012 Plan is administered by a committee of the Board of Directors and provides for granting of various stock-based awards including stock options to eligible participants, primarily officers and certain key employees. A total of 2,000,000 shares of common stock were available under the terms of the 2012 Plan plus shares outstanding under the 1990 Plan which expire or are otherwise forfeited, canceled or terminated after July 25, 2012, the Effective Date of the 2012 Plan. As of June 30, 2015, there were 1,269,308 options available for future grants. Options vest over a three to five year period from the date of grant, with a maximum term of five to ten years. The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight-line basis over the vesting period for the entire award. The expected term of awards granted is determined based on historical experience with similar awards, giving consideration to the expected term and vesting schedules. The expected volatility is determined based on the Company’s historical stock prices over the most recent period commensurate with the expected term of the award. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term commensurate with the expected term of the award. Expected pre-vesting option forfeitures are based on historical data. As of June 30, 2015, there was approximately $881,594 of total unrecognized compensation cost related to stock options granted under the 2012 Plan and 1990 Plan. This cost is expected to be recognized over a weighted average period of 2.39 years. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures. The Company recognized stock-based compensation expense of $630,539 and $684,554 in 2015 and 2014, respectively. These expenses were included in selling, general and administrative expenses. There was no cash received from stock option exercises during 2015 or 2014. The per share weighted average fair value of the stock options granted during the years ended June 30, 2015 and 2014 were $0.73 and $1.47, respectively. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. For the options granted in 2015 and 2014, the Company used the following weighted-average assumptions:
The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 1990 Plan and the 2012 Plan:
A summary of intrinsic value and cash received from stock option exercises and fair value of vested stock options for the fiscal years ended June 30, 2015 and 2014 is as follows:
During the years ended June 30, 2015 and 2014 total options of 470,000 and 445,000, respectively, were granted during the year at a price equal to or greater than the market value of the common stock on the date of grant. These options had a weighted-average exercise price of $3.14 and $5.64 for the years ended June 30, 2015 and 2014, respectively. |
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STOCK REPURCHASE PROGRAM (Notes)
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12 Months Ended |
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Jun. 30, 2015
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Stock Purchase Agreement Disclosure [Abstract] | |
Stock Purchase Agreements | The Company has an agreement with the former chairman, 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 June 30, 2015, the estate of the former chairman does not hold a material amount of Company stock. As such, there is no exposure that the executor of the former chairman's estate may require the Company to repurchase a material amount of stock in the event of his death. 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 his 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 at the prime rate of interest for the balance payable over four years. The Company maintains a $1,150,000 life insurance policy to fund a substantial portion of this obligation. In April 1995, the Board of Directors approved a stock repurchase program authorizing the Company to purchase from time to time up to $2,000,000 of its common stock for its own account. Subsequently, the Board of Directors periodically has approved increases in the amount authorized for repurchase under the program. As of June 30, 2015, the Board had authorized the repurchase of an aggregate of $45,500,000 of common stock under the stock repurchase program, of which $43,360,247 had been expended. No shares were repurchased in 2015 or 2014. |
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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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Jun. 30, 2015
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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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EMPLOYEE BENEFIT PLANS (Notes)
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12 Months Ended |
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Jun. 30, 2015
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Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Substantially all domestic employees are participants in the Koss Employee Stock Ownership Trust (KESOT) under which an annual contribution in either cash or common stock may be made at the discretion of the Board of Directors. No contributions were made for the fiscal years 2015 or 2014. The Company maintains a retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees of the Company who have completed one full fiscal quarter of service. Matching contributions can be made at the discretion of the Board of Directors. For fiscal years 2015 and 2014, the matching contribution was 25% and 100% of employee contributions to the plan, respectively. Vesting of Company contributions occurs immediately. Company contributions were $91,354 and $431,190 during 2015 and 2014, respectively. |
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FOREIGN SALES AND SIGNIFICANT CUSTOMERS (Notes)
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Jun. 30, 2015
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Foreign Sales and Significant Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Sales and Significant Customers | The Company’s net foreign sales amounted to $7,450,744 during 2015 and $8,326,831 during 2014. The Company’s sales by country were as follows:
Sales during 2015 and 2014 to the Company's five largest customers, which are generally large national retailers or foreign distributors, represented approximately 45% and 37% of the Company's net sales, respectively. Included in these percentages were sales to a single Scandinavian distributor which represented approximately 15% and 10% of the Company's net sales during 2015 and 2014, respectively. |
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COMMITMENTS AND CONTINGENCIES (Notes)
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12 Months Ended |
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Jun. 30, 2015
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company leases its facility in Milwaukee, Wisconsin from Koss Holdings, LLC, which is wholly-owned by the former chairman. On May 15, 2012, the lease was renewed for a period of five years, ending June 30, 2018, and is being accounted for as an operating lease. The lease extension maintained the rent at a fixed rate of $380,000 per year. The Company is responsible for all property maintenance, insurance, taxes and other normal expenses related to ownership. Total rent expense was $380,000 in both 2015 and 2014. |
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LEGAL MATTERS (Notes)
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Jun. 30, 2015
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Commitments and Contingencies Disclosure [Abstract] | |||||||||
Legal Matters | As of June 30, 2015, 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. We also are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving these claims against us, individually or in aggregate, will not have a material adverse impact on our consolidated financial statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. |
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SIGNIFICANT ACCOUNTING POLICIES (Policies)
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12 Months Ended |
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Basis of Consolidation | BASIS OF CONSOLIDATION — The consolidated financial statements include the accounts of Koss and its subsidiary, Koss UK, which is a 100%-owned subsidiary. All significant intercompany accounts and transactions have been eliminated. |
Revenue Recognition | REVENUE RECOGNITION — |
Shipping and Handling Fees and Costs | SHIPPING AND HANDLING FEES AND COSTS — Shipping and handling costs charged to customers have been included in net sales. Shipping and handling costs incurred by the Company have been included in cost of goods sold. |
Research and Development | RESEARCH AND DEVELOPMENT — Research and development activities charged to operations as a component of selling, general and administrative expenses in the accompanying Consolidated Statements of Operations amounted to $1,024,885 in fiscal year 2014. |
Advertising Costs | ADVERTISING COSTS — Advertising costs included within selling, general and administrative expenses in the accompanying Consolidated Statements of Operations were $154,505 in 2015 and $211,196 in 2014. Such costs are expensed as incurred. |
Income Taxes | INCOME TAXES — The Company operates as a C Corporation under the Internal Revenue Code of 1986, as amended (the “Code”). Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to different methods used for depreciation and amortization for income tax purposes, net operating losses, capitalization requirements of the Code, allowances for doubtful accounts, stock-based compensation, warranty reserves, and other income tax related carryforwards. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. |
Income (Loss) Per Common and Common Stock Equivalent Share | INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE — Income (loss) per common and common stock equivalent share is calculated under the provisions of Topic 260 in the Accounting Standards Codification ("ASC") which provides for calculation of “basic” and “diluted” income (loss) per share. Basic income (loss) per common and common stock equivalent share includes no dilution and is computed by dividing net income by the weighted average common shares outstanding for the period. Diluted income (loss) per common and common stock equivalent share reflects the potential dilution of securities that could share in the earnings of an entity. See Note 13 for additional information on income (loss) per common and common stock equivalent share. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS — The Company considers depository accounts and investments with a maturity at the date of acquisition and expected usage of three months or less to be cash and cash equivalents. The Company maintains its cash on deposit at a commercial bank located in the United States of America. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced and does not expect to incur any losses on these deposits. |
Accounts Receivable | ACCOUNTS RECEIVABLE — Accounts receivable consists of unsecured trade receivables due from customers. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due item and general economic conditions. See Note 3 for additional information on accounts receivable. |
Inventories | INVENTORIES — The Company’s inventory is valued at the lower of last-in, first-out (“LIFO”) cost or market. The carrying value of inventory is reviewed for impairment on at least a quarterly basis or more frequently if warranted due to changes in market conditions. See Note 5 for additional information on inventory. |
Equipment and Leasehold Improvements | EQUIPMENT AND LEASEHOLD IMPROVEMENTS — Equipment and leasehold improvements are stated at cost. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Major expenditures for property and equipment and significant renewals are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or otherwise disposed of, their costs and related accumulated depreciation and amortization are removed from the accounts and any resulting gains or losses are included in operations. |
