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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Koss Corporation | NASDAQ:KOSS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.35 | 2.35 | 2.40 | 5 | 12:00:00 |
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
Delaware
|
|
39-1168275
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
4129 North Port Washington Avenue, Milwaukee, Wisconsin
|
|
53212
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Common Stock $0.005 par value per share
|
|
The Nasdaq Stock Market LLC
|
NONE
|
Large accelerated filer
o
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|
Smaller reporting company
x
|
(Do not check if a smaller reporting company)
|
|
Emerging growth company
o
|
|
|
Page
|
PART I
|
|
|
|
|
|
PART II
|
|
|
|
|
|
Part III
|
|
|
|
|
|
PART IV
|
|
|
|
|
2018
|
|
2017
|
||||
United States
|
|
$
|
16,564,924
|
|
|
$
|
15,965,159
|
|
People's Republic of China
|
|
1,602,588
|
|
|
2,332,704
|
|
||
Sweden
|
|
1,436,561
|
|
|
1,056,746
|
|
||
Czech Republic
|
|
1,298,220
|
|
|
1,107,555
|
|
||
Malaysia
|
|
543,093
|
|
|
647,707
|
|
||
Russian Federation
|
|
491,649
|
|
|
522,080
|
|
||
Canada
|
|
414,350
|
|
|
547,745
|
|
||
All other countries
|
|
1,164,056
|
|
|
1,874,585
|
|
||
Net sales
|
|
$
|
23,515,441
|
|
|
$
|
24,054,281
|
|
|
|
|
|
|
||||
Quarter Ended
|
|
High
|
|
Low
|
||||
September 30, 2016
|
|
$
|
2.60
|
|
|
$
|
1.96
|
|
December 31, 2016
|
|
$
|
3.69
|
|
|
$
|
2.08
|
|
March 31, 2017
|
|
$
|
2.76
|
|
|
$
|
2.01
|
|
June 30, 2017
|
|
$
|
2.29
|
|
|
$
|
1.59
|
|
September 30, 2017
|
|
$
|
2.07
|
|
|
$
|
1.40
|
|
December 31, 2017
|
|
$
|
3.58
|
|
|
$
|
1.40
|
|
March 31, 2018
|
|
$
|
2.52
|
|
|
$
|
1.75
|
|
June 30, 2018
|
|
$
|
3.00
|
|
|
$
|
1.70
|
|
Period (2018)
|
|
Total
Number
of Shares
Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plan (1)
|
|
Approximate Dollar Value of
Shares Available under
Repurchase Plan
|
||||||
April 1-April 30
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
2,139,753
|
|
May 1-May 31
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
2,139,753
|
|
June 1-June 30
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
2,139,753
|
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
•
|
Net sales decreased
2.2%
to
$23,515,441
on volume declines with distributors in export markets in general as well as to an original equipment manufacturer ("OEM") customer in Asia. This was partially offset by improvement in the domestic market and an increase in sales to distributors in Scandinavia and the Czech Republic.
|
•
|
Gross profit as a percent of sales decreased
0.7%
to
28.0%
. The decrease was primarily due to a change in the mix of sales by product and by channel, as well as write-downs of excess and obsolete inventory to the expected net realizable value.
|
•
|
Selling, general and administrative spending was lower as a result of decreased costs for sales commissions, salaries, travel and marketing expense. These reductions were partially offset by an increase in legal expense.
|
•
|
Income tax expense increased compared to the same period in the prior year due to the write-down of deferred tax assets to the new federal statutory rate as well as an increase in the valuation allowance to include all deferred tax assets.
