Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Aug. 17, 2020 | Dec. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | KOSS CORP | ||
Entity Central Index Key | 0000056701 | ||
Trading Symbol | koss | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,404,831 | ||
Entity Public Float | $ 4,994,914 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock par value $0.05 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 3,999,409 | $ 2,228,282 | |
Accounts receivable, less allowance for doubtful accounts of $74,082 and $2,617, respectively | 2,317,064 | 3,655,143 | |
Inventories | 5,538,794 | 6,851,448 | |
Prepaid expenses and other current assets | 267,647 | 133,889 | |
Income taxes receivable | 14,622 | 45,660 | |
Total current assets | 12,137,536 | 12,914,422 | |
Equipment and leasehold improvements, net | 983,641 | 890,110 | |
Other assets: | |||
Deferred income taxes | 13,276 | ||
Operating lease right-of-use asset | 2,582,402 | 2,847,846 | |
Cash surrender value of life insurance | 6,876,827 | 6,569,628 | |
Total other assets | 9,459,229 | 9,430,750 | |
Total assets | 22,580,406 | 23,235,282 | |
Current liabilities: | |||
Accounts payable | 827,705 | 1,436,373 | |
Accrued liabilities | 580,099 | 650,513 | |
Deferred revenue | 423,639 | 645,470 | |
Operating lease liability | 276,947 | 265,443 | |
Short-term debt | 506,700 | ||
Total current liabilities | 2,615,090 | 2,997,799 | |
Long-term liabilities: | |||
Deferred compensation | 2,333,482 | 2,419,962 | |
Deferred revenue | 170,281 | 163,018 | |
Operating lease liability | 2,305,455 | 2,582,402 | |
Total long-term liabilities | 4,809,218 | 5,165,382 | |
Total liabilities | 7,424,308 | 8,163,181 | |
Stockholders' equity: | |||
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,404,831 and 7,382,706 shares, respectively | 37,024 | 37,024 | |
Paid in capital | 6,882,729 | 6,333,135 | |
Retained earnings | 8,236,345 | 8,701,942 | |
Total stockholder' equity | 15,156,098 | 15,072,101 | |
Total liabilities and stockholders' equity | $ 22,580,406 | $ 23,235,282 | |
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts receivable, allowance for doubtful accounts | $ 74,082 | $ 2,617 | [1] |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 | |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Common stock, shares issued (in shares) | 7,404,831 | 7,382,706 | |
Common stock, shares outstanding (in shares) | 7,404,831 | 7,382,706 | |
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | [1] | |
Net sales | $ 18,311,830 | $ 21,842,097 | |
Cost of goods sold | 12,649,222 | 15,022,223 | |
Gross profit | 5,662,608 | 6,819,874 | |
Selling, general and administrative expenses | 6,146,650 | 6,543,566 | |
(Loss) income from operations | (484,042) | 276,308 | |
Interest income | (20,185) | (3,178) | |
(Loss) income before income tax provision (benefit) | (463,857) | 279,486 | |
Income tax provision (benefit) | 1,740 | (26,503) | |
Net (loss) income | $ (465,597) | $ 305,989 | [2],[3] |
(Loss) income per common share: | |||
Basic (in dollars per share) | $ (0.06) | $ 0.04 | [3] |
Diluted (in dollars per share) | $ (0.06) | $ 0.04 | [3] |
Weighted-average number of shares: | |||
Basic (in shares) | 7,404,831 | 7,401,030 | [3] |
Diluted (in shares) | 7,404,831 | 7,407,827 | [3] |
[1] | As adjusted for change in accounting policy (Note 3) | ||
[2] | As adjusted for change in accounting policy (Note 3) | ||
[3] | As adjusted for change in accounting policy (Note 3) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | |||
Operating activities: | ||||
Net (loss) income | $ (465,597) | $ 305,989 | [1],[2],[3] | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Provision for doubtful accounts | 56,386 | 23,422 | [1] | |
Depreciation of equipment and leasehold improvements | 330,629 | 429,750 | [1] | |
Stock-based compensation expense | 549,594 | 515,681 | [1] | |
Deferred income taxes | 13,276 | (13,276) | [1] | |
Change in cash surrender value of life insurance | (194,083) | (72,019) | [1] | |
Change in deferred compensation accrual | 63,520 | 175,953 | [1] | |
Deferred compensation paid | (150,000) | (150,000) | [1] | |
Net changes in operating assets and liabilities: | ||||
Accounts receivable | 1,281,693 | 1,031,180 | [1] | |
Inventories | 1,312,654 | (712,769) | [1] | |
Prepaid expenses and other current assets | (133,758) | 72,887 | [1] | |
Income taxes receivable | 31,038 | (13,285) | [1] | |
Accounts payable | (608,668) | 6,882 | [1] | |
Accrued liabilities | (70,414) | (138,448) | [1] | |
Deferred revenue | (214,568) | (50,882) | [1] | |
Net cash provided by operating activities | 1,801,702 | 1,411,065 | [1] | |
Investing activities: | ||||
Purchase of equipment and leasehold improvements | (424,159) | (187,756) | [1] | |
Life insurance premiums paid | (113,116) | (123,237) | [1] | |
Net cash (used in) investing activities | (537,275) | (310,993) | [1] | |
Financing activities: | ||||
Proceeds from SBA loan | 506,700 | [1] | ||
Proceeds from exercise of stock options | 46,677 | [1] | ||
Net cash provided by financing activities | 506,700 | 46,677 | [1] | |
Net increase in cash and cash equivalents | 1,771,127 | 1,146,749 | [1] | |
Cash and cash equivalents at beginning of year | [1] | 2,228,282 | 1,081,533 | |
Cash and cash equivalents at end of year | $ 3,999,409 | $ 2,228,282 | [1] | |
[1] | As adjusted for change in accounting policy (Note 3) | |||
[2] | As adjusted for change in accounting policy (Note 3) | |||
[3] | As adjusted for change in accounting policy (Note 3) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Jun. 30, 2018 | 7,382,706 | 7,382,706 | |||||||||||
Balance at Jun. 30, 2018 | $ 18,617 | $ (18,617) | $ 36,914 | $ 5,770,887 | $ 8,395,953 | $ 14,203,754 | $ 36,914 | $ 5,752,270 | $ 8,414,570 | $ 14,203,754 | |||
Net (loss) income | 305,989 | 305,989 | [1],[2],[3] | ||||||||||
Stock-based compensation expense | 515,681 | $ 515,681 | |||||||||||
Exercise of common stock options (in shares) | 22,125 | 22,125 | |||||||||||
Exercise of common stock options | $ 110 | 46,567 | $ 46,677 | ||||||||||
Balance (in shares) at Jun. 30, 2019 | 7,404,831 | 7,382,706 | |||||||||||
Balance at Jun. 30, 2019 | $ 37,024 | 6,333,135 | 8,701,942 | $ 15,072,101 | [4] | ||||||||
Net (loss) income | (465,597) | (465,597) | |||||||||||
Stock-based compensation expense | 549,594 | $ 549,594 | |||||||||||
Balance (in shares) at Jun. 30, 2020 | 7,404,831 | 7,404,831 | |||||||||||
Balance at Jun. 30, 2020 | $ 37,024 | $ 6,882,729 | $ 8,236,345 | $ 15,156,098 | |||||||||
[1] | As adjusted for change in accounting policy (Note 3) | ||||||||||||
[2] | As adjusted for change in accounting policy (Note 3) | ||||||||||||
[3] | As adjusted for change in accounting policy (Note 3) | ||||||||||||
[4] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS — Koss Corporation ("Koss"), a Delaware corporation, and its 100% two no BASIS OF CONSOLIDATION — The Consolidated Financial Statements include the accounts of Koss and its subsidiaries, Koss Corp B.V. and Koss UK, which are 100% REVENUE RECOGNITION — not Warranties determines 30 60 one three 50% first 30% second 20% third Reserves for Variable Consideration Product Returns may Volume Rebates may Sales Commissions not RESEARCH AND DEVELOPMENT — $397,360 $334,789 2020 2019 ADVERTISING COSTS — Advertising costs included within selling, general and administrative expenses in the accompanying Consolidated Statements of Operations were $54,592 2020 $47,657 2019 INCOME TAXES — The Company operates as a C Corporation under the Internal Revenue Code (the "Code"). Amounts provided for income tax expense are based on income reported for financial statement purposes and do not PATENT COSTS — The Company incurs on-going legal fees and filing costs related to the patent portfolio. These costs are expensed in the period they are incurred since no 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 no 11 CASH AND CASH EQUIVALENTS — The Company considers depository accounts and investments with a maturity at the date of acquisition and expected usage of three not d, not ur, 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. INVENTORIES — As of June 30, 2020 and 2019 , the Company's inventory was recorded using standard cost which approximates the lower of FIFO cost or net realizable value. June 30, 2019, first first first not June 30, 2019 $0. year ended June 30, 2019 was not $0 June 30, 2017. Note 5 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. See Note 6 LEASES — Operating leases are reported on the Company's Consolidated Balance Sheets ROU 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. 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 10 FAIR VALUE OF FINANCIAL INSTRUMENTS — Cash equivalents, accounts receivable, accounts payable and short-term debt 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 No June 30, 2020 2019 LEGAL COSTS — All legal costs related to litigation, for which the Company is liable, are charged to operations as incurred, except settlements, which are expensed when a claim is probable and can be third STOCK-BASED COMPENSATION — The Company has a stock-based employee compensation plan, which is described more fully in Note 12. 718 USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reported periods |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. New Accounting Pronouncements In December 2019, 2019 12, 740 740. December 15, 2020 |
Note 3 - Change in Accounting P
Note 3 - Change in Accounting Policy | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 3. CHANGE IN ACCOUNTING POLICY During the first 2020, policy The cumulative effect of the changes in the June 30, 2019 policy applied retrospectively Stock-Based Balance Sheet As Previously Compensation As June 30, 2019 Reported Adjustment Adjusted Equity: Paid in capital $ 6,186,393 $ 146,742 $ 6,333,135 Retained earnings $ 8,848,684 $ (146,742 ) $ 8,701,942 The impact of the change in principle on the Consolidated Statement of Operations for th year ended June 30, 2019 Stock-Based Statement of Operations As Previously Compensation As Year ended June 30, 2019 Reported Adjustment Adjusted Selling, general and administrative expenses $ 6,415,441 $ 128,125 $ 6,543,566 Income from operations 404,433 (128,125 ) 276,308 Net income $ 434,114 $ (128,125 ) $ 305,989 Income per common share Basic $ 0.06 $ (0.02 ) $ 0.04 Diluted $ 0.06 $ (0.02 ) $ 0.04 The impact of the change in principle on the Consolidated Statement of Cash Flows for year ended June 30, 2019 Stock-Based Statement of Cash Flows As Previously Compensation As Year ended June 30, 2019 Reported Adjustment Adjusted Operating activities: Net income $ 434,114 $ (128,125 ) $ 305,989 Stock-based compensation expense $ 387,556 $ 128,125 $ 515,681 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. REVENUE RECOGNITION The Company disaggregates it's net sales by geographical location as it believes it best depicts how the nature, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table summarizes net sales by geographical location: 2020 2019 United States $ 15,161,311 $ 15,255,741 Export 3,150,519 6,586,356 Net Sales $ 18,311,830 $ 21,842,097 Deferred revenue relates primarily to consumer and customer warranties. These constitute future performance obligations and the Company defers revenue related to these future performance obligations. The Company recognized revenue, which was included in the deferred revenue liability at the beginning of the periods, of $427,193 $497,351 years ended June 30, 2020 2019 $859,370 June 30, 2018 one three |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES The components of inventories at June 30, 2020 2019 2020 2019 Raw materials $ 1,953,031 $ 1,848,340 Finished goods 5,149,200 6,604,408 7,102,231 8,452,748 Reserve for obsolete inventory (1,563,437 ) (1,601,300 ) Total inventories $ 5,538,794 $ 6,851,448 |
Note 6 - Equipment and Leasehol
Note 6 - Equipment and Leasehold Improvements | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. EQUIPMENT AND LEASEHOLD IMPROVEMENTS The major categories of equipment and leasehold improvements at June 30, 2020 2019 Estimated useful lives (in years) 2020 2019 Machinery and equipment 5 10 $ 593,595 $ 593,595 Furniture and office equipment 5 10 357,351 357,351 Tooling 5 4,310,917 4,261,077 Computer equipment 3 5 658,028 758,819 Leasehold improvements 3 10 2,682,933 2,517,226 Assets in progress N/A 327,348 118,737 8,930,172 8,606,805 Less: accumulated depreciation and amortization 7,946,531 7,716,695 Equipment and leasehold improvements, net $ 983,641 $ 890,110 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The Company utilizes the liability method of accounting for income taxes. The liability method measures the expected income tax impact of future taxable income and deductions implicit in the Consolidated Balance Sheets. The income tax (benefit) provision in 2020 2019 Year Ended June 30, 2020 2019 Current: Federal $ (15,037 ) $ (13,277 ) State 3,501 25 Deferred 13,276 (13,251 ) Total income tax provision (benefit) $ 1,740 $ (26,503 ) The 2020 2019 Year Ended June 30, 2020 2019 Federal income tax liability (benefit) at statutory rate $ (97,409 ) $ 85,599 State income tax liability, net of federal