Life Insurance Policies | LIFE INSURANCE POLICIES — Life insurance policies are stated at cash surrender value or at the amount the Company would receive in the case of split-dollar arrangements. Increases in cash surrender value are included in selling, general and administrative expenses in the Consolidated Statements of Operations, which is where the annual premiums are recorded. |
Product Warranty Obligations | PRODUCT WARRANTY OBLIGATIONS — Estimated future warranty costs related to products are charged to cost of goods sold during the period the related revenue is recognized. The product warranty liability reflects the Company’s best estimate of probable obligations under those warranties. See Note 10 for additional information on product warranty obligations. |
Deferred Compensation | DEFERRED COMPENSATION — The Company’s deferred compensation liabilities are for a current and former officer and are calculated based on compensation, years of service and mortality tables. The related expense is calculated using the net present value of the expected payments and is included in selling, general and administrative expenses in the Consolidated Statements of Operations. See Note 11 for additional information on deferred compensation. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS — Cash equivalents, accounts receivable and accounts payable approximate fair value based on the short maturity of these instruments. |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS — The Company evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. The Company evaluates the recoverability of equipment and leasehold improvements annually or more frequently if events or circumstances indicate that an asset might be impaired. If an asset is considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Management determines fair value using a undiscounted future cash flow analysis or other accepted valuation techniques. The Company recorded an impairment of capitalized software in the year ended June 30, 2014, detailed in Note 4. No impairments of the Company's long-lived assets were recorded in the year ended June 30, 2015. |
Legal Costs | LEGAL COSTS — All legal costs related to litigation are charged to operations as incurred, except settlements, which are expensed when a claim is probable and can be estimated. Recoveries of legal costs are recorded when the amount and items to be paid are confirmed by the insurance company. Proceeds from the settlement of legal disputes are recorded in income when the amounts are determinable and the collection is certain. |
Stock-Based Compensation | STOCK-BASED COMPENSATION — The Company has a stock-based employee compensation plan, which is described more fully in Note 14. The Company accounts for stock-based compensation in accordance with ASC 718 "Compensation - Stock Compensation". Under the fair value recognition provisions of this statement, share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. |
Use of Estimates | USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | RECLASSIFICATIONS — Certain amounts previously reported have been reclassified to conform to the current presentation. |
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UNAUTHORIZED TRANSACTION RELATED RECOVERIES (Tables)
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Jun. 30, 2015
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Unauthorized Transaction Related Recoveries | For the years ended June 30, 2015 and 2014, the costs and recoveries were as follows:
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ACCOUNTS RECEIVABLE (Tables)
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Jun. 30, 2015
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Change in the Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts were as follows:
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IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS (Tables)
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Jun. 30, 2015
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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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INVENTORIES (Tables)
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Jun. 30, 2015
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Schedule of Inventory, Current | The components of inventories at June 30, 2015 and 2014 were as follows:
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EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Tables)
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Jun. 30, 2015
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Property, Plant and Equipment | The major categories of equipment and leasehold improvements at June 30, 2015 and 2014 are summarized as follows:
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INCOME TAXES (Tables)
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Jun. 30, 2015
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision in 2015 and 2014 consisted of the following:
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Schedule of Effective Income Tax Rate Reconciliation | The 2015 and 2014 tax results in an effective rate different than the federal statutory rate because of the following:
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Schedule of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2015 and June 30, 2014 include:
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Deferred Tax Assets as Presented on Consolidated Balance Sheets | Deferred income tax assets as presented on the consolidated balance sheets:
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Accrued Interest, Tax Position, Unauthorized Transactions | As part of the unauthorized transactions, there was no interest accrued by the Company as of June 30, 2015 and 2014, respectively.