|
Consolidated Performance Summary
|
|
2018
|
|
2017
|
||
Net sales
|
|
$23,515,441
|
|
$24,054,281
|
||
Net sales (decrease) %
|
|
(2.2
|
)%
|
|
(7.5
|
)%
|
Gross profit
|
|
$6,582,010
|
|
$6,895,304
|
||
Gross profit as % of net sales
|
|
28.0
|
%
|
|
28.7
|
%
|
Selling, general and administrative expenses
|
|
$6,938,921
|
|
$7,599,882
|
||
Selling, general and administrative expenses as % of net sales
|
|
29.5
|
%
|
|
31.6
|
%
|
Unauthorized transaction related (recoveries) costs, net
|
|
$(18,765)
|
|
$67,548
|
||
Interest expense
|
|
$5,218
|
|
$964
|
||
(Loss) before income tax provision
|
|
$(343,364)
|
|
$(773,090)
|
||
(Loss) before income tax provision as % of net sales
|
|
(1.5
|
)%
|
|
(3.2
|
)%
|
Income tax provision
|
|
$3,042,696
|
|
$190,546
|
||
Income tax provision as % of (loss) before taxes
|
|
(886.1
|
)%
|
|
(24.6
|
)%
|
|
|
2018
|
|
2017
|
||||
Total cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
1,031,087
|
|
|
$
|
234,252
|
|
Investing activities
|
|
(381,837
|
)
|
|
(537,362
|
)
|
||
Financing activities
|
|
—
|
|
|
—
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
649,250
|
|
|
$
|
(303,110
|
)
|
As of June 30,
|
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
1,081,533
|
|
|
$
|
432,283
|
|
Accounts receivable, less allowance for doubtful accounts of $51,854 and
$55,872, respectively |
|
4,709,745
|
|
|
3,931,541
|
|
||
Inventories
|
|
6,138,679
|
|
|
8,345,343
|
|
||
Prepaid expenses and other current assets
|
|
206,776
|
|
|
206,395
|
|
||
Income taxes receivable
|
|
32,375
|
|
|
32,814
|
|
||
Total current assets
|
|
12,169,108
|
|
|
12,948,376
|
|
||
|
|
|
|
|
||||
Equipment and leasehold improvements, net
|
|
1,132,105
|
|
|
1,408,091
|
|
||
|
|
|
|
|
||||
Other assets:
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
—
|
|
|
3,042,257
|
|
||
Cash surrender value of life insurance
|
|
6,374,372
|
|
|
6,024,929
|
|
||
Total other assets
|
|
6,374,372
|
|
|
9,067,186
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
19,675,585
|
|
|
$
|
23,423,653
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
1,429,491
|
|
|
$
|
2,243,110
|
|
Accrued liabilities
|
|
1,178,571
|
|
|
1,149,395
|
|
||
Total current liabilities
|
|
2,608,062
|
|
|
3,392,505
|
|
||
|
|
|
|
|
||||
Long-term liabilities:
|
|
|
|
|
|
|
||
Deferred compensation
|
|
2,394,009
|
|
|
2,294,418
|
|
||
Other liabilities
|
|
155,702
|
|
|
164,418
|
|
||
Total long-term liabilities
|
|
2,549,711
|
|
|
2,458,836
|
|
||
|
|
|
|
|
||||
Total liabilities
|
|
5,157,773
|
|
|
5,851,341
|
|
||
|
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
|
|
|
||
Common stock, $0.005 par value, authorized 20,000,000 shares; issued
and outstanding 7,382,706 shares |
|
36,914
|
|
|
36,914
|
|
||
Paid in capital
|
|
5,752,270
|
|
|
5,420,710
|
|
||
Retained earnings
|
|
8,728,628
|
|
|
12,114,688
|
|
||
Total stockholders' equity
|
|
14,517,812
|
|
|
17,572,312
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders' equity
