Koss (KOSS) 10-Q 29 Jan 21 2021 Q2 Quarterly report Financial data

Document Information Statement

Document Information Statement - shares	6 Months Ended
	Dec. 31, 2020	Jan. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	0-3295
Entity Registrant Name	KOSS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4129 North Port Washington Avenue
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Tax Identification Number	39-1168275
Entity Address, Postal Zip Code	53212
City Area Code	414
Local Phone Number	964-5000
Title of 12(b) Security	Common Stock, par value $0.005 per share
Trading Symbol	KOSS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,616,219
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000056701
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 4,394,719	$ 3,999,409
Accounts receivable, less allowance for doubtful accounts of $61,099 and $74,082, respectively	2,543,046	2,317,064
Inventories, net	5,803,014	5,538,794
Prepaid expenses and other current assets	403,126	267,647
Income taxes receivable	10,603	14,622
Total current assets	13,154,508	12,137,536
Equipment and leasehold improvements, net	1,204,641	983,641
Other assets:
Operating lease right-of-use assets	2,445,397	2,582,402
Cash surrender value of life insurance	7,139,078	6,876,827
Total other assets	9,584,475	9,459,229
Total assets	23,943,624	22,580,406
Current liabilities:
Accounts payable	1,110,240	827,705
Accrued liabilities	1,054,580	580,099
Deferred revenue	641,215	423,639
Operating lease liability	282,885	276,947
Short-term debt		506,700
Total current liabilities	3,088,920	2,615,090
Long-term liabilities:
Deferred compensation	2,316,482	2,333,482
Deferred revenue	185,118	170,281
Operating lease liability	2,162,513	2,305,455
Total long-term liabilities	4,664,113	4,809,218
Total liabilities	7,753,033	7,424,308
Stockholders' equity:
Common stock, $0.005 par value, authorized 20,000,000 shares; issued and outstanding 7,447,489 and 7,404,831, respectively	37,237	37,024
Paid in capital	7,281,190	6,882,729
Retained earnings	8,872,164	8,236,345
Total stockholders' equity	16,190,591	15,156,098
Total liabilities and stockholders' equity	$ 23,943,624	$ 22,580,406

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 61,099	$ 74,082
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)	7,447,489	7,404,831
Common stock, shares outstanding (in shares)	7,447,489	7,404,831

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 4,929,789	$ 4,162,659	$ 10,138,084	$ 9,573,421
Cost of goods sold	3,311,892	2,798,572	6,883,960	6,861,880
Gross profit	1,617,897	1,364,087	3,254,124	2,711,541
Selling, general and administrative expenses	1,615,824	1,586,705	3,121,595	3,251,305
Income (loss) from operations	2,073	(222,618)	132,529	(539,764)
Other income	506,700		506,700
Interest income	2,660	6,927	609	13,324
Income (loss) before income tax provision	511,433	(215,691)	639,838	(526,440)
Income tax provision	2,543	22	4,019	22
Net income (loss)	$ 508,890	$ (215,713)	$ 635,819	$ (526,462)
Income (loss) per common share:
Basic (in dollars per share)	$ 0.07	$ (0.03)	$ 0.09	$ (0.07)
Diluted (in dollars per share)	$ 0.07	$ (0.03)	$ 0.09	$ (0.07)
Weighted-average number of shares:
Basic (in shares)	7,405,758	7,404,831	7,405,295	7,404,831
Diluted (in shares)	7,453,450	7,404,831	7,424,239	7,404,831

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income (loss)	$ 635,819	$ (526,462)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (recovery of) doubtful accounts	8,108	(13,338)
Depreciation of equipment and leasehold improvements	153,559	189,138
Stock-based compensation expense	309,756	284,894
Deferred income taxes		11,650
Change in cash surrender value of life insurance	(158,521)	(145,605)
Change in deferred compensation accrual	58,000	37,016
Deferred compensation paid	(75,000)	(75,000)
Other income - SBA loan forgiveness	(506,700)
Net changes in operating assets and liabilities:
Accounts receivable	(234,090)	1,200,714
Inventories	(264,220)	150,137
Prepaid expenses and other current assets	(135,479)	(100,724)
Income taxes receivable	4,019	(10,569)
Accounts payable	282,535	(607,099)
Accrued liabilities	474,481	111,312
Deferred revenue	232,413	(153,076)
Net cash provided by operating activities	784,680	352,988
Investing activities:
Purchase of equipment and leasehold improvements	(374,558)	(239,392)
Life insurance premiums paid	(103,730)	(112,794)
Net cash (used in) investing activities	(478,288)	(352,186)
Financing activities:
Proceeds from exercise of stock options	88,918
Net cash provided by financing activities	88,918
Net increase in cash and cash equivalents	395,310	802
Cash and cash equivalents at beginning of period	3,999,409	2,228,282
Cash and cash equivalents at end of period	$ 4,394,719	$ 2,229,084

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Jun. 30, 2019	7,404,831
Balance at Jun. 30, 2019	$ 37,024	$ 6,333,135	$ 8,701,942	$ 15,072,101
Net income (loss)			(526,462)	(526,462)
Stock-based compensation expense		284,894		284,894
Balance at Dec. 31, 2019	$ 37,024	6,618,029	8,175,480	14,830,533
Balance (in shares) at Dec. 31, 2019	7,404,831
Balance (in shares) at Sep. 30, 2019	7,404,831
Balance at Sep. 30, 2019	$ 37,024	6,481,323	8,391,193	14,909,540
Net income (loss)			(215,713)	(215,713)
Stock-based compensation expense		136,706		136,706
Balance at Dec. 31, 2019	$ 37,024	6,618,029	8,175,480	$ 14,830,533
Balance (in shares) at Dec. 31, 2019	7,404,831
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
Net income (loss)			635,819	635,819
Stock-based compensation expense		309,756		309,756
Stock option exercises (in shares)	42,658
Stock option exercises	$ 213	88,705		88,918
Balance at Dec. 31, 2020	$ 37,237	7,281,190	8,872,164	$ 16,190,591
Balance (in shares) at Dec. 31, 2020	7,447,489			7,447,489
Balance (in shares) at Sep. 30, 2020	7,404,831
Balance at Sep. 30, 2020	$ 37,024	7,035,723	8,363,274	$ 15,436,021
Net income (loss)			508,890	508,890
Stock-based compensation expense		156,762		156,762
Stock option exercises (in shares)	42,658
Stock option exercises	$ 213	88,705		88,918
Balance at Dec. 31, 2020	$ 37,237	$ 7,281,190	$ 8,872,164	$ 16,190,591
Balance (in shares) at Dec. 31, 2020	7,447,489			7,447,489

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A) BASIS OF PRESENTATION The condensed consolidated balance sheet as of December 31, 2020, the condensed consolidated statements of operations for the three and six months ended December 31, 2020 and 2019, the condensed consolidated statements of cash flows for the six months ended December 31, 2020 and 2019, and the condensed consolidated statements of stockholders' equity for the three and six months ended December 31, 2020 and 2019, have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and have not been audited. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The operating results for any interim period are not necessarily indicative of the operating results that may be experienced for the full fiscal year. Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The preparation of financial statements in conformity with U.S. GAAP requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, income tax valuation allowance , non-cash stock-based compensation and deferred compensation. Actual results could differ from the Company's estimates. B) INCOME TAXES A state tax provision of $2,543 and $4,019 was recorded for the three and six months ended December 31, 2020, respectively, for states where there is no net operating loss carryforward. For the three and six months ended December 31, 2019, the state tax provision was $22 . In states with net operating loss carryforward s , utilization of net operating tax carryforwards and a full valuation allowance against deferred tax assets reduced the state income tax expense to zero for the three and six months ended December 31, 2020 and 2019. Utilization of net operating tax carryforwards and a full valuation allowance against deferred tax assets reduced the federal income tax expense to zero for the three and six months ended December 31, 2020 and 2019.  C) OTHER INCOME  On November 3, 2020, the Company was notified that the full $506,700 of the SBA Loan (see Note 3) was forgiven. The loan f orgiveness has been treated as other i ncome and shown as a separate line on the Condensed Consolidated Statements of Operations. The Company followed the debt and debt extinguishment accounting model for the SBA Loan forgiveness.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2020
Inventories [Abstract]
Inventories	2. INVENTORIES The components of inventories were as follows:     December 31, 2020 June 30, 2020  Raw materials $ 1,914,825 $ 1,953,031  Finished goods 5,514,332 5,149,200  Inventories, gross 7,429,157 7,102,231  Reserve for obsolete inventory (1,626,143) (1,563,437)  Inventories, net $ 5,803,014 $ 5,538,794 

Credit Facility and SBA Loan

Credit Facility and SBA Loan	6 Months Ended
	Dec. 31, 2020
Credit Facility and SBA Loan [Abstract]
Credit Facility and SBA Loan	3. CREDIT FACILITY AND SBA LOAN On May 14, 2019, the Company entered into a secured credit facility ("Credit Agreement") with Town Bank (“Lender”) for a two -year term expiring on May 14, 2021. The Credit Agreement provides for a $5,000,000 revolving secured credit facility with an interest rate of 1.50% over LIBOR. The Credit Agreement also provides for letters of credit for the benefit of the Company of up to a sublimit of $1,000,000 . There are no unused line fees in the credit facility. On January 28, 2021, the Credit Agreement was amended to extend the expiration to October 31, 2022, and to change the interest rate to Wall Street Journal Prime less 1.50% . The Company and the Lender also entered into a General Business Security Agreement dated May 14, 2019 under which the Company granted the Lender a security interest in substantially all of the Company’s assets in connection with the Company’s obligations under the Credit Agreement. The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type. The negative covenants include restrictions on other indebtedness, liens, fundamental changes, certain investments, disposition of assets, mergers and liquidations, among other restrictions. As of December 31, 2020, the Company was in compliance with all covenants related to the Credit Agreement. As of December 31, 2020, and June 30, 2020, there were no outstanding borrowings on the facility. On April 13, 2020, the Company received an unsecured loan (the "SBA Loan") for $506,700 under the Small Business Administration ("SBA") Paycheck Protection Program (the “PPP”) of the CARES Act through Town Bank. On November 3, 2020, the Company was notified that the full principal amount of $506,700 has been forgiven and is recorded as other income in the Condensed Consolidated Statement of Operations .  

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2020
Revenue Recognition [Abstract]
Revenue Recognition	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:    Three Months Ended Six Months Ended  December 31, December 31,  2020 2019 2020 2019  United States $ 3,652,303 $ 3,101,873 $ 7,598,576 $ 7,642,012  Export 1,277,486 1,060,786 2,539,508 1,931,409  Net Sales $ 4,929,789 $ 4,162,659 $ 10,138,084 $ 9,573,421  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 $200,424 and $278,577 in the six months ended December 31, 2020 and 2019, respectively, for performance obligations related to consumer and customer warranties. The deferred revenue liability was $808,488 as of June 30, 2019. The Company estimates that the deferred revenue performance obligations are satisfied within one to three years and therefore uses that same time frame for recognition of the deferred revenue.

Income (Loss) Per Common and Co

Income (Loss) Per Common and Common Stock Equivalent Share	6 Months Ended
	Dec. 31, 2020
Income (Loss) Per Common and Common Stock Equivalent Share [Abstract]
Income (Loss) Per Common and Common Stock Equivalent Share	5. INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE Basic income (loss) per share is computed based on the weighted-average number of common shares outstanding. Diluted income (loss) 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 (loss) per share:      Three Months Ended December 31, Six Months Ended December 31,  2020 2019 2020 2019  Numerator  Net income (loss) $ 508,890 $ (215,713) $ 635,819 $ (526,462)   Denominator  Weighted average shares, basic 7,405,758 7,404,831 7,405,295 7,404,831  Dilutive effect of stock compensation awards (1) 47,692 — 18,944 —  Diluted shares 7,453,450 7,404,831 7,424,239 7,404,831   Net income (loss) attributable to common shareholders per share:  Basic $ 0.07 $ (0.03) $ 0.09 $ (0.07)  Diluted $ 0.07 $ (0.03) $ 0.09 $ (0.07) (1) Excludes approximately 2,490,061 and 2,842,875 weighted average stock options for the three months ended December 31 , 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. For the six months ended December 31, 2020 and 2019, 2,564,584 and 2,809,098 weighted average stock options were excluded, respectively.