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Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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Summary of Valuation Allowance | The following are the changes in the valuation allowance:
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ACCRUED LIABILITIES (Tables)
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Jun. 30, 2015
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Schedule of Accrued Liabilities | Accrued liabilities for the years ended June 30, 2015 and 2014 are as follows:
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PRODUCT WARRANTY OBLIGATIONS (Tables)
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Jun. 30, 2015
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Schedule of Product Warranty Liability | Changes to the product warranty obligations for the years ended June 30, 2015 and 2014 are as follows:
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INTEREST EXPENSE (Tables)
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Jun. 30, 2015
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Interest Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest expense detail was as follows for the fiscal years ended June 30, 2015 and 2014, respectively:
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STOCK OPTIONS (Tables)
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Jun. 30, 2015
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | For the options granted in 2015 and 2014, the Company used the following weighted-average assumptions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation - Options Granted, Exercised, Cancelled, or Available for Exercise | The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 1990 Plan and the 2012 Plan:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intrinsic Value and Cash Received from Stock Option Exercises and Fair Value of Vested Stock Options | A summary of intrinsic value and cash received from stock option exercises and fair value of vested stock options for the fiscal years ended June 30, 2015 and 2014 is as follows:
|
X | ||||||||||
- Definition
Intrinsic Value and Cash Received from Stock Option Exercises and Fair Value of Vested Stock Options [Table Text Block] No definition available.
|
X | ||||||||||
- Definition
Schedule of Share-based Compensation, Options Granted, Exercised, Cancelled, or Available for Exercise [Table Text Block] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
ADDITIONAL CASH FLOW INFORMATION (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The net changes in cash as a result of changes in operating assets and liabilities consist of the following:
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
FOREIGN SALES AND SIGNIFICANT CUSTOMERS (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
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Foreign Sales and Significant Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales by Country | The Company’s sales by country were as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
Rate
|
Jun. 30, 2014
|
|
Accounting Policies [Abstract] | ||
Wholly owned former subsidiary, ownership percentage | 100.00% | |
Research and development expensed | $ 1,024,885 | |
Advertising costs expensed | $ 154,505 | $ 211,196 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
UNAUTHORIZED TRANSACTION RELATED RECOVERIES (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Unauthorized Transactions, Costs and Related Recoveries, Net [Abstract] | ||
Legal fees incurred | $ 152,492 | $ 388,287 |
Proceeds from asset forfeitures | (121,465) | (1,134,082) |
Unauthorized transaction related costs and (recoveries), net | $ 31,027 | $ (745,795) |
X | ||||||||||
- Definition
Legal fees charged to expense during the period, related to unauthorized transactions No definition available.
|
X | ||||||||||
- Definition
Proceeds from former VP of Finance's assets forfeited included in income for the period, related to unauthorized transactions No definition available.
|
X | ||||||||||
- 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.
|
X | ||||||||||
- Details
|
ACCOUNTS RECEIVABLE, CHANGE IN ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance, beginning of year | $ 20,501 | $ 43,405 |
Provision charged to expense | 25,725 | (182,020) |
Amounts written-off | (20,174) | 159,116 |
Balance, end of year | $ 26,052 | $ 20,501 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
ACCOUNTS RECEIVABLE, NARRATIVE (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2014
Rate
|
Jun. 30, 2015
Rate
|
|
Receivables [Abstract] | ||
Recoveries of previously written-off accounts receivable | $ 112,417 | |
Foreign trade accounts receivable, denominated in US dollars, percentage | 14.00% | 5.00% |
X | ||||||||||
- Definition
Foreign accounts receivable denominated in US dollars No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
IMPAIRMENT OF CAPITALIZED SOFTWARE, INVENTORY AND RELATED ITEMS (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Impairment of Capitalized Software, Inventory and Related Items [Abstract] | ||
Product software development expenditures | $ 2,308,752 | |
Inventories | 3,451,911 | |
Product design costs | 246,588 | |
Tooling | 298,696 | |
Impairment of capitalized software, inventory and related items | $ 0 | $ 6,305,947 |
X | ||||||||||
- Definition
Impairment/write-down of capitalized software, inventory, product design costs & assumed liabilities and tooling No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Product design costs and assumed liabilities to wrap up the current architecture design No definition available.
