XML 60 R22.htm IDEA: XBRL DOCUMENT
v2.4.0.8

STOCK PURCHASE AGREEMENTS (Notes) | 12 Months Ended
--- | ---
Jun. 30, 2014
Stock Purchase Agreement Disclosure [Abstract] |
Stock Purchase Agreements | STOCK PURCHASE AGREEMENTS The Company has an agreement with its Chairman, John C. Koss, in the event of his death, at the request of the executor of his estate, to repurchase his Company common stock from his estate. The Company does not have the right to require the estate to sell stock to the Company. As such, this arrangement is accounted for as a written put option with the fair value of the put option recorded as a derivative liability. As of June 30, 2014, the estate of John C. Koss does not hold a material amount of Company stock. As such, there is no exposure that the executor of John C. Koss' estate may require the Company to repurchase a material amount of stock in the event of his death. The fair value of the written put option at June 30, 2014 and 2013 was $0 and $154,745, respectively. The repurchase price is 95% of the fair market value of the common stock on the date that notice to repurchase is provided to the Company. The total number of shares to be repurchased will be sufficient to provide proceeds which are the lesser of $2,500,000 or the amount of estate taxes and administrative expenses incurred by the Chairman’s estate. The Company may elect to pay the purchase price in cash or may elect to pay cash equal to 25% of the total amount due and to execute a promissory note for the balance, payable over four years, at the prime rate of interest. The Company maintains a $1,150,000 life insurance policy to fund a substantial portion of this obligation. 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, 2014, 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 2014 or 2013.

X
- Details
Name: | koss_StockPurchaseAgreementDisclosureAbstract
Namespace Prefix: | koss_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Stock Purchase Derivative Liability and Treasury Stock [Text Block] + References No definition available. + Details
Name: | koss_StockPurchaseDerivativeLiabilityAndTreasuryStockTextBlock
Namespace Prefix: | koss_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration