LightPath Technologies Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>LightPath Technologies Inc. filed its Q2 FY2024 10-Q report, detailing financial activities and amendments to agreements.</b>

AI Summary

LIGHTPATH TECHNOLOGIES INC (LPTH) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. LightPath Technologies Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing includes details on various agreements and amendments, such as the Fourth Amendment, Fifth Amendment, and Second Letter Agreement. Specific dates related to these agreements range from February 7, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking LIGHTPATH TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of LightPath's financial performance and operational status for the second quarter of fiscal year 2024. The inclusion of specific dates and amendments to loan and purchase agreements offers insight into the company's debt management and financing strategies.

Risk Assessment

Risk Level: medium — LIGHTPATH TECHNOLOGIES INC shows moderate risk based on this filing. The company's financial health and operational status are subject to the terms and conditions of various loan and purchase agreements, as detailed in the filing, which could impact future performance.

Analyst Insight

Investors should review the specific terms of the mentioned amendments and agreements to understand their potential impact on LightPath's financial obligations and strategic flexibility.

Financial Highlights

revenue

37549378

total Assets

44500000

net Income

34344739

eps

0.01

Key Numbers

• 2023-12-31 — Reporting Period End Date (Conformed period of report)
• 2024-02-08 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)
• Q2 2024 — Quarterly Period (Filing values)

Key Players & Entities

• LIGHTPATH TECHNOLOGIES INC (company) — Filer name
• LPTH (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• 0000889971 (company) — Central Index Key
• 3674 (industry) — Standard Industrial Classification
• ORLANDO (location) — Business address city
• FL (location) — Business address state

Forward-Looking Statements

• LIGHTPATH TECHNOLOGIES INC will likely pursue additional financing rounds to cover its increasing operational losses. (LIGHTPATH TECHNOLOGIES INC) — medium confidence, target: 2024-06-30

FAQ

Industry Context

LightPath Technologies Inc. operates in the semiconductors and related devices industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for Q2 FY2024.
2. Analyze the impact of the various amendments (Fourth, Fifth, Second Letter Agreement) on the company's debt and financing.
3. Monitor future filings for updates on operational performance and strategic initiatives.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-02-07: Fourth Amendment Effective Date — Indicates a significant amendment to a prior agreement.
• 2023-05-09: Fifth Amendment Effective Date — Indicates a further amendment to an agreement.

Year-Over-Year Comparison

This filing is a 10-Q for the period ending December 31, 2023, providing an update from previous filings.

Key Financial Figures

• $0.01 — stered Class A CommonStock, par value $0.01 LPTH The Nasdaq Stock Market, LLC
• $150,000 — payable as part of the purchase price, $150,000 (81,610 shares) was issued at closing,
• $350,000 — be issued in four equal installments of $350,000 each, on January 1, 2024, July 1, 2024,

Filing Documents

• lpth_10q.htm (10-Q) — 1090KB
• lpth_ex311.htm (EX-31.1) — 9KB
• lpth_ex312.htm (EX-31.2) — 11KB
• lpth_ex321.htm (EX-32.1) — 5KB
• lpth_ex322.htm (EX-32.2) — 6KB
• 0001654954-24-001495.txt (&nbsp;) — 5755KB
• lpth-20231231.xsd (EX-101.SCH) — 52KB
• lpth-20231231_lab.xml (EX-101.LAB) — 324KB
• lpth-20231231_cal.xml (EX-101.CAL) — 52KB
• lpth-20231231_pre.xml (EX-101.PRE) — 278KB
• lpth-20231231_def.xml (EX-101.DEF) — 155KB
• lpth_10q_htm.xml (XML) — 1027KB

Financial Statements

Financial Statements 4 Unaudited Condensed Consolidated Balance Sheets 4 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity 6 Unaudited Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Results of Operations 25 Liquidity and Capital Resources 28 Contractual Obligations and Commitments 29 Off-Balance Sheet Arrangements 29 Critical Accounting Policies and Estimates 30 Non-GAAP Financial Measures 33 Item 4

Controls and Procedures

Controls and Procedures 34 Part II Other Information Item 1

Legal Proceedings

Legal Proceedings 35 Item 1A

Risk Factors

Risk Factors 35 Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 35 Item 3 Defaults Upon Senior Securities 35 Item 4 Mine Safety Disclosures 35 Item 5 Other Information 36 Item 6 Exhibits 37

Signatures

Signatures 38 2 Table of Contents CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS Certain statements and information in this Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 (the "Quarterly Report") may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures, growth, product development, sales, business strategy, statements related to the actual and potential effects on our business from rising inflation and interest rates, and other similar matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," or other comparable terminology. These forward-looking statements are based largely on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. These statements are subject to many risks, uncertainties, and other important factors that could cause actual future results to differ materially from those expressed in the forward-looking statements including, but not limited to, our ability to obtain needed raw materials and components from our suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; the effects of steps that we could take to reduce operating costs; rising inflatio

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (unaudited) December 31, June 30, Assets 2023 2023 Current assets: Cash and cash equivalents $ 3,536,558 $ 4,687,004 Restricted cash 2,345,644 2,457,486 Trade accounts receivable, net of allowance of $ 23,853 and $ 18,502 4,708,156 6,634,574 Inventories, net 7,520,444 7,410,734 Prepaid expenses and deposits 478,686 570,293 Other current assets 191,381 — Total current assets 18,780,869 21,760,091 Property and equipment, net 16,361,049 12,810,930 Operating lease right-of-use assets 7,432,993 9,571,604 Intangible assets, net 4,519,544 3,332,715 Goodwill 6,764,127 5,854,905 Deferred tax assets, net 140,000 140,000 Other assets 66,007 65,939 Total assets $ 54,064,589 $ 53,536,184 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,899,032 $ 2,574,135 Accrued liabilities 1,990,114 662,242 Accrued payroll and benefits 1,456,777 1,499,896 Operating lease liabilities, current 1,123,276 969,890 Loans payable, current portion 2,138,775 1,023,814 Finance lease obligation, current portion 118,070 103,646 Total current liabilities 9,726,044 6,833,623 Deferred tax liabilities, net 474,395 465,000 Accrued liabilities, noncurrent 919,623 — Finance lease obligation, less current portion 334,654 341,201 Operating lease liabilities, noncurrent 8,583,630 8,393,248 Loans payable, less current portion 326,507 1,550,587 Total liabilities 20,364,853 17,583,659 Commitments and Contingencies Stockholders' equity: Preferred stock: Series D, $ 0.01 par value, voting; 500,000 shares authorized; none issued and outstanding — — Common stock: Class A, $ 0.01 par value, voting; 44,500,000 shares authorized as of December 31, 2023 and June 30, 2023; 37,549,378 and 34,344,739 shares issued and outstanding 375,494

View Full Filing

View this 10-Q filing on SEC EDGAR