income tax effect 2,765 20 (Decrease) increase in valuation allowance 61,948 (328,541 ) Current year permanent items 35,931 14,687 R&D credit (22,568 ) (15,000 ) Return-to-provision (30,040 ) 8,433 Expiration of deferred tax assets 44,790 189,186 State tax rate change 18,962 - Other (12,639 ) 19,087 Total income tax provision (benefit) $ 1,740 $ (26,529 ) Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2020 June 30, 2019 2020 2019 Deferred income tax assets: Deferred compensation $ 614,018 $ 642,424 Stock-based compensation 249,313 228,981 Accrued expenses and reserves 479,112 503,726 Deferred revenue 146,841 202,102 Federal and state net operating loss carryforwards 606,730 558,117 Credit carryforwards 216,484 139,504 Equipment and leasehold improvements 134,045 122,714 Valuation allowance (2,444,035 ) (2,382,087 ) Total deferred income tax assets 2,508 15,481 Deferred income tax liabilities: Other (2,508 ) (2,205 ) Net deferred income tax assets $ - $ 13,276 Deferred income tax balances reflect the effects of temporary differences between the tax bases of assets and liabilities and their carrying amounts. These differences are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. The recognition of these deferred tax balances will be realized through normal recurring operations and, as such, the Company has recorded the value of such expected benefits. The Company has federal net operating loss carryforwar $352,281 which expire in fiscal year 2037 and $545,245 6,358,000 2025 2039 $342,286 Generally accepted accounting principles no years June 30, 2020 2019 Additionally, GAAP No June 30, 2020 2019 The Company does not June 30, 2020 2019 June 30, 2020 2019 The Company files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company's federal tax returns for tax years and state income tax returns are open for the standard regulatory period. The following are the changes in the valuation allowance : Balance, Decrease (Increase) beginning in valuation Balance, Year Ended June 30, of year allowance end of year 2020 $ (2,382,087 ) $ (61,948 ) $ (2,444,035 ) 2019 $ (2,710,628 ) $ 328,541 $ (2,382,087 ) |
Note 8 - Credit Facility and SB
Note 8 - Credit Facility and SBA Loan | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. CREDIT FACILITY AND SBA LOAN On May 14, 2019, two May 14, 2021. $5,000,000 interest rate 1.50% $1,000,000. no May 14, 2019 June 30, 2020 no June 30, 2020 2019 no On April 13, 2020, April 14, 2020, two April 14, 2022. $506,700 1.0%. August 7, 2020, for twenty-four The Company incurs interest expense primarily related to its secured credit facility. There was no June 30, 2020 2019 |
Note 9 - Accrued Liabilities
Note 9 - Accrued Liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. ACCRUED LIABILITIES Accrued liabilities as of June 30, 2020 2019 2020 2019 Cooperative advertising and promotion allowances $ 158,770 $ 188,985 Customer credit balances 16,363 65,937 Current deferred compensation 150,000 150,000 Employee benefits 80,399 60,178 Legal and professional fees 68,200 65,914 Bonus and profit-sharing 8,098 18,694 Sales commissions and bonuses 53,647 51,026 Other 44,622 49,779 Total accrued liabilities $ 580,099 $ 650,513 |
Note 10 - Deferred Compensation
Note 10 - Deferred Compensation | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. 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 1.00% June 30, 2020 2.60% June 30, 2019 3.10% June 30, 2020 4.80% June 30, 2019 The Board of Directors entered into an agreement to continue the 1991 June 30, 2015, $150,000 June 30, 2020 2019 $416,883 $540,379 June 30, 2020 2019 $26,504 $17,495 2020 2019 The Board of Directors has approved a supplemental retirement plan for an officer that calls for annual cash compensation following retirement from the Company in an amount equal to 2% $2,066,599 $2,029,583 June 30, 2020 2019 $37,016 $158,458 2020 2019 October 2029 3 |
Note 11 - (Loss) Income Per Com
Note 11 - (Loss) Income Per Common and Common Stock Equivalent Share | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. (LOSS) INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE Basic (loss) income per share is computed based on the weighted-average number of common shares outstanding. Diluted (loss) income per common share is calculated assuming the exercise of stock options except where the result would be anti-dilutive. The following table reconciles the numerator and denominator used to calculate basic and diluted income per share: Year Ended 2020 2019* Numerator Net (loss) income $ (465,597 ) $ 305,989 Denominator Weighted average shares, basic 7,404,831 7,401,030 Dilutive effect of stock compensation awards (1) - 6,797 Diluted shares 7,404,831 7,407,827 Net (loss) income attributable to common shareholders per share: Basic $ (0.06 ) $ 0.04 Diluted $ (0.06 ) $ 0.04 ( 1 l 2,786,225 2,523,513 June 30, 2020 2019 *As adjusted for change in accounting policy 3 |
Note 12 - Stock Options
Note 12 - Stock Options | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. STOCK OPTIONS In 2012, 2012 “2012 1990 "1990 2012 2,000,000 2012 1990 July 25, 2012, 2012 June 30, 2020 770,308 three five five ten The Company's policy is to issue new shares when stock options are exercised. 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. zero As of June 30, 2020 $1,156,492 2012 1990 2.83 $549,594 $515,681 2020 2019 Options are granted at a price equal to or greater than the market value of the common stock on the date of grant. The per share weighted average fair value of the stock options granted during the years ended June 30, 2020 2019 $1.26 $1.57 2020 2019 2020 2019 Expected stock price volatility 74 % 66 % Risk free interest rate 1.87 % 2.86 % Expected dividend yield — % — % Expected life of options (years) 6.1 5.8 The following table identifies options granted, exercised, canceled, or available for exercise pursuant to the 1990 2012 Aggregate Weighted Intrinsic Weighted Average Value of Stock Average Remaining In-The- Number of Options Exercise Contractual Money Shares Price Range Price Life - Years Options Shares under option at June 30, 2018 2,405,000 1.77 6.28 $ 3.31 3.61 $ — Granted 585,000 2.63 2.92 $ 2.79 Exercised (22,125 ) 1.77 2.24 $ 2.11 Expired (302,000 ) 1.77 5.83 $ 5.62 Forfeited (73,000 ) 1.77 2.65 $ 2.22 Shares under option at June 30, 2019 2,592,875 1.77 6.28 $ 2.96 4.23 $ 48,280 Granted 555,000 1.97 2.17 $ 2.08 Expired (362,000 ) 2.20 6.28 $ 3.53 Forfeited (64,000 ) 1.77 2.65 $ 2.15 Shares under option at June 30, 2020 2,721,875 1.77 6.00 $ 2.73 4.82 $ — Exercisable as of June 30, 2019 1,320,291 1.77 6.28 $ 3.45 2.20 $ 9,788 Exercisable as of June 30, 2020 1,408,709 1.77 6.00 $ 3.12 2.61 $ — The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on any given date 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, 2020 2019 2020 2019 Total intrinsic value of stock options exercised $ — $ 34,797 Cash received from stock option exercises $ — $ 46,677 Total fair value of stock options vested $ 483,461 $ 374,639 Total recognized tax benefit $ — $ 9,198 Weighted Average Grant Date Shares Fair Value Non-vested as of June 30, 2018 1,189,918 0.90 Granted 585,000 1.57 Vested (429,334 ) 0.87 Forfeited (73,000 ) 1.33 Non-vested as of June 30, 2019 1,272,584 1.19 Granted 555,000 1.26 Vested (450,418 ) 1.07 Forfeited (64,000 ) 1.39 Non-vested as of June 30, 2020 1,313,166 1.26 |