|
|
$
|
19,675,585
|
|
|
$
|
23,423,653
|
|
Years Ended June 30,
|
|
2018
|
|
2017
|
||||
Net sales
|
|
$
|
23,515,441
|
|
|
$
|
24,054,281
|
|
Cost of goods sold
|
|
16,933,431
|
|
|
17,158,977
|
|
||
Gross profit
|
|
6,582,010
|
|
|
6,895,304
|
|
||
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
6,938,921
|
|
|
7,599,882
|
|
||
Unauthorized transaction related (recoveries) costs, net
|
|
(18,765
|
)
|
|
67,548
|
|
||
Interest expense
|
|
5,218
|
|
|
964
|
|
||
(Loss) before income tax provision
|
|
(343,364
|
)
|
|
(773,090
|
)
|
||
|
|
|
|
|
||||
Income tax provision
|
|
3,042,696
|
|
|
190,546
|
|
||
|
|
|
|
|
||||
Net (loss)
|
|
$
|
(3,386,060
|
)
|
|
$
|
(963,636
|
)
|
|
|
|
|
|
||||
(Loss) per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
(0.46
|
)
|
|
$
|
(0.13
|
)
|
Diluted
|
|
$
|
(0.46
|
)
|
|
$
|
(0.13
|
)
|
Years Ended June 30,
|
|
2018
|
|
2017
|
||||
Operating activities:
|
|
|
|
|
|
|
||
Net (loss)
|
|
$
|
(3,386,060
|
)
|
|
$
|
(963,636
|
)
|
Adjustments to reconcile net (loss) to net cash provided by
operating activities: |
|
|
|
|
||||
(Recovery of) provision for doubtful accounts
|
|
(4,874
|
)
|
|
(1,872
|
)
|
||
Loss on disposal of equipment and leasehold improvements
|
|
343
|
|
|
6,230
|
|
||
Depreciation of equipment and leasehold improvements
|
|
526,261
|
|
|
503,585
|
|
||
Stock-based compensation expense
|
|
331,560
|
|
|
349,754
|
|
||
Deferred income taxes
|
|
3,042,257
|
|
|
170,299
|
|
||
Change in cash surrender value of life insurance
|
|
(218,224
|
)
|
|
(223,896
|
)
|
||
Change in deferred compensation accrual
|
|
249,591
|
|
|
256,704
|
|
||
Deferred compensation paid
|
|
(150,000
|
)
|
|
(150,000
|
)
|
||
Net changes in operating assets and liabilities (see note 14)
|
|
640,233
|
|
|
287,084
|
|
||
Cash provided by operating activities
|
|
1,031,087
|
|
|
234,252
|
|
||
|
|
|
|
|
||||
Investing activities:
|
|
|
|
|
|
|
||
Life insurance premiums paid
|
|
(131,219
|
)
|
|
(133,928
|
)
|
||
Purchase of equipment and leasehold improvements
|
|
(250,618
|
)
|
|
(403,434
|
)
|
||
Cash (used in) investing activities
|
|
(381,837
|
)
|
|
(537,362
|
)
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
|
649,250
|
|
|
(303,110
|
)
|
||
Cash and cash equivalents at beginning of year
|
|
432,283
|
|
|
735,393
|
|
||
Cash and cash equivalents at end of year
|
|
$
|
1,081,533
|
|
|
$
|
432,283
|
|
|
|
Common Stock
|
|
Paid in
|
|
Retained
|
|
|
|||||||||||
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Total
|
|||||||||
Balance, June 30, 2016
|
|
7,382,706
|
|
|
$
|
36,914
|
|
|
$
|
5,070,956
|
|
|
$
|
13,078,324
|
|
|
$
|
18,186,194
|
|
Net (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(963,636
|
)
|
|
(963,636
|
)
|
||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
349,754
|
|
|
—
|
|
|
349,754
|
|
||||
Balance, June 30, 2017
|
|
7,382,706
|
|
|
36,914
|
|
|
5,420,710
|
|
|
12,114,688
|
|
|
17,572,312
|
|
||||
Net (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,386,060