|
X | ||||||||||
- Definition
Software Development Expenditures, Impairments No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INVENTORIES, NARRATIVE (Details) (USD $)
|
Jun. 30, 2015
|
Jun. 30, 2014
|
---|---|---|
Inventory Disclosure [Abstract] | ||
LIFO reserve | $ 753,439 | $ 1,172,262 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INVENTORIES, COMPONENTS OF INVENTORIES (Details) (USD $)
|
Jun. 30, 2015
|
Jun. 30, 2014
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 5,374,333 | $ 5,593,159 |
Finished goods | 6,246,072 | 6,327,221 |
Gross inventory | 11,620,405 | 11,920,380 |
Reserve for obsolete inventory | (4,437,965) | (4,865,448) |
Total inventories | $ 7,182,440 | $ 7,054,932 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Details) (USD $)
|
12 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
Machinery and equipment
|
Jun. 30, 2014
Machinery and equipment
|
Jun. 30, 2015
Furniture and office equipment
|
Jun. 30, 2014
Furniture and office equipment
|
Jun. 30, 2015
Tooling
|
Jun. 30, 2014
Tooling
|
Jun. 30, 2015
Display booths
|
Jun. 30, 2014
Display booths
|
Jun. 30, 2015
Computer equipment
|
Jun. 30, 2014
Computer equipment
|
Jun. 30, 2015
Leasehold improvements
|
Jun. 30, 2014
Leasehold improvements
|
Jun. 30, 2015
Assets in progress
|
Jun. 30, 2014
Assets in progress
|
Jun. 30, 2015
Minimum [Member]
Machinery and equipment
|
Jun. 30, 2015
Minimum [Member]
Furniture and office equipment
|
Jun. 30, 2015
Minimum [Member]
Tooling
|
Jun. 30, 2015
Minimum [Member]
Display booths
|
Jun. 30, 2015
Minimum [Member]
Computer equipment
|
Jun. 30, 2015
Minimum [Member]
Leasehold improvements
|
Jun. 30, 2015
Maximum [Member]
Machinery and equipment
|
Jun. 30, 2015
Maximum [Member]
Furniture and office equipment
|
Jun. 30, 2015
Maximum [Member]
Tooling
|
Jun. 30, 2015
Maximum [Member]
Display booths
|
Jun. 30, 2015
Maximum [Member]
Computer equipment
|
Jun. 30, 2015
Maximum [Member]
Leasehold improvements
|
|
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Estimated useful life | 5 years | 5 years | 5 years | 5 years | 3 years | 7 years | 10 years | 10 years | 5 years | 7 years | 5 years | 10 years | ||||||||||||||||
Equipment and leasehold improvements, gross | $ 9,214,209 | $ 8,907,331 | $ 642,200 | $ 675,670 | $ 374,616 | $ 374,616 | $ 4,126,850 | $ 3,607,314 | $ 287,180 | $ 287,180 | $ 1,414,517 | $ 1,414,517 | $ 2,308,246 | $ 2,288,706 | $ 60,600 | $ 259,328 | ||||||||||||
Less: accumulated depreciation and amortization | 7,621,689 | 7,066,840 | ||||||||||||||||||||||||||
Equipment and leasehold improvements, net | $ 1,592,520 | $ 1,840,491 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES, TAX PROVISION (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Income Tax Disclosure [Abstract] | ||
Federal | $ (100,126) | $ (1,863,204) |
State | (167,282) | 69,984 |
Deferred | 284,783 | (2,608,369) |
Total income tax provision (benefit) | $ 17,375 | $ (4,401,589) |
X | ||||||||||
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations, plus increase in unrecognized deferred tax benefit related to state tax. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES, EFFECTIVE TAX RATE RECONCILIATION (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Income Tax Disclosure [Abstract] | ||
Federal income tax expense (benefit) at statutory rate | $ 169,996 | $ (3,382,307) |
State income tax expense (benefit), net of federal income tax benefit | (21,442) | (285,802) |
Increase in valuation allowance | 0 | 148,000 |
Stock-based compensation | 53,596 | 58,187 |
