LIGHTPATH TECHNOLOGIES, INC.
| ||
Condensed Consolidated Balance Sheets
| ||
(unaudited)
| ||
March 31,
|
June 30,
| |
Assets
|
2021
|
2020
|
Current assets:
| ||
Cash and cash equivalents
|
$5,940,699
|
$5,387,388
|
Trade accounts receivable, net of allowance of $11,984 and $9,917
|
6,158,709
|
6,188,726
|
Inventories, net
|
8,883,283
|
8,984,482
|
Other receivables
|
318,820
|
132,051
|
Prepaid expenses and other assets
|
487,937
|
565,181
|
Total current assets
|
21,789,448
|
21,257,828
|
Property and equipment, net
|
13,304,537
|
11,799,061
|
Operating lease right-of-use assets
|
1,208,692
|
1,220,430
|
Intangible assets, net
|
5,864,152
|
6,707,964
|
Goodwill
|
5,854,905
|
5,854,905
|
Deferred tax assets, net
|
659,000
|
659,000
|
Other assets
|
27,737
|
75,730
|
Total assets
|
$48,708,471
|
$47,574,918
|
Liabilities and Stockholders' Equity
| ||
Current liabilities:
| ||
Accounts payable
|
$2,196,823
|
$2,558,638
|
Accrued liabilities
|
1,389,101
|
992,221
|
Accrued payroll and benefits
|
2,132,585
|
1,827,740
|
Operating lease liabilities, current
|
849,169
|
765,422
|
Loans payable, current portion
|
934,185
|
981,350
|
Finance lease obligation, current portion
|
242,417
|
278,040
|
Total current liabilities
|
7,744,280
|
7,403,411
|
Finance lease obligation, less current portion
|
108,412
|
279,435
|
Operating lease liabilities, noncurrent
|
656,535
|
887,766
|
Loans payable, less current portion
|
4,209,008
|
4,437,365
|
Total liabilities
|
12,718,235
|
13,007,977
|
Stockholders' equity:
| ||
Preferred stock: Series D, $.01 par value, voting;
| ||
500,000 shares authorized; none issued and outstanding
|
-
|
-
|
Common stock: Class A, $.01 par value, voting;
| ||
44,500,000 shares authorized; 26,565,926 and 25,891,885
| ||
shares issued and outstanding
|
265,659
|
258,919
|
Additional paid-in capital
|
231,243,062
|
230,634,056
|
Accumulated other comprehensive income
|
1,815,482
|
735,892
|
Accumulated deficit
|
(197,333,967)
|
(197,061,926)
|
Total stockholders' equity
|
35,990,236
|
34,566,941
|
Total liabilities and stockholders' equity
|
$48,708,471
|
$47,574,918
|
LIGHTPATH TECHNOLOGIES, INC.
| ||||
Condensed Consolidated Statements of Comprehensive Income (Loss)
| ||||
(unaudited)
| ||||
Three Months Ended
|
Nine Months Ended
| |||
March 31,
|
March 31,
| |||
2021
|
2020
|
2021
|
2020
| |
Revenue, net
|
$10,701,362
|
$8,708,981
|
$30,132,505
|
$25,860,823
|
Cost of sales
|
6,797,605
|
4,696,805
|
18,748,220
|
15,528,549
|
Gross margin
|
3,903,757
|
4,012,176
|
11,384,285
|
10,332,274
|
Operating expenses:
| ||||
Selling, general and administrative
|
2,805,829
|
2,255,625
|
8,009,484
|
6,796,536
|
New product development
|
640,528
|
412,326
|
1,620,927
|
1,309,383
|
Amortization of intangibles
|
281,270
|
281,271
|
843,812
|
848,071
|
Loss (gain) on disposal of property and equipment
|
9,473
|
142
|
8,951
|
(129,082)
|
Total operating expenses
|
3,737,100
|
2,949,364
|
10,483,174
|
8,824,908
|
Operating income
|
166,657
|
1,062,812
|
901,111
|
1,507,366
|
Other income (expense):
| ||||
Interest expense, net
|
(52,795)
|
(85,464)
|
(166,491)
|
(273,262)
|
Other income (expense), net
|
(28,592)
|
42,038
|
(23,075)
|
(350,571)
|
Total other income (expense), net
|
(81,387)
|
(43,426)
|
(189,566)
|
(623,833)
|
Income before income taxes
|
85,270
|
1,019,386
|
711,545
|
883,533
|
Income tax provision
|
307,834
|
203,369
|
983,586
|
673,556
|
Net income (loss)
|
$(222,564)
|
$816,017
|
$(272,041)
|
$209,977
|
Foreign currency translation adjustment
|
(373,114)
|
(244,520)
|
1,079,590
|
(47,698)
|
Comprehensive income (loss)
|
$(595,678)
|
$571,497
|
$807,549
|
$162,279
|
Earnings (loss) per common share (basic)
|
$(0.01)
|
$0.03
|
$(0.01)
|
$0.01
|
Number of shares used in per share calculation (basic)
|
26,366,651
|
25,858,155
|
26,153,839
|
25,840,881
|
Earnings (loss) per common share (diluted)
|
$(0.01)
|
$0.03
|
$(0.01)
|
$0.01
|
Number of shares used in per share calculation (diluted)
|
26,366,651
|
27,569,844
|
26,153,839
|
27,349,303
|
LIGHTPATH TECHNOLOGIES, INC.