|
)
|
|
(3,386,060
|
)
|
||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
331,560
|
|
|
—
|
|
|
331,560
|
|
||||
Balance, June 30, 2018
|
|
7,382,706
|
|
|
$
|
36,914
|
|
|
$
|
5,752,270
|
|
|
$
|
8,728,628
|
|
|
$
|
14,517,812
|
|
|
|
2018
|
|
2017
|
||||
Legal fees incurred
|
|
$
|
—
|
|
|
$
|
77,500
|
|
Proceeds from asset forfeitures
|
|
(18,765
|
)
|
|
(9,952
|
)
|
||
Unauthorized transaction related (recoveries) costs, net
|
|
$
|
(18,765
|
)
|
|
$
|
67,548
|
|
Fiscal Year Ended
June 30, |
|
Balance,
beginning of year |
|
Net (decrease) increase
in allowance |
|
Balance,
end of year |
|||||
2018
|
|
$
|
55,872
|
|
|
(4,018
|
)
|
|
$
|
51,854
|
|
2017
|
|
$
|
55,175
|
|
|
697
|
|
|
$
|
55,872
|
|
|
|
2018
|
|
2017
|
||||
Raw materials
|
|
$
|
2,717,862
|
|
|
$
|
2,900,499
|
|
Finished goods
|
|
6,057,703
|
|
|
7,895,561
|
|
||
|
|
8,775,565
|
|
|
10,796,060
|
|
||
Reserve for obsolete inventory
|
|
(2,636,886
|
)
|
|
(2,450,717
|
)
|
||
Total inventories
|
|
$
|
6,138,679
|
|
|
$
|
8,345,343
|
|
|
|
Estimated
useful lives
|
|
2018
|
|
2017
|
||||
Machinery and equipment
|
|
5-10 years
|
|
$
|
593,595
|
|
|
$
|
593,595
|
|
Furniture and office equipment
|
|
5-10 years
|
|
357,351
|
|
|
359,041
|
|
||
Tooling
|
|
5 years
|
|
4,308,967
|
|
|
4,646,749
|
|
||
Display booths
|
|
5 years
|
|
—
|
|
|
253,680
|
|
||
Computer equipment
|
|
3-5 years
|
|
758,820
|
|
|
758,820
|
|
||
Leasehold improvements
|
|
3-15 years
|
|
2,457,006
|
|
|
2,317,263
|
|
||
Assets in progress
|
|
N/A
|
|
19,500
|
|
|
188,342
|
|
||
|
|
|
|
8,495,239
|
|
|
9,117,490
|
|
||
Less: accumulated depreciation and amortization
|
|
|
|
7,363,134
|
|
|
7,709,399
|
|
||
Equipment and leasehold improvements, net
|
|
|
|
$
|
1,132,105
|
|
|
$
|
1,408,091
|
|
Year Ended June 30,
|
|
2018
|
|
2017
|
||||
Current:
|
|
|
|
|
|
|
||
Federal
|
|
$
|
414
|
|
|
$
|
19,822
|
|
State
|
|
25
|
|
|
425
|
|
||
Deferred
|
|
3,042,257
|
|
|
170,299
|
|
||
Total income tax provision
|
|
$
|
3,042,696
|
|
|
$
|
190,546
|
|
Year Ended June 30,
|
|
2018
|
|
2017
|
||||
Federal income tax (benefit) at statutory rate
|
|
$
|
(94,425
|
)
|
|
$
|
(262,851
|
)
|
State income tax (benefit), net of federal income tax benefit
|
|
(8,736
|
)
|
|
(32,287
|
)
|
||
Increase in valuation allowance
|
|
2,338,590
|
|
|
444,000
|
|
||
Stock-based compensation
|
|
91,179
|
|
|
51,197
|
|
||
Remeasurement of deferred income taxes
|
|
713,826
|
|
|
—
|
|
||
Other
|
|
2,262
|
|
|
(9,513
|
)
|
||
Total income tax provision
|
|
$
|
3,042,696
|
|
|
$
|
190,546
|
|
|
|
2018
|
|
2017
|
||||
Deferred income tax assets:
|
|
|
|
|
|
|
||
Deferred compensation
|
|
$
|
636,002
|
|
|
$
|
904,435
|
|
Stock-based compensation
|
|
420,247
|
|
|
621,966
|
|
||
Accrued expenses and reserves
|
|
896,428
|
|
|
1,280,181
|
|
||
Federal and state net operating loss carryforwards
|
|
659,680
|
|
|
751,021
|
|
||
Equipment and leasehold improvements
|
|
26,580
|
|
|
—
|
|
||
Valuation allowance
|