Note 13 - Stock Repurchase Prog
Note 13 - Stock Repurchase Program | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stock Purchase Derivative Liability and Treasury Stock [Text Block] | 13. STOCK REPURCHASE PROGRAM In April 1995, 2,000,000 June 30, 2020 $45,500,000 $43,360,247 No 2020 2019 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 June 30, 2019 June 30, 2020 not no may 95% $2,500,000 may may 25% four $1,150,000 |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14. LEASES The Company leases its facility in Milwaukee, Wisconsin from Koss Holdings, LLC, which is wholly-owned by the former Chairman. On January 5, 2017 five June 30, 2023 $380,000 five June 30, 2028 The Company used its incremental borrowing rate as of July 1, 2017, 2016 02 842 five not Supplemental information related to lease expense and valuation of the ROU asset and liability was as follows: Year Ended 2020 2019 Operating lease cost $ 380,000 $ 380,000 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (380,000 ) $ (380,000 ) Weighted-average remaining lease term (in years) 8 9 Weighted-average discount rate 4.25 % 4.25 % The maturity schedule of future minimum lease payments and reconciliation to the operating lease liabilities reported on the 2020 Year Ending June 30, 2021 $ 380,000 2022 380,000 2023 380,000 2024 380,000 2025 380,000 Thereafter 1,140,000 Total lease payments 3,040,000 Present value adjustment (457,598 ) Total lease liabilities $ 2,582,402 |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 15. 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 No 2020 2019 The Company maintains a retirement savings plan under Section 401 one 2020 2019 75% 50% $252,293 $160,171 2020 2019 |
Note 16 - Concentrations
Note 16 - Concentrations | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 16. CONCENTRATIONS 18% 18% 2020 2019 second 11% 7% 2020 2019 five 48% 47% 2020 2019 Mar June 30, 2020 June 30, 2019 8% 33% June 30, 2020 June 30, 2019 17% 17% 11% 10% June 30, 2020 2019 The Company uses contract manufacturing facilities in the People's Republic of China. The majority of the contract manufacturing is done by four one 70% |
Note 17 - Legal Matters
Note 17 - Legal Matters | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. LEGAL MATTERS As of June 30, 2020 s • As previously reported, the Company has launched a program focused on enforcing its intellectual property and, in particular, certain of its patent portfolio. The Company has continued to enforce its intellectual property by filing complaints against certain parties alleging infringement on the Company's patents relating to its wireless audio technology. In the year ended June 30, 2020 $385,000 may third may • The Company was notified by One-E-Way, Inc. that some of the Company's wireless products may No may $20,000 $200,000 June 30, 2020. The ultimate resolution of these matters is not 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 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | BASIS OF CONSOLIDATION — The Consolidated Financial Statements include the accounts of Koss and its subsidiaries, Koss Corp B.V. and Koss UK, which are 100% |
Revenue from Contract with Customer [Policy Text Block] | REVENUE RECOGNITION — not Warranties determines 30 60 one three 50% first 30% second 20% third Reserves for Variable Consideration Product Returns may Volume Rebates may Sales Commissions not |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT — $397,360 $334,789 2020 2019 |
Advertising Cost [Policy Text Block] | ADVERTISING COSTS — Advertising costs included within selling, general and administrative expenses in the accompanying Consolidated Statements of Operations were $54,592 2020 $47,657 2019 |
Income Tax, Policy [Policy Text Block] | INCOME TAXES — The Company operates as a C Corporation under the Internal Revenue Code (the "Code"). Amounts provided for income tax expense are based on income reported for financial statement purposes and do not |
Patent Costs [Policy Text Block] | PATENT COSTS — The Company incurs on-going legal fees and filing costs related to the patent portfolio. These costs are expensed in the period they are incurred since no |
Earnings Per Share, Policy [Policy Text Block] | 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 no 11 |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS — The Company considers depository accounts and investments with a maturity at the date of acquisition and expected usage of three not d, not ur, |
Accounts Receivable [Policy Text Block] | 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. |
Inventory, Policy [Policy Text Block] | INVENTORIES — As of June 30, 2020 and 2019 , the Company's inventory was recorded using standard cost which approximates the lower of FIFO cost or net realizable value. June 30, 2019, first first first not June 30, 2019 $0. year ended June 30, 2019 was not $0 June 30, 2017. Note 5 |
Property, Plant and Equipment, Policy [Policy Text Block] | 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. See Note 6 |
Lessee, Leases [Policy Text Block] | LEASES — Operating leases are reported on the Company's Consolidated Balance Sheets ROU |
Life Insurance Policies [Policy Text Block] | 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. |
Compensation Related Costs, Policy [Policy Text Block] | 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 10 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS — Cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value based on the short maturity of these instruments. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 No June 30, 2020 2019 |
Legal Costs, Policy [Policy Text Block] | LEGAL COSTS — All legal costs related to litigation, for which the Company is liable, are charged to operations as incurred, except settlements, which are expensed when a claim is probable and can be third |