Leases

Leases	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	6. 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, the lease was renewed for a period of five years, ending June 30, 2023, and is being accounted for as an operating lease. The lease extension maintained the rent at a fixed rate of $380,000 per year and included an option to renew at the same rate for an additional five years ending June 30, 2028. The Company is responsible for all property maintenance, insurance, taxes and other normal expenses related to ownership.

Legal Matters

Legal Matters	6 Months Ended
	Dec. 31, 2020
Legal Matters [Abstract]
Legal Matters	7. LEGAL MATTERS As of December 31, 2020, the Company is involved in the following matters described below:  • In July 2020, the Company filed complaints in United States District Court against each of Apple Inc. , Bose Corporation, PEAG, LLC d/b/a JLab Audio, Plantronics, Inc. and Polycom, Inc., and Skullcandy, Inc . The complaints allege infringement on the Company’s patents relating to its wireless audio technology. In the event that a monetary award or judgment is received by the Company in connection with these complaints, all or portions of such amounts may be due to third parties. The Company does not expect to incur additional fees and costs related to these lawsuits that will have a material impact to its financial statements. Depending on the response to and the underlying results of the enforcement program, the Company may continue to litigate its claims, enter into licensing arrangements or reach some other outcome potentially advantageous to its competitive position.  • Early in fiscal year 2020 the Company was notified by One E-Way, Inc. that some of the Company's wireless products may infringe on certain One E-Way patents. No lawsuits involving these allegations have yet been filed and served on the Company.  The ultimate resolution of these matters is not determinable unless otherwise noted. We also are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving these claims against us, individually or in aggregate, will not have a material adverse impact on our Condensed Consolidated Financial Statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	A) BASIS OF PRESENTATION The condensed consolidated balance sheet as of December 31, 2020, the condensed consolidated statements of operations for the three and six months ended December 31, 2020 and 2019, the condensed consolidated statements of cash flows for the six months ended December 31, 2020 and 2019, and the condensed consolidated statements of stockholders' equity for the three and six months ended December 31, 2020 and 2019, have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and have not been audited. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The operating results for any interim period are not necessarily indicative of the operating results that may be experienced for the full fiscal year. Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The preparation of financial statements in conformity with U.S. GAAP requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, income tax valuation allowance , non-cash stock-based compensation and deferred compensation. Actual results could differ from the Company's estimates.
Income Taxes	B) INCOME TAXES A state tax provision of $2,543 and $4,019 was recorded for the three and six months ended December 31, 2020, respectively, for states where there is no net operating loss carryforward. For the three and six months ended December 31, 2019, the state tax provision was $22 . In states with net operating loss carryforward s , utilization of net operating tax carryforwards and a full valuation allowance against deferred tax assets reduced the state income tax expense to zero for the three and six months ended December 31, 2020 and 2019.
Other Income	C) OTHER INCOME  On November 3, 2020, the Company was notified that the full $506,700 of the SBA Loan (see Note 3) was forgiven. The loan f orgiveness has been treated as other i ncome and shown as a separate line on the Condensed Consolidated Statements of Operations. The Company followed the debt and debt extinguishment accounting model for the SBA Loan forgiveness.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2020
Inventories [Abstract]
Components of Inventories	   December 31, 2020 June 30, 2020  Raw materials $ 1,914,825 $ 1,953,031  Finished goods 5,514,332 5,149,200  Inventories, gross 7,429,157 7,102,231  Reserve for obsolete inventory (1,626,143) (1,563,437)  Inventories, net $ 5,803,014 $ 5,538,794 

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 31, 2020
Revenue Recognition [Abstract]
Disaggregation of Revenue	  Three Months Ended Six Months Ended  December 31, December 31,  2020 2019 2020 2019  United States $ 3,652,303 $ 3,101,873 $ 7,598,576 $ 7,642,012  Export 1,277,486 1,060,786 2,539,508 1,931,409  Net Sales $ 4,929,789 $ 4,162,659 $ 10,138,084 $ 9,573,421 