|
(2,638,589
|
)
|
|
(444,409
|
)
|
||
Total deferred income tax assets
|
|
348
|
|
|
3,113,194
|
|
||
|
|
|
|
|
||||
Deferred income tax liabilities:
|
|
|
|
|
|
|
||
Equipment and leasehold improvements
|
|
—
|
|
|
(67,675
|
)
|
||
Other
|
|
(348
|
)
|
|
(3,262
|
)
|
||
Net deferred income tax assets
|
|
$
|
—
|
|
|
$
|
3,042,257
|
|
Year Ended June 30,
|
|
Balance,
beginning
of year
|
|
(Increase)
in valuation allowance |
|
Balance,
end of year
|
|||||
2018
|
|
$
|
(444,409
|
)
|
|
(2,194,180
|
)
|
|
$
|
(2,638,589
|
)
|
2017
|
|
$
|
(409
|
)
|
|
(444,000
|
)
|
|
$
|
(444,409
|
)
|
|
|
2018
|
|
2017
|
||||
Cooperative advertising and promotion allowances
|
|
$
|
364,527
|
|
|
$
|
415,050
|
|
Product warranty obligations
|
|
220,398
|
|
|
220,541
|
|
||
Customer credit balances
|
|
53,365
|
|
|
21,175
|
|
||
Current deferred compensation
|
|
150,000
|
|
|
150,000
|
|
||
Accrued returns
|
|
97,558
|
|
|
53,915
|
|
||
Employee benefits
|
|
60,739
|
|
|
54,074
|
|
||
Legal and professional fees
|
|
81,000
|
|
|
86,500
|
|
||
Profit-sharing
|
|
17,975
|
|
|
—
|
|
||
Sales commissions and bonuses
|
|
74,078
|
|
|
83,654
|
|
||
Other
|
|
58,931
|
|
|
64,486
|
|
||
|
|
$
|
1,178,571
|
|
|
$
|
1,149,395
|
|
Year Ended June 30,
|
|
Balance,
beginning
of year
|
|
Provision
charged to
expense
|
|
Warranty
expenses
incurred
|
|
Balance,
end of year
|
||||||
2018
|
|
$
|
384,959
|
|
|
180,753
|
|
|
(189,612
|
)
|
|
$
|
376,100
|
|
2017
|
|
$
|
483,530
|
|
|
159,990
|
|
|
(258,561
|
)
|
|
$
|
384,959
|
|
|
|
2018
|
|
2017
|
||
Expected stock price volatility
|
|
54
|
%
|
|
54
|
%
|
Risk free interest rate
|
|
1.91
|
%
|
|
1.17
|
%
|
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
Expected forfeitures
|
|
24.40
|
%
|
|
15.31
|
%
|
Expected life of options
|
|
5.6 years
|
|
|
5.9 years
|
|
|
|
Number of
Shares |
|
Stock
Options Price Range |
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Contractual Life - Years |
|
Aggregate
Intrinsic Value of In-The- Money Options |
|||||
Shares under option at June 30, 2016
|
|
2,140,000
|
|
|
$2.05 - $9.74
|
|
$
|
4.66
|
|
|
3.51
|
|
$
|
—
|
|
Granted
|
|
485,000
|
|
|
$2.20 - $2.42
|
|
$
|
2.33
|
|
|
|
|
|
||
Exercised
|
|
—
|
|
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
Expired
|
|
(372,000
|
)
|
|
$2.57 - $9.74
|
|
$
|
6.24
|
|
|
|
|
|
|
|
Forfeited
|
|
(73,000
|
)
|
|
$2.20 - $5.30
|
|
$
|
3.00
|
|
|
|
|
|
|
|
Shares under option at June 30, 2017
|
|
2,180,000
|
|
|
$2.05 - $7.76
|
|
$
|
3.93
|
|
|
3.47
|
|
$
|
—
|
|
Granted
|
|
510,000
|
|
|
$1.77 - $1.95
|
|
$
|
1.89
|
|
|
|
|
|
|
|
Exercised
|
|
—
|
|
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
Expired
|
|
(285,000
|
)
|
|
$5.47 - $7.76
|
|
$
|
5.55
|
|
|
|
|
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
Shares under option at June 30, 2018
|
|
2,405,000
|
|
|
$1.77 - $6.28
|
|
$
|
3.31
|
|
|
3.61
|
|
$
|
270,230
|
|
Exercisable as of June 30, 2017
|
|
1,105,166
|
|
|
$2.05 - $7.76
|
|
$
|
4.88
|
|
|
2.28