Adjustments for unrecognized tax benefits | (175,000) | (546,113) |
Federal income tax credits | 0 | (187,349) |
Other | (9,775) | (206,205) |
Total income tax provision (benefit) | $ 17,375 | $ (4,401,589) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES, TEMPORARY DIFFERENCES (Details) (USD $)
|
Jun. 30, 2015
|
Jun. 30, 2014
|
---|---|---|
Deferred Income Tax Assets: | ||
Deferred compensation | $ 835,270 | $ 858,434 |
Stock-based compensation | 889,325 | 714,350 |
Accrued expenses and reserves | 2,075,601 | 2,701,144 |
Federal and state net operating loss carryforwards | 463,237 | 371,744 |
Valuation allowance | (370,409) | (370,409) |
Deferred Tax Assets, Property, Plant and Equipment | 11,566 | 0 |
Other | 14,650 | 22,806 |
Total deferred income tax assets | 3,919,240 | 4,298,069 |
Deferred Income Tax Liabilities: | ||
Equipment and leasehold improvements | 0 | (98,717) |
Other | (4,671) | 0 |
Net deferred income tax assets | $ 3,914,569 | $ 4,199,352 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES, DEFERRED TAX ASSETS (Details) (USD $)
|
Jun. 30, 2015
|
Jun. 30, 2014
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Current deferred income tax assets | $ 2,045,316 | $ 2,576,023 |
Noncurrent deferred income tax assets | 1,869,253 | 1,623,329 |
Net deferred income tax assets | $ 3,914,569 | $ 4,199,352 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
INCOME TAXES, NARRATIVE (Details) (USD $)
|
Jun. 30, 2015
|
Jun. 30, 2014
|
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate | $ (25,000) | $ 175,000 |
State and Local Jurisdiction [Member]
|
||
Operating Loss Carryforwards [Line Items] | ||
State of Wisconsin net operating loss carryforwards | $ 6,095,423 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES, INTEREST (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Income Tax Disclosure [Abstract] | ||
Accrued interest at beginning of year | $ 0 | $ 49,150 |
Interest charges to expense | 0 | 24,575 |
Interest charges reversed | 0 | (73,725) |
Accrued interest at end of year | $ 0 | $ 0 |
X | ||||||||||
- Definition
Accrued interest for tax positions related to unauthorized transactions No definition available.
|
X | ||||||||||
- Definition
Interest expense recognized during the period for tax positions related to unauthorized transactions No definition available.
|
X | ||||||||||
- Definition
Interest expense reversed during the period for tax positions related to unauthorized transactions No definition available.
|
X | ||||||||||
- Details
|
INCOME TAXES, UNRECOGNIZED TAX BENEFITS (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at beginning of year | $ 175,000 | $ 696,113 |
Gross increases - tax positions in prior years | 0 | 25,000 |
Reductions due to lapse of statute | 0 | (546,113) |
Reductions based on settlements with taxing authorities | (175,000) | 0 |
Unrecognized tax benefits at end of year | $ 0 | $ 175,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES, VALUATION ALLOWANCE (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance, end of year | $ (370,409) | $ (370,409) |
Valuation Allowance of Deferred Tax Assets [Member]
|
||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance, beginning of year | (370,409) | (222,409) |
Increase in valuation allowance | 0 | (148,000) |
Release of valuation allowance | 0 | 0 |
Balance, end of year | $ (370,409) | $ (370,409) |
X | ||||||||||
- Definition
The amount of the increase in the period in the valuation allowance for a specified deferred tax asset. No definition available.