Share-based Payment Arrangement [Policy Text Block] | STOCK-BASED COMPENSATION — The Company has a stock-based employee compensation plan, which is described more fully in Note 12. 718 |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reported periods |
Note 3 - Change in Accounting_2
Note 3 - Change in Accounting Policy (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Stock-Based Balance Sheet As Previously Compensation As June 30, 2019 Reported Adjustment Adjusted Equity: Paid in capital $ 6,186,393 $ 146,742 $ 6,333,135 Retained earnings $ 8,848,684 $ (146,742 ) $ 8,701,942 Stock-Based Statement of Operations As Previously Compensation As Year ended June 30, 2019 Reported Adjustment Adjusted Selling, general and administrative expenses $ 6,415,441 $ 128,125 $ 6,543,566 Income from operations 404,433 (128,125 ) 276,308 Net income $ 434,114 $ (128,125 ) $ 305,989 Income per common share Basic $ 0.06 $ (0.02 ) $ 0.04 Diluted $ 0.06 $ (0.02 ) $ 0.04 Stock-Based Statement of Cash Flows As Previously Compensation As Year ended June 30, 2019 Reported Adjustment Adjusted Operating activities: Net income $ 434,114 $ (128,125 ) $ 305,989 Stock-based compensation expense $ 387,556 $ 128,125 $ 515,681 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2020 2019 United States $ 15,161,311 $ 15,255,741 Export 3,150,519 6,586,356 Net Sales $ 18,311,830 $ 21,842,097 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2020 2019 Raw materials $ 1,953,031 $ 1,848,340 Finished goods 5,149,200 6,604,408 7,102,231 8,452,748 Reserve for obsolete inventory (1,563,437 ) (1,601,300 ) Total inventories $ 5,538,794 $ 6,851,448 |
Note 6 - Equipment and Leaseh_2
Note 6 - Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated useful lives (in years) 2020 2019 Machinery and equipment 5 10 $ 593,595 $ 593,595 Furniture and office equipment 5 10 357,351 357,351 Tooling 5 4,310,917 4,261,077 Computer equipment 3 5 658,028 758,819 Leasehold improvements 3 10 2,682,933 2,517,226 Assets in progress N/A 327,348 118,737 8,930,172 8,606,805 Less: accumulated depreciation and amortization 7,946,531 7,716,695 Equipment and leasehold improvements, net $ 983,641 $ 890,110 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, 2020 2019 Current: Federal $ (15,037 ) $ (13,277 ) State 3,501 25 Deferred 13,276 (13,251 ) Total income tax provision (benefit) $ 1,740 $ (26,503 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, 2020 2019 Federal income tax liability (benefit) at statutory rate $ (97,409 ) $ 85,599 State income tax liability, net of federal income tax effect 2,765 20 (Decrease) increase in valuation allowance 61,948 (328,541 ) Current year permanent items 35,931 14,687 R&D credit (22,568 ) (15,000 ) Return-to-provision (30,040 ) 8,433 Expiration of deferred tax assets 44,790 189,186 State tax rate change 18,962 - Other (12,639 ) 19,087 Total income tax provision (benefit) $ 1,740 $ (26,529 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred income tax assets: Deferred compensation $ 614,018 $ 642,424 Stock-based compensation 249,313 228,981 Accrued expenses and reserves 479,112 503,726 Deferred revenue 146,841 202,102 Federal and state net operating loss carryforwards 606,730 558,117 Credit carryforwards 216,484 139,504 Equipment and leasehold improvements 134,045 122,714 Valuation allowance (2,444,035 ) (2,382,087 ) Total deferred income tax assets 2,508 15,481 Deferred income tax liabilities: Other (2,508 ) (2,205 ) Net deferred income tax assets $ - $ 13,276 |
Summary of Valuation Allowance [Table Text Block] | Balance, Decrease (Increase) beginning in valuation Balance, Year Ended June 30, of year allowance end of year 2020 $ (2,382,087 ) $ (61,948 ) $ (2,444,035 ) 2019 $ (2,710,628 ) $ 328,541 $ (2,382,087 ) |
Note 9 - Accrued Liabilities (T
Note 9 - Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2020 2019 Cooperative advertising and promotion allowances $ 158,770 $ 188,985 Customer credit balances 16,363 65,937 Current deferred compensation 150,000 150,000 Employee benefits 80,399 60,178 Legal and professional fees 68,200 65,914 Bonus and profit-sharing 8,098 18,694 Sales commissions and bonuses 53,647 51,026 Other 44,622 49,779 Total accrued liabilities $ 580,099 $ 650,513 |
Note 11 - (Loss) Income Per C_2
Note 11 - (Loss) Income Per Common and Common Stock Equivalent Share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended 2020 2019* Numerator Net (loss) income $ (465,597 ) $ 305,989 Denominator Weighted average shares, basic 7,404,831 7,401,030 Dilutive effect of stock compensation awards (1) - 6,797 Diluted shares 7,404,831 7,407,827 Net (loss) income attributable to common shareholders per share: Basic $ (0.06 ) $ 0.04 Diluted $ (0.06 ) $ 0.04 |
Note 12 - Stock Options (Tables
Note 12 - Stock Options (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 Expected stock price volatility 74 % 66 % Risk free interest rate 1.87 % 2.86 % Expected dividend yield — % — % Expected life of options (years) 6.1 5.8 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Aggregate Weighted Intrinsic Weighted Average Value of Stock Average Remaining In-The- Number of Options Exercise Contractual Money Shares Price Range Price Life - Years Options Shares under option at June 30, 2018 2,405,000 1.77 6.28 $ 3.31 3.61 $ — Granted 585,000 2.63 2.92 $ 2.79 Exercised (22,125 ) 1.77 2.24 $ 2.11 Expired (302,000 ) 1.77 5.83 $ 5.62 Forfeited (73,000 ) 1.77 2.65 $ 2.22 Shares under option at June 30, 2019 2,592,875 1.77 6.28 $ 2.96 4.23 $ 48,280 Granted 555,000 1.97 2.17 $ 2.08 Expired (362,000 ) 2.20 6.28 $ 3.53 Forfeited (64,000 ) 1.77 2.65 $ 2.15 Shares under option at June 30, 2020 2,721,875 1.77 6.00 $ 2.73 4.82 $ — Exercisable as of June 30, 2019 1,320,291 1.77 6.28 $ 3.45 2.20 $ 9,788 Exercisable as of June 30, 2020 1,408,709 1.77 6.00 $ 3.12 2.61 $ — |
Intrinsic Value and Cash Received from Stock Option Exercises and Fair Value of Vested Stock Options [Table Text Block] | 2020 2019 Total intrinsic value of stock options exercised $ — $ 34,797 Cash received from stock option exercises $ — $ 46,677 Total fair value of stock options vested $ 483,461 $ 374,639 Total recognized tax benefit $ — $ 9,198 |
Schedule of Nonvested Option Activity [Table Text Block] | Weighted Average Grant Date Shares Fair Value Non-vested as of June 30, 2018 1,189,918 0.90 Granted 585,000 1.57 Vested (429,334 ) 0.87 Forfeited (73,000 ) 1.33 Non-vested as of June 30, 2019 1,272,584 1.19 Granted 555,000 1.26 Vested (450,418 ) 1.07 Forfeited (64,000 ) 1.39 Non-vested as of June 30, 2020 1,313,166 1.26 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended 2020 2019 Operating lease cost $ 380,000 $ 380,000 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (380,000 ) $ (380,000 ) Weighted-average remaining lease term (in years) 8 9 Weighted-average discount rate 4.25 % 4.25 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending June 30, 2021 $ 380,000 2022 380,000 2023 380,000 2024 380,000 2025 380,000 Thereafter 1,140,000 Total lease payments 3,040,000 Present value adjustment (457,598 ) Total lease liabilities $ 2,582,402 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2017 | |
Recognition of Deferred Revenue, Amortization in First Year | 50.00% | ||
Recognition of Deferred Revenue, Amortization in Second Year | 30.00% | ||
Recognition of Deferred Revenue, Amortization in Third Year | 20.00% | ||
Inventory, LIFO Reserve | $ 0 | $ 0 | |
Selling, General and Administrative Expenses [Member] | |||
Research and Development Expense, Total | $ 397,360 | 334,789 | |
Advertising Expense | $ 54,592 | $ 47,657 |
Note 3 - Change in Accounting_3
Note 3 - Change in Accounting Policy - Cumulative Effect of Changes for Adoption of New Accounting Standard (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Paid in capital | $ 6,333,135 | ||
Retained earnings | $ 8,236,345 | 8,701,942 | [1] |
Selling, general and administrative expenses | 6,146,650 | 6,543,566 | [2] |
Income from operations | (484,042) | 276,308 | [2] |
Net (loss) income | $ (465,597) | $ 305,989 | [2],[3],[4] |
Basic (in dollars per share) | $ (0.06) | $ 0.04 | [2],[4] |
Diluted (in dollars per share) | $ (0.06) | $ 0.04 | [2],[4] |
Stock-based compensation expense | $ 549,594 | $ 515,681 | [3] |
Previously Reported [Member] | Accounting Standards Update 2016-09 [Member] | |||
Paid in capital | 6,186,393 | ||
Retained earnings | 8,848,684 | ||
Selling, general and administrative expenses | 6,415,441 | ||
Income from operations | 404,433 | ||
Net (loss) income | $ 434,114 | ||
Basic (in dollars per share) | $ 0.06 | ||
Diluted (in dollars per share) | $ 0.06 | ||
Stock-based compensation expense | $ 387,556 | ||
Revision of Prior Period, Adjustment [Member] | Accounting Standards Update 2016-09 [Member] | |||
Paid in capital | 146,742 | ||
Retained earnings | (146,742) | ||
Selling, general and administrative expenses | 128,125 | ||
Income from operations | (128,125) | ||
Net (loss) income | $ (128,125) | ||
Basic (in dollars per share) | $ (0.02) | ||
Diluted (in dollars per share) | $ (0.02) | ||
Stock-based compensation expense | $ 128,125 | ||
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. | ||
[2] | As adjusted for change in accounting policy (Note 3) | ||
[3] | As adjusted for change in accounting policy (Note 3) | ||
[4] | As adjusted for change in accounting policy (Note 3) |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Contract with Customer, Liability, Total | $ 427,193 | $ 497,351 | $ 859,370 |
Minimum [Member] | |||
Contract with Customer, Liability, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year | ||
Maximum [Member] | |||
Contract with Customer, Liability, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Net Sales | $ 18,311,830 | $ 21,842,097 | [1] |
UNITED STATES | |||
Net Sales | 15,161,311 | 15,255,741 | |
Non-US [Member] | |||
Net Sales | $ 3,150,519 | $ 6,586,356 | |
[1] | As adjusted for change in accounting policy (Note 3) |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventories (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Raw materials | $ 1,953,031 | $ 1,848,340 | |
Finished goods | 5,149,200 | 6,604,408 | |
Inventory, Gross, Total | 7,102,231 | 8,452,748 | |
Reserve for obsolete inventory | (1,563,437) | (1,601,300) | |
Total inventories | $ 5,538,794 | $ 6,851,448 | [1] |
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 6 - Equipment and Leaseh_3
Note 6 - Equipment and Leasehold Improvements - Major Categories of Equipment and Leasehold Improvements (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Equipment and leasehold improvements, gross | $ 8,930,172 | $ 8,606,805 | |
Less: accumulated depreciation and amortization | 7,946,531 | 7,716,695 | |
Equipment and leasehold improvements, net | 983,641 | 890,110 | [1] |
Machinery and Equipment [Member] | |||
Equipment and leasehold improvements, gross | $ 593,595 | 593,595 | |
Machinery and Equipment [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 10 years | ||
Furniture and Fixtures [Member] | |||
Equipment and leasehold improvements, gross | $ 357,351 | 357,351 | |
Furniture and Fixtures [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 10 years | ||
Tooling [Member] | |||
Estimated useful life (Year) | 5 years | ||
Equipment and leasehold improvements, gross | $ 4,310,917 | 4,261,077 | |
Computer Equipment [Member] | |||
Equipment and leasehold improvements, gross | $ 658,028 | 758,819 | |
Computer Equipment [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 3 years | ||
Computer Equipment [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Leasehold Improvements [Member] | |||
Equipment and leasehold improvements, gross | $ 2,682,933 | 2,517,226 | |
Leasehold Improvements [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 3 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 10 years | ||
Asset under Construction [Member] | |||
Equipment and leasehold improvements, gross | $ 327,348 | $ 118,737 | |
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards Subject to Expiration | 352,281 | |
Operating Loss Carryforwards Not Subject to Expiration | 545,245 | |
State and Local Jurisdiction [Member] | Wisconsin Department of Revenue [Member] | ||
Operating Loss Carryforwards, Total | 6,358,000 | |
State and Local Jurisdiction [Member] | State Departments of Revenue Other Than the Wisconsin Department of Revenue [Member] | ||
Operating Loss Carryforwards, Total | $ 342,286 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Provision (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Federal | $ (15,037) | $ (13,277) | |
State | 3,501 | 25 | |
Deferred | 13,276 | (13,251) | |
Total income tax provision (benefit) | $ 1,740 | $ (26,503) | [1] |
[1] | As adjusted for change in accounting policy (Note 3) |
Note 7 - Income Taxes - Effecti
Note 7 - Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Federal income tax liability (benefit) at statutory rate | $ (97,409) | $ 85,599 | |
State income tax liability, net of federal income tax effect | 2,765 | 20 | |
(Decrease) increase in valuation allowance | 61,948 | (328,541) | |
Current year permanent items | 35,931 | 14,687 | |
R&D credit | (22,568) | (15,000) | |
Return-to-provision | (30,040) | 8,433 | |