| ||||||
Condensed Consolidated Statements of Changes in Stockholders' Equity
| ||||||
(unaudited)
| ||||||
Class A
|
Additional
|
AccumulatedOther
|
Total
| |||
Common Stock Shares
|
Amount
|
Paid-in Capital
|
Comphrehensive Income
|
AccumulatedDeficit
|
Stockholders'Equity
| |
Balances at June 30, 2020
|
25,891,885
|
$258,919
|
$230,634,056
|
$735,892
|
$(197,061,926)
|
$34,566,941
|
Issuance of common stock for:
| ||||||
Employee Stock Purchase Plan
|
3,306
|
33
|
10,976
|
-
|
11,009
| |
Exercise of stock options, net
|
207,640
|
2,076
|
124,024
|
-
|
126,100
| |
Stock-based compensation on stock options & RSUs
|
-
|
-
|
136,849
|
-
|
-
|
136,849
|
Foreign currency translation adjustment
|
-
|
-
|
-
|
729,308
|
-
|
729,308
|
Net income
|
-
|
-
|
-
|
-
|
97,068
|
97,068
|
Balances at September 30, 2020
|
26,102,831
|
$261,028
|
$230,905,905
|
$1,465,200
|
$(196,964,858)
|
$35,667,275
|
Issuance of common stock for:
| ||||||
Exercise of stock options & RSUs, net
|
24,530
|
246
|
2,488
|
-
|
-
|
2,734
|
Stock-based compensation on stock options & RSUs
|
-
|
-
|
106,167
|
-
|
-
|
106,167
|
Foreign currency translation adjustment
|
-
|
-
|
-
|
723,396
|
-
|
723,396
|
Net loss
|
-
|
-
|
-
|
-
|
(146,545)
|
(146,545)
|
Balances at December 31, 2020
|
26,127,361
|
$261,274
|
$231,014,560
|
$2,188,596
|
$(197,111,403)
|
$36,353,027
|
Issuance of common stock for:
| ||||||
Employee Stock Purchase Plan
|
4,839
|
48
|
18,920
|
-
|
-
|
18,968
|
Exercise of stock options & RSUs, net
|
433,726
|
4,337
|
9,521
|
-
|
-
|
13,858
|
Stock-based compensation on stock options & RSUs
|
-
|
-
|
200,061
|
-
|
-
|
200,061
|
Foreign currency translation adjustment
|
-
|
-
|
-
|
(373,114)
|
-
|
(373,114)
|
Net loss
|
-
|
-
|
-
|
-
|
(222,564)
|
(222,564)
|
Balances at March 31, 2021
|
26,565,926
|
$265,659
|
$231,243,062
|
$1,815,482
|
$(197,333,967)
|
$35,990,236
|
Balances at June 30, 2019
|
25,813,895
|
$258,139
|
$230,321,324
|
$808,518
|
$(197,928,855)
|
$33,459,126
|
Issuance of common stock for:
| ||||||
Employee Stock Purchase Plan
|
13,370
|
134
|
12,033
|
-
|
-
|
12,167
|
Exercise of RSUs, net
|
4,394
|
44
|
(44)
|
-
|
-
|
-
|
Stock-based compensation on stock options & RSUs
|
-
|
-
|
98,459
|
-
|
-
|
98,459
|
Foreign currency translation adjustment
|
-
|
-
|
-
|
53,766
|
-
|
53,766
|
Net loss
|
-
|
-
|
-
|
-
|
(1,375,157)
|
(1,375,157)
|
Balances at September 30, 2019
|
25,831,659
|
$258,317
|
$230,431,772
|
$862,284
|
$(199,304,012)
|
$32,248,361
|
Issuance of common stock for:
| ||||||
Exercise of RSUs, net
|
8,703
|
87
|
(87)
|
-
|
-
|
-
|
Stock-based compensation on stock options & RSUs
|
-
|
-
|
95,441
|
-
|
-
|
95,441
|
Foreign currency translation adjustment
|
-
|
-
|
-
|
143,056
|
-
|
143,056
|
Net income
|
-
|
-
|
-
|
-
|
769,117
|
769,117
|
Balances at December 31, 2019
|
25,840,362
|
$258,404
|
$230,527,126
|
$1,005,340
|
$(198,534,895)
|
$33,255,975
|
Issuance of common stock for:
| ||||||
Employee Stock Purchase Plan
|
17,167
|
171
|
12,274
|
-
|
-
|
12,445
|
Exercise of Stock Options & RSUs, net
|
5,000
|
50
|
6,100
|
-
|
-
|
6,150
|
Stock-based compensation on stock options & RSUs
|
-
|
-
|
68,130
|
-
|
-
|
68,130
|
Foreign currency translation adjustment
|
-
|
-
|
-
|
(244,520)
|
-
|
(244,520)
|
Net income
|
-
|
-
|
-
|
-
|
816,017
|
816,017
|
Balances at March 31, 2020
|
25,862,529
|
$258,625
|
$230,613,630
|
$760,820
|
$(197,718,878)
|
$33,914,197
|
LIGHTPATH TECHNOLOGIES, INC.