|
X | ||||||||||
- Definition
The amount of the decrease in the period in the valuation allowance for a specified deferred tax asset. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
CREDIT FACILITY (Details) (USD $)
|
0 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jul. 23, 2014
|
May 12, 2010
|
May 12, 2010
Minimum [Member]
Rate
|
May 12, 2010
Minimum [Member]
Prime Rate [Member]
Rate
|
May 12, 2010
Minimum [Member]
London Interbank Offered Rate (LIBOR) [Member]
Rate
|
May 12, 2010
Maximum [Member]
Rate
|
May 12, 2010
Maximum [Member]
Prime Rate [Member]
Rate
|
May 12, 2010
Maximum [Member]
London Interbank Offered Rate (LIBOR) [Member]
Rate
|
|
Line of Credit Facility [Line Items] | ||||||||
Revolving secured credit facility, maximum borrowing available | $ 5,000,000 | $ 8,000,000 | ||||||
Interest rate, percentage spread, depending on Company's leverage ratio | 0.00% | 2.00% | 0.75% | 3.00% | ||||
Unused capacity, commitment fee percentage | 0.30% | 0.45% | ||||||
Line of credit sublimit | $ 2,000,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
ACCRUED LIABILITIES (Details) (USD $)
|
Jun. 30, 2015
|
Jun. 30, 2014
|
---|---|---|
Accrued Liabilities, Current [Abstract] | ||
Legal and professional fees | $ 70,000 | $ 79,900 |
Customer credit balances | 261,977 | 1,988,052 |
Deferred Compensation Liability, Current | 150,000 | 0 |
Cooperative advertising and promotion allowances | 400,114 | 750,433 |
Accrued severance | 0 | 123,720 |
Accrued returns | 97,026 | 89,663 |
Product warranty obligations | 312,664 | 385,852 |
Employee benefits | 93,568 | 129,518 |
Management bonuses and profit-sharing | 71,381 | 37,500 |
Sales commissions and bonuses | 68,890 | 148,278 |
Other | 49,407 | 120,557 |
Total accrued liabilities | $ 1,575,027 | $ 3,853,473 |
X | ||||||||||
- Definition
Current liability as of the balance sheet date for anticipated product returns from customers (retailers and distributors). No definition available.
|
X | ||||||||||
- Definition
Short term (less than one year) liability accrued as of the balance sheet date for cooperative advertising with customers, allowances as a percentage of sales to be taken against future payments, volume rebate accruals to be paid out shortly after fiscal year end, and various promotion allowances including but not limited to programs such as inclusion of our product in a customer's print ads, opening of new stores of an established customer, and initial purchase with a new customer to stock their various locations. No definition available.
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X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of amounts received from and refundable to customers unless used by them to obtain goods and services from the entity, carried in Current Accrued Liabilities. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
PRODUCT WARRANTY OBLIGATIONS (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance, beginning of year | $ 722,624 | $ 1,111,500 |
Provision charged to expense | 103,925 | 97,300 |
Warranty expenses incurred | (294,658) | (486,176) |
Balance, end of year | $ 531,891 | $ 722,624 |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
DEFERRED COMPENSATION (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
Rate
|
Jun. 30, 2014
Rate
|
|
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Liability | $ 2,107,486 | $ 2,320,091 |
Chairman of the Board
|
||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Discount factor | 2.70% | 2.60% |
Liability | 820,720 | 704,306 |
Expense | 166,414 | 202,383 |
Officer of Company
|
||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Discount factor | 4.80% | 4.62% |
Liability | 1,436,766 | 1,615,785 |
Expense | $ (179,019) | $ (257,842) |
Cash compensation - percent of base salary times number of years of service | 2.00% |
X | ||||||||||
- Definition
Deferred compensation, cash compensation, percent of base salary times number of years of service No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INTEREST EXPENSE (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Interest Expense [Abstract] | ||
Interest benefit (expense) on secured credit facility | $ (12,813) | $ 587 |
Interest expense for tax positions related to unauthorized transactions | 0 | (24,575) |
Interest reversals for tax positions related to unauthorized transactions | 0 | (73,725) |
Other interest expense | 148 | |
Interest reversal | $ 12,813 | $ (49,589) |
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 | ||||||||||
- Definition
Interest expense reversed during the period for tax positions related to unauthorized transactions No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Details)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
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 under option excluded as anti-dilutive | 2,245,000 | 2,066,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Term No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
STOCK OPTIONS, WEIGHTED AVERAGE ASSUMPTIONS (Details)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
Rate
|
Jun. 30, 2014
Rate
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected stock price volatility | 43.00% | 47.00% |