Expiration of deferred tax assets | 44,790 | 189,186 | |
State tax rate change | 18,962 | ||
Other | (12,639) | 19,087 | |
Total income tax provision (benefit) | $ 1,740 | $ (26,503) | [1] |
[1] | As adjusted for change in accounting policy (Note 3) |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Deferred compensation | $ 614,018 | $ 642,424 | ||
Stock-based compensation | 249,313 | 228,981 | ||
Accrued expenses and reserves | 479,112 | 503,726 | ||
Deferred revenue | 146,841 | 202,102 | ||
Federal and state net operating loss carryforwards | 606,730 | 558,117 | ||
Credit carryforwards | 216,484 | 139,504 | ||
Equipment and leasehold improvements | 134,045 | 122,714 | ||
Valuation allowance | (2,444,035) | (2,382,087) | $ (2,710,628) | |
Total deferred income tax assets | 2,508 | 15,481 | ||
Other | (2,508) | (2,205) | ||
Net deferred income tax assets | $ 13,276 | [1] | ||
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 7 - Income Taxes - Changes
Note 7 - Income Taxes - Changes in the Valuation Allowance (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Balance, beginning of year | $ (2,382,087) | $ (2,710,628) |
Decrease (Increase) in valuation allowance | (61,948) | 328,541 |
Balance, end of year | $ (2,444,035) | $ (2,382,087) |
Note 8 - Credit Facility and _2
Note 8 - Credit Facility and SBA Loan (Details Textual) - USD ($) | Apr. 13, 2020 | May 14, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Interest Expense, Debt, Total | $ 0 | $ 0 | |||
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Short-term Debt, Total | $ 506,700 | ||||
Town Bank [Member] | Credit Agreement [Member] | |||||
Debt Instrument, Term (Year) | 2 years | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.00% | ||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Town Bank [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||
Town Bank [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Town Bank [Member] | Credit Agreement [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 |
Note 9 - Accrued Liabilities -
Note 9 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Cooperative advertising and promotion allowances | $ 158,770 | $ 188,985 | |
Customer credit balances | 16,363 | 65,937 | |
Current deferred compensation | 150,000 | 150,000 | |
Employee benefits | 80,399 | 60,178 | |
Legal and professional fees | 68,200 | 65,914 | |
Bonus and profit-sharing | 8,098 | 18,694 | |
Sales commissions and bonuses | 53,647 | 51,026 | |
Other | 44,622 | 49,779 | |
Total accrued liabilities | $ 580,099 | $ 650,513 | [1] |
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 10 - Deferred Compensati_2
Note 10 - Deferred Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 150,000 | $ 150,000 | [1] |
Former Board of Directors Chairman [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.00% | 2.60% | |
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 150,000 | $ 150,000 | |
Deferred Compensation Arrangement with Individual, Recorded Liability | 416,883 | 540,379 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 26,504 | $ 17,495 | |
Officer [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.10% | 4.80% | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 2,066,599 | $ 2,029,583 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 37,016 | $ 158,458 | |
Deferred Compensation, Cash Compensation, Percent of Base Salary Times Number of Years of Service | 2.00% | ||
[1] | As adjusted for change in accounting policy (Note 3) |
Note 11 - (Loss) Income Per C_3
Note 11 - (Loss) Income Per Common and Common Stock Equivalent Share (Details Textual) - shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,786,225 | 2,523,513 |
Note 11 - (Loss) Income Per C_4
Note 11 - (Loss) Income Per Common and Common Stock Equivalent Share - Earning Per Share (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | [3] | ||
Net (loss) income | $ (465,597) | $ 305,989 | [1],[2] | |
Weighted average shares, basic (in shares) | 7,404,831 | 7,401,030 | [2] | |
Dilutive effect of stock compensation awards (1) (in shares) | [4] | 6,797 | ||
Diluted shares (in shares) | 7,404,831 | 7,407,827 | [2] | |
Basic (in dollars per share) | $ (0.06) | $ 0.04 | [2] | |
Diluted (in dollars per share) | $ (0.06) | $ 0.04 | [2] | |
[1] | As adjusted for change in accounting policy (Note 3) | |||
[2] | As adjusted for change in accounting policy (Note 3) | |||
[3] | As adjusted for change in accounting policy (Note 3) | |||
[4] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 12 - Stock Options (Detail
Note 12 - Stock Options (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.26 | $ 1.57 | |
The 2012 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 770,308 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,156,492 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 302 days | ||
Stock or Unit Option Plan Expense | $ 549,594 | $ 515,681 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.26 | $ 1.57 | |
The 2012 Omnibus Incentive Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||
The 2012 Omnibus Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 12 - Stock Options - Weigh
Note 12 - Stock Options - Weighted-Average Assumptions (Details) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Expected stock price volatility | 74.00% | 66.00% |
Risk free interest rate | 1.87% | 2.86% |
Expected dividend yield | ||
Expected life of options (Year) | 6 years 36 days | 5 years 292 days |
Note 12 - Stock Options - Optio
Note 12 - Stock Options - Options Granted, Exercised, Cancelled or Available for Exercise (Details) - USD ($) | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Shares under option, number of shares (in shares) | 2,592,875 | 2,405,000 | ||||
Shares under option, stock options price range, lower limit (in dollars per share) | $ 1.77 | $ 1.77 | $ 1.77 | |||
Shares under option, stock options price range, upper limit (in dollars per share) | $ 6 | $ 6.28 | $ 6.28 | 6 | 6.28 | 6.28 |
Shares under option, stock options price range, upper limit (in dollars per share) | $ 6.28 | $ 6.28 | ||||
Shares under option, weighted average exercise price (in dollars per share) | 2.73 | 2.96 | $ 3.31 | |||
Shares under option, weighted average remaining contractual life (Year) | 4 years 299 days | 4 years 83 days | 3 years 222 days | |||
Granted, number of shares (in shares) | 555,000 | 585,000 | ||||
Granted, stock options price range, lower limit (in dollars per share) | 1.97 | 2.63 | ||||
Granted, stock options price range, upper limit (in dollars per share) | 2.17 | 2.92 | ||||