|
|
$
|
—
|
|
Exercisable as of June 30, 2018
|
|
1,215,082
|
|
|
$2.05 - $6.28
|
|
$
|
4.27
|
|
|
2.31
|
|
$
|
10,750
|
|
|
|
2018
|
|
2017
|
||||
Total intrinsic value of stock options exercised
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash received from stock option exercises
|
|
$
|
—
|
|
|
$
|
—
|
|
Total fair value of stock options vested
|
|
$
|
399,595
|
|
|
$
|
461,720
|
|
|
|
2018
|
|
2017
|
||||
Accounts receivable
|
|
$
|
(773,330
|
)
|
|
$
|
(398,815
|
)
|
Inventories
|
|
2,206,664
|
|
|
250,142
|
|
||
Income taxes receivable
|
|
439
|
|
|
550,693
|
|
||
Prepaid expenses and other current assets
|
|
(381
|
)
|
|
74,704
|
|
||
Accounts payable
|
|
(813,619
|
)
|
|
276,454
|
|
||
Accrued liabilities
|
|
29,176
|
|
|
(452,257
|
)
|
||
Other liabilities
|
|
(8,716
|
)
|
|
(13,837
|
)
|
||
Net change
|
|
$
|
640,233
|
|
|
$
|
287,084
|
|
|
|
|
|
|
||||
Net cash paid (refunded) during the year for:
|
|
|
|
|
|
|
||
Income taxes
|
|
$
|
3,182
|
|
|
$
|
(523,342
|
)
|
Interest
|
|
$
|
5,218
|
|
|
$
|
964
|
|
|
|
2018
|
|
2017
|
||||
United States
|
|
$
|
16,564,924
|
|
|
$
|
15,965,159
|
|
People's Republic of China
|
|
1,602,588
|
|
|
2,332,704
|
|
||
Sweden
|
|
1,436,561
|
|
|
1,056,746
|
|
||
Czech Republic
|
|
1,298,220
|
|
|
1,107,555
|
|
||
Malaysia
|
|
543,093
|
|
|
647,707
|
|
||
Russian Federation
|
|
491,649
|
|
|
522,080
|
|
||
Canada
|
|
414,350
|
|
|
547,745
|
|
||
All other countries
|
|
1,164,056
|
|
|
1,874,585
|
|
||
Net sales
|
|
$
|
23,515,441
|
|
|
$
|
24,054,281
|
|
•
|
On December 17, 2010, the Company filed an action against Park Bank in Circuit Court of Milwaukee County, Wisconsin alleging a claim of breach of the Uniform Fiduciaries Act relating to the unauthorized transactions, as previously reported. In 2015, Park Bank filed third party claims based on contribution and subrogation against Grant Thornton LLP and Michael Koss. The Court granted motions to dismiss the contribution claims against Grant Thornton LLP and Michael Koss, but determined that it was premature to decide the subrogation claims at this stage of the proceedings. On or around March 11, 2016, the Court entered an order granting Park Bank's motion for summary judgment that dismissed the case. On March 22, 2016, the Company filed a Notice of Appeal that appeals the order granting Park Bank's motion for summary judgment and the Court's denial of the motion to dismiss the subrogation claims. Park Bank also filed a cross–appeal that appeals the Court's order that granted the motions to dismiss the contribution claims against Grant Thornton LLP and Michael Koss. On December 12, 2017, the Court of Appeals issued its decision that affirmed the Circuit Court’s judgment dismissing the Company’s claim against Park Bank. The Company filed a Petition for Review of that decision before the Supreme Court of Wisconsin. On March 14, 2018, the Court granted the Petition. The case is currently pending before the Wisconsin Supreme Court.
