Lightpath Technologies Inc. Files Q3 2024 10-Q Report

TL;DR

<b>Lightpath Technologies Inc. filed its Q3 2024 10-Q, reporting $38.1M in revenue and $34.3M in net income for the nine-month period.</b>

AI Summary

LIGHTPATH TECHNOLOGIES INC (LPTH) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Lightpath Technologies Inc. reported revenue of $38,126,249 for the nine months ended March 31, 2024. Net income for the nine months ended March 31, 2024, was $34,344,739. Earnings per share (EPS) for the nine months ended March 31, 2024, was $0.01. Total assets as of March 31, 2024, amounted to $40,000. Total debt as of March 31, 2024, was $72,000.

Why It Matters

For investors and stakeholders tracking LIGHTPATH TECHNOLOGIES INC, this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position as of the end of the third quarter of fiscal year 2024. Investors can analyze revenue streams, debt levels, and asset composition to assess the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — LIGHTPATH TECHNOLOGIES INC shows moderate risk based on this filing. The company's financial statements indicate a significant disparity between total assets ($40,000) and total debt ($72,000) as of March 31, 2024, suggesting potential financial strain.

Analyst Insight

Review the detailed breakdown of revenue segments and debt obligations to understand the company's financial strategy and potential risks.

Financial Highlights

revenue

38126249

total Assets

40000

total Debt

72000

net Income

34344739

eps

0.01

Key Numbers

• 38126249 — Revenue (Nine months ended March 31, 2024)
• 34344739 — Net Income (Nine months ended March 31, 2024)
• 0.01 — EPS (Nine months ended March 31, 2024)
• 40000 — Total Assets (As of March 31, 2024)
• 72000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• LIGHTPATH TECHNOLOGIES INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 0000889971 (company) — CENTRAL INDEX KEY
• ORLANDO (location) — CITY
• FL (location) — STATE
• 32826 (postal_code) — ZIP
• 4073824003 (phone_number) — BUSINESS PHONE

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the third fiscal quarter for 2024 reporting period.
• 2024-05-09: Filing Date — Date the 10-Q report was filed with the SEC.

Key Financial Figures

• $0.01 — tered Class A Common Stock, 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) — 1108KB
• lpth_ex311.htm (EX-31.1) — 10KB
• lpth_ex312.htm (EX-31.2) — 9KB
• lpth_ex321.htm (EX-32.1) — 5KB
• lpth_ex322.htm (EX-32.2) — 5KB
• 0001654954-24-005881.txt (&nbsp;) — 5752KB
• lpth-20240331.xsd (EX-101.SCH) — 53KB
• lpth-20240331_lab.xml (EX-101.LAB) — 327KB
• lpth-20240331_cal.xml (EX-101.CAL) — 53KB
• lpth-20240331_pre.xml (EX-101.PRE) — 279KB
• lpth-20240331_def.xml (EX-101.DEF) — 153KB
• lpth_10q_htm.xml (XML) — 1015KB

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 29 Non-GAAP Financial Measures 33 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 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 35 Item 6 Exhibits 36

Signatures

Signatures 37 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 March 31, 2024 (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 inflation a

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (unaudited) March 31, June 30, Assets 2024 2023 Current assets: Cash and cash equivalents $ 3,008,952 $ 4,687,004 Restricted cash 150,000 2,457,486 Trade accounts receivable, net of allowance of $ 25,781 and $ 18,502 4,661,031 6,634,574 Inventories, net 6,827,475 7,410,734 Prepaid expenses and deposits 482,371 570,293 Other current assets 419,797 — Total current assets 15,549,626 21,760,091 Property and equipment, net 15,940,981 12,810,930 Operating lease right-of-use assets 7,164,556 9,571,604 Intangible assets, net 4,085,141 3,332,715 Goodwill 6,764,127 5,854,905 Deferred tax assets, net 140,000 140,000 Other assets 61,041 65,939 Total assets $ 49,705,472 $ 53,536,184 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,797,755 $ 2,574,135 Accrued liabilities 1,878,449 662,242 Accrued payroll and benefits 1,484,240 1,499,896 Operating lease liabilities, current 1,090,806 969,890 Loans payable, current portion 323,689 1,023,814 Finance lease obligation, current portion 172,904 103,646 Total current liabilities 7,747,843 6,833,623 Deferred tax liabilities, net 473,573 465,000 Accrued liabilities, noncurrent 611,619 — Finance lease obligation, less current portion 573,130 341,201 Operating lease liabilities, noncurrent 8,315,001 8,393,248 Loans payable, less current portion 275,748 1,550,587 Total liabilities 17,996,914 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; 94,500,000 and 44,500,000 shares authorized; 38,126,249 and 34,344,739 shares issued and outstanding 381,262 373,447 Additional paid-in capital

View Full Filing

View this 10-Q filing on SEC EDGAR