Granted, weighted average exercise price (in dollars per share) | $ 2.08 | $ 2.79 | ||||
Exercised, number of shares (in shares) | (22,125) | |||||
Exercised, stock options price range, lower limit (in dollars per share) | 1.77 | |||||
Exercised, stock options price range, upper limit (in dollars per share) | 2.24 | |||||
Exercised, weighted average exercise price (in dollars per share) | $ 3.53 | $ 2.11 | ||||
Expired, number of shares (in shares) | (362,000) | (302,000) | ||||
Expired, stock options price range, lower limit (in dollars per share) | 2.20 | 1.77 | ||||
Expired, stock options price range, upper limit (in dollars per share) | 6.28 | 5.83 | ||||
Expired, weighted average exercise price (in dollars per share) | $ 5.62 | |||||
Forfeited, number of shares (in shares) | (64,000) | (73,000) | ||||
Forfeited, stock options price range, lower limit (in dollars per share) | 1.77 | 1.77 | ||||
Forfeited, stock options price range, upper limit (in dollars per share) | $ 2.65 | $ 2.65 | ||||
Forfeited, weighted average exercise price (in dollars per share) | $ 2.15 | $ 2.22 | ||||
Shares under option, aggregate intrinsic value of in-the-money options | $ 48,280 | |||||
Shares under option, number of shares (in shares) | 2,721,875 | 2,592,875 | 2,405,000 | |||
Shares under option, stock options price range, upper limit (in dollars per share) | $ 6 | $ 6.28 | $ 6.28 | |||
Exercisable, number of shares (in shares) | 1,408,709 | 1,320,291 | ||||
Exercisable, stock options price range, lower limit (in dollars per share) | $ 1.77 | $ 1.77 | ||||
Exercisable, stock options price range, upper limit (in dollars per share) | 6 | 6.28 | ||||
Exercisable, weighted average exercise price (in dollars per share) | $ 3.12 | $ 3.45 | ||||
Exercisable, weighted average remaining contractual life (Year) | 2 years 222 days | 2 years 73 days | ||||
Exercisable, aggregate intrinsic value of in-the-money options | $ 9,788 |
Note 12 - Stock Options - Summa
Note 12 - Stock Options - Summary of Intrinsic Value and Cash Received From Stock Option Exercises and Fair Value of Vested Stock Options (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Total intrinsic value of stock options exercised | $ 34,797 | ||
Cash received from stock option exercises | 46,677 | [1] | |
Total fair value of stock options vested | 483,461 | 374,639 | |
Total recognized tax benefit | $ 9,198 | ||
[1] | As adjusted for change in accounting policy (Note 3) |
Note 12 - Stock Options - Nonve
Note 12 - Stock Options - Nonvested Option (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Non-vested (in shares) | 1,272,584 | 1,189,918 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 1.19 | $ 0.90 |
Granted (in shares) | 555,000 | 585,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 1.26 | $ 1.57 |
Vested (in shares) | (450,418) | (429,334) |
Vested, weighted average grant date fair value (in dollars per share) | $ 1.07 | $ 0.87 |
Forfeited (in shares) | 64,000 | 73,000 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 1.39 | $ 1.33 |
Non-vested (in shares) | 1,313,166 | 1,272,584 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 1.26 | $ 1.19 |
Note 13 - Stock Repurchase Pr_2
Note 13 - Stock Repurchase Program (Details Textual) - USD ($) | 12 Months Ended | 302 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Apr. 30, 1995 | ||
Stock Repurchase Program, Authorized Amount | $ 45,500,000 | $ 45,500,000 | $ 2,000,000 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | 43,360,247 | ||
Cash Surrender Value of Life Insurance | $ 6,876,827 | $ 6,569,628 | [1] | $ 6,876,827 | |
Estate of Former Chairman [Member] | |||||
Treasury Stock, Repurchase Price, Percentage of Fair Value of Common Stock | 95.00% | 95.00% | |||
Stock Repurchase Program, Amount to Provide Proceeds Limitation | $ 2,500,000 | $ 2,500,000 | |||
Percentage of Promissory Note Due To Execute A | 25.00% | 25.00% | |||
Contingent Promissory Note Term (Year) | 4 years | ||||
Cash Surrender Value of Life Insurance | $ 1,150,000 | $ 1,150,000 | |||
[1] | Excludes approximately 2,786,225 and 2,523,513 stock options for the years ended June 30, 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jan. 05, 2017 | |
Lease Extension Per Year | $ 380,000 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 14 - Leases - Lease Expens
Note 14 - Leases - Lease Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating lease cost | $ 380,000 | $ 380,000 |
Operating cash flows from operating leases | $ (380,000) | $ (380,000) |
Weighted-average remaining lease term (Year) | 8 years | 9 years |
Weighted-average discount rate | 4.25% | 4.25% |
Note 14 - Leases - Schedule of
Note 14 - Leases - Schedule of Future Minimum Lease Payments (Details) | Jun. 30, 2020USD ($) |
2021 | $ 380,000 |
2022 | 380,000 |
2023 | 380,000 |
2024 | 380,000 |
2025 | 380,000 |
Thereafter | 1,140,000 |
Total lease payments | 3,040,000 |
Present value adjustment | (457,598) |
Total lease liabilities | $ 2,582,402 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 0 | $ 0 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 75.00% | 50.00% |
Defined Contribution Plan, Cost | $ 252,293 | $ 160,171 |
Note 16 - Concentrations (Detai
Note 16 - Concentrations (Details Textual) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 5 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Single Customer [Member] | ||
Concentration Risk, Percentage | 18.00% | 18.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Second Largest Single Customer [Member] | ||
Concentration Risk, Percentage | 11.00% | 7.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | ||
Concentration Risk, Percentage | 48.00% | 47.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Largest Single Customer [Member] | ||
Concentration Risk, Percentage | 17.00% | 17.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | ||
Concentration Risk, Percentage | 8.00% | 33.00% |
Accounts Receivable [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 11.00% | 10.00% |
Manufacturing Costs Benchmark [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk, Percentage | 70.00% | |
Number of Major Vendors | 1 |
Note 17 - Legal Matters (Detail
Note 17 - Legal Matters (Details Textual) | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Minimum [Member] | Possible Infringement on One-E-Way Patents [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 20,000 |
Maximum [Member] | Possible Infringement on One-E-Way Patents [Member] | |
Loss Contingency, Estimate of Possible Loss | 200,000 |
Intellectual Property Enforcement [Member] | |
Litigation Settlement, Amount Awarded from Other Party | $ 385,000 |