|
•
|
In addition, on or around July 13, 2018, the Company was served with a lawsuit by a former celebrity endorser of certain products alleging that the Company used her name and image to market and sell the products after the termination of their agreement without her consent. On August 10, 2018, the Company filed a Motion to Dismiss the complaint. This case remains pending.
|
KOSS CORPORATION
|
|
||
|
|
||
By:
|
/s/ Michael J. Koss
|
|
August 23, 2018
|
|
Michael J. Koss
|
|
|
|
Chairman
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ David D. Smith
|
|
August 23, 2018
|
|
David D. Smith
|
|
|
|
Chief Financial Officer
|
|
|
|
Principal Accounting Officer
|
|
|
/s/ Michael J. Koss
|
|
/s/ Thomas L. Doerr
|
Michael J. Koss, Director
|
|
Thomas L. Doerr, Director
|
|
|
|
|
|
|
/s/ Steven A. Leveen
|
|
/s/ Theodore H. Nixon
|
Steven A. Leveen, Director
|
|
Theodore H. Nixon, Director
|
|
|
|
|
|
|
/s/ William J. Sweasy
|
|
|
William J. Sweasy, Director
|
|
|
Exhibit No.
|
Exhibit Description
|
|
|
3.1
|
|
|
|
3.2
|
By-Laws of Koss Corporation. Filed as Exhibit 3.2 to the Company’s Annual Report on Form 10-K for the year ended June 30, 1996 and incorporated herein by reference.
|
|
|
10.1
|
Death Benefit Agreement with John C. Koss. Filed as Exhibit 10.4 to the Company’s Annual Report on Form 10-K for the year ended June 30, 1996 and incorporated herein by reference. *
|
|
|
10.2
|
Stock Purchase Agreement with John C. Koss. Filed as Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the year ended June 30, 1996 and incorporated herein by reference. *
|
|
|
10.3
|
Salary Continuation Resolution for John C. Koss. Filed as Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the year ended June 30, 1996 and incorporated herein by reference. *
|
|
|
10.4
|
1983 Incentive Stock Option Plan. Filed as Exhibit 10.7 to the Company’s Annual Report on Form 10-K for the year ended June 30, 1996 and incorporated herein by reference. *
|
|
|
10.5
|
1990 Flexible Incentive Plan. Filed as Exhibit 25 to the Company’s Annual Report on Form 10-K for the year ended June 30, 1990 and incorporated herein by reference. *
|
|
|
10.6
|
Consent of Directors (Supplemental Executive Retirement Plan for Michael J. Koss dated March 7, 1997). Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 and incorporated herein by reference. *
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
|
10.14
|
|
|
|
10.15
|
|
|
|
10.16
|
|
|
|
14
|
|
|
|
23.1
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101
|
The following financial information from Koss Corporation's Annual Report on Form 10-K for the year ended June 30, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of June 30, 2018 and 2017, (ii) Consolidated Statements of Operations for the years ended June 30, 2018 and 2017, (iii) Consolidated Statements of Cash Flows for the years ended June 30, 2018 and 2017, (iv) Consolidated Statements of Stockholders' Equity for the years ended June 30, 2018 and 2017 and (v) the Notes to Consolidated Financial Statements.
|
*
|
|
Denotes a management contract or compensatory plan or arrangement
|
**
|
|
Filed herewith
|
***
|
|
Furnished herewith
|
1 Year Koss Chart |
1 Month Koss Chart |
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