| ||
Condensed Consolidated Statements of Cash Flows
| ||
(unaudited)
| ||
Nine Months Ended March 31,
| ||
2021
|
2020
| |
Cash flows from operating activities
| ||
Net (loss) income
|
$(272,041)
|
$209,977
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
| ||
Depreciation and amortization
|
2,608,472
|
2,587,315
|
Interest from amortization of debt costs
|
13,929
|
13,929
|
Gain on disposal of property and equipment
|
8,951
|
(129,082)
|
Stock-based compensation on stock options & RSUs, net
|
443,077
|
252,436
|
Provision for doubtful accounts receivable
|
(1,632)
|
9,769
|
Change in operating lease liabilities
|
(135,746)
|
(107,747)
|
Inventory write-offs to allowance
|
144,741
|
37,883
|
Changes in operating assets and liabilities:
| ||
Trade accounts receivable
|
31,649
|
(108,222)
|
Other receivables
|
(186,769)
|
353,695
|
Inventories
|
(43,542)
|
(590,415)
|
Prepaid expenses and other assets
|
125,237
|
198,058
|
Accounts payable and accrued liabilities
|
339,909
|
(857,813)
|
Net cash provided by operating activities
|
3,076,235
|
1,869,783
|
Cash flows from investing activities
| ||
Purchase of property and equipment
|
(2,721,567)
|
(1,505,021)
|
Proceeds from sale of equipment
|
-
|
186,986
|
Net cash used in investing activities
|
(2,721,567)
|
(1,318,035)
|
Cash flows from financing activities
| ||
Proceeds from exercise of stock options
|
142,693
|
-
|
Proceeds from sale of common stock from Employee Stock Purchase Plan
|
29,976
|
24,612
|
Borrowings on loan payable
|
275,377
|
-
|
Payments on loan payable
|
(554,102)
|
(436,013)
|
Repayment of finance lease obligations
|
(206,644)
|
(315,638)
|
Net cash used in financing activities
|
(312,700)
|
(727,039)
|
Effect of exchange rate on cash and cash equivalents and restricted cash
|
511,343
|
(47,697)
|
Change in cash and cash equivalents and restricted cash
|
553,311
|
(222,988)
|
Cash and cash equivalents, beginning of period
|
5,387,388
|
4,604,701
|
Cash and cash equivalents, end of period
|
$5,940,699
|
$4,381,713
|
Supplemental disclosure of cash flow information:
| ||
Interest paid in cash
|
$151,537
|
$262,607
|
Income taxes paid
|
$787,289
|
$441,982
|
LIGHTPATH TECHNOLOGIES, INC.
| ||||
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
| ||||
(unaudited)
| ||||
Three Months Ended March 31,
|
Nine Months Ended March 31,
| |||
2021
|
2020
|
2021
|
2020
| |
Net income (loss)
|
$(222,564)
|
$816,017
|
$(272,041)
|
$209,977
|
Depreciation and amortization
|
917,308
|
827,095
|
2,608,472
|
2,587,315
|
Income tax provision
|
307,834
|
203,369
|
983,586
|
673,556
|
Interest expense
|
52,795
|
85,464
|
166,491
|
273,262
|
EBITDA
|
$1,055,373
|
$1,931,945
|
$3,486,508
|
$3,744,110
|
% of revenue
|
10%
|
22%
|
12%
|
14%
|
Attachments
- Original document
- Permalink
Disclaimer
LightPath Technologies Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 08:27:09 UTC.