Related Party Transactions

12 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

15.    RELATED PARTY TRANSACTIONS

The Company leases its facility in Milwaukee, Wisconsin from Koss Holdings, LLC, which is controlled by five equal ownership interests in trusts held by the five beneficiaries of the former chairman’s revocable trust and includes current stockholders of the Company. The lease is described more fully in Note 14.

During the year ended June 30, 2023, the Company made a charitable contribution of $75,000 to the Koss Foundation (the “Foundation”), a 501(c)(3) charitable organization for which Michael J. Koss and John C. Koss Jr., executive officers of the Company, serve as officers. Neither officer receives fees or compensation from the Foundation for holding these positions. There were approximately $4,000 of charitable contributions made to the Foundation during the year ended June 30, 2022.