Income (Loss) Per Common and _2

Income (Loss) Per Common and Common Stock Equivalent Share (Tables)	6 Months Ended
	Dec. 31, 2020
Income (Loss) Per Common and Common Stock Equivalent Share [Abstract]
(Loss) Income Per Common and Common Stock Equivalent Share	      Three Months Ended December 31, Six Months Ended December 31,  2020 2019 2020 2019  Numerator  Net income (loss) $ 508,890 $ (215,713) $ 635,819 $ (526,462)   Denominator  Weighted average shares, basic 7,405,758 7,404,831 7,405,295 7,404,831  Dilutive effect of stock compensation awards (1) 47,692 — 18,944 —  Diluted shares 7,453,450 7,404,831 7,424,239 7,404,831   Net income (loss) attributable to common shareholders per share:  Basic $ 0.07 $ (0.03) $ 0.09 $ (0.07)  Diluted $ 0.07 $ (0.03) $ 0.09 $ (0.07) (1) Excludes approximately 2,490,061 and 2,842,875 weighted average stock options for the three months ended December 31 , 2020 and 2019, respectively, as the impact of such awards was anti-dilutive. For the six months ended December 31, 2020 and 2019, 2,564,584 and 2,809,098 weighted average stock options were excluded, respectively.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	Nov. 03, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Income Tax Expense (Benefit)		$ 2,543	$ 22	$ 4,019	$ 22
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Expense (Benefit)		2,543	22	4,019	22
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Expense (Benefit)		0	0	0	0
States With Net Operating Loss Carryforward [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Expense (Benefit)		$ 0	$ 0	$ 0	$ 0
Town Bank [Member] | SBA Loan [Member]
Operating Loss Carryforwards [Line Items]
Debt forgiven	$ 506,700

Inventories (Details)

Inventories (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Inventories [Abstract]
Raw materials	$ 1,914,825	$ 1,953,031
Finished goods	5,514,332	5,149,200
Inventories, gross	7,429,157	7,102,231
Reserve for obsolete inventory	(1,626,143)	(1,563,437)
Inventories, net	$ 5,803,014	$ 5,538,794

Credit Facility and SBA Loan (D

Credit Facility and SBA Loan (Details) - Town Bank [Member] - USD ($)	Nov. 03, 2020	Dec. 31, 2020	Jun. 30, 2020	Apr. 13, 2020
SBA Loan [Member]
Line of Credit Facility [Line Items]
Principal amount				$ 506,700
Debt forgiven	$ 506,700
Credit Agreement [Member]
Line of Credit Facility [Line Items]
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
Credit Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Credit Agreement [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019
Contract with Customer, Liability, Total	$ 200,424	$ 278,577
Contract with Customer, Liability, Total			$ 808,488
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

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net Sales	$ 4,929,789	$ 4,162,659	$ 10,138,084	$ 9,573,421
United States [Member]
Disaggregation of Revenue [Line Items]
Net Sales	3,652,303	3,101,873	7,598,576	7,642,012
Export [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,277,486	$ 1,060,786	$ 2,539,508	$ 1,931,409

Income (Loss) Per Common and _3

Income (Loss) Per Common and Common Stock Equivalent Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income (Loss) Per Common and Common Stock Equivalent Share [Abstract]
Net income (loss)	$ 508,890	$ (215,713)	$ 635,819	$ (526,462)
Weighted average shares, basic (in shares)	7,405,758	7,404,831	7,405,295	7,404,831
Dilutive effect of stock compensation awards (in shares)	47,692		18,944
Diluted shares (in shares)	7,453,450	7,404,831	7,424,239	7,404,831
Basic (in dollars per share)	$ 0.07	$ (0.03)	$ 0.09	$ (0.07)
Diluted (in dollars per share)	$ 0.07	$ (0.03)	$ 0.09	$ (0.07)
Anti-dilutive shares	2,490,061	2,842,875	2,564,584	2,809,098

Leases (Details)

Leases (Details)	6 Months Ended
	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Lease Extension Per Year	$ 380,000
Lessee, Operating Lease, Renewal Term (Year)	5 years
Additional Renewal [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term (Year)	5 years

Legal Matters (Details)

Legal Matters (Details)	6 Months Ended
	Dec. 31, 2020item
Legal Matters [Abstract]
Number of lawsuits	0