Risk free interest rate | 1.52% | 1.27% |
Expected dividend yield | 4.00% | 4.00% |
Expected forfeitures | 1.50% | 1.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 7 months 19 days | 4 years 7 months 6 days |
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Forfeiture Rate No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
SShare-based Compensation Arrangements by Share-based Payment Award, Options, Exercisable, Exercise Price, Lower Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercisable, Exercise Price, Upper Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Exercise Price, Lower Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Exercise Price, Upper Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Exercise Price, Lower Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Exercise Price, Upper Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Exercise Price, Lower Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Exercise Price, Upper Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price, Lower Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price, Upper Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Outstanding, Exercise Price, Lower Limit No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangements by Share-based Payment Award, Options, Outstanding, Exercise Price, Upper Limit No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
STOCK OPTIONS, INTRINSIC VALUE AND CASH RECEIVED ON EXERCISES, FAIR VALUE OF VESTED OPTIONS (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Total intrinsic value of stock options exercised | $ 0 | $ 0 |
Cash received from stock option exercises | 0 | 0 |
Total fair value of stock options vested | $ 696,958 | $ 586,342 |
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised, Intrinsic Value No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Fair Value No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
STOCK REPURCHASE PROGRAM (Details) (USD $)
|
12 Months Ended |
---|---|
Jun. 30, 2015
|
|
Stock Purchase Agreement Disclosure [Abstract] | |
Maximum amount Board will approve per repurchase | $ 2,000,000 |
Authorized amount | 45,500,000 |
Inception to date repurchased | $ 43,360,247 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The total amount repurchased, inception to date, of stock for stock repurchase program No definition available.
|
X | ||||||||||
- Definition
The amount authorized by an entity's Board of Directors under a stock repurchase plan, per repurchase instance No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
ADDITIONAL CASH FLOW INFORMATION (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Supplemental Cash Flow Elements [Abstract] | ||
Increase (Decrease) in Income Taxes Receivable | $ (903,745) | $ 1,109,276 |
Accounts receivable | (311,182) | (9,206,295) |
Increase (Decrease) in Other Operating Liabilities | (117,545) | (403,228) |
Inventories | 127,508 | 5,672 |
Increase (Decrease) in Income Taxes Payable | (175,000) | (2,509,444) |
Prepaid expenses and other current assets | 199,844 | (317,389) |
Accounts payable | (292,501) | (467,581) |
Accrued liabilities | (2,428,446) | (851,981) |
Net change | 2,125,917 | (4,176,502) |
Net cash (refunded) paid during the year for: | ||
Income taxes | (985,585) | 1,867,181 |
Interest | $ 12,813 | $ 2,185 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
EMPLOYEE BENEFIT PLANS, KOSS EMPLOYEE STOCK OWNERSHIP TRUST (KESOT) (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Compensation and Retirement Disclosure [Abstract] | ||
Koss Employee Stock Ownership Trust (KESOT), cash contributions | $ 0 | $ 0 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EMPLOYEE BENEFIT PLANS, RETIREMENT SAVINGS PLAN UNDER SECTION 401(K) (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
Rate
|
Jun. 30, 2014
Rate
|
|
Compensation and Retirement Disclosure [Abstract] | ||
Company match, percentage | 25.00% | 100.00% |
Company contributions | $ 91,354 | $ 431,190 |
X | ||||||||||
- Definition
Defined Contribution Plan, Company Match No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
FOREIGN SALES AND SIGNIFICANT CUSTOMERS FOREIGN SALES AND SIGNIFICANT CUSTOMERS, NARRATIVE (Details) (Sales Revenue, Net [Member], Customer Concentration Risk [Member])
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
Rate
|
Jun. 30, 2014
Rate
|
|
Five largest customers [Member]
|
||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 45.00% | 37.00% |
Single United States Customer [Member]
|
||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 9.00% | |
Single Scandinavian Customer [Member]
|
||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 15.00% | 10.00% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
COMMITMENTS AND CONTINGENCIES (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Commitments and Contingencies Disclosure [Abstract] | ||
Term | 5 years | |
Annual lease commitment | $ 380,000 | |
Rent expense | $ 380,000 | $ 380,000 |
X | ||||||||||
- Definition
Operating leases, annual lease commitment No definition available.
|
X | ||||||||||
- Definition
Length in years of operating lease for building No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|