Moving Image Technologies Files 2024 10-K

TL;DR

MITQ filed its 2024 10-K. Full financials and biz ops detailed.

AI Summary

Moving Image Technologies Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and business operations. The company, based in Fountain Valley, CA, operates in the photographic equipment and supplies sector. Key financial details and operational aspects are outlined in the filing, which provides a comprehensive overview for investors and stakeholders.

Why It Matters

This filing provides investors with a detailed look at Moving Image Technologies Inc.'s financial health and strategic direction for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• FY 06-30 2024 — Fiscal Year End (Reporting period for the 10-K)
• 20240927 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• MOVING iMAGE TECHNOLOGIES INC. (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end
• Fountain Valley, CA (location) — Company business address
• 7147517998 (phone_number) — Company business phone
• 001-40511 (other) — SEC File Number

FAQ

Key Financial Figures

• $0.00001 — ich registered Common Stock, par value $0.00001 per share MITQ NYSE American Secu
• $0.945 — e NYSE American on December 29, 2023 of $0.945) held by non–affiliates of the registra
• $9 billion — s In 2023, movie releases increased to $9 billion. up from $7.4 billion in 2022 due to hi
• $7.4 billion — leases increased to $9 billion. up from $7.4 billion in 2022 due to higher post- pandemic mo
• $10.78 — ted average ticket price in the U.S. of $10.78 in 2023. Movie theaters continue to dra

Filing Documents

• mitq-20240630x10k.htm (10-K) — 1739KB
• mitq-20240630xex4d2.htm (EX-4.2) — 50KB
• mitq-20240630xex21d1.htm (EX-21.1) — 1KB
• mitq-20240630xex23d1.htm (EX-23.1) — 4KB
• mitq-20240630xex31d1.htm (EX-31.1) — 11KB
• mitq-20240630xex31d2.htm (EX-31.2) — 11KB
• mitq-20240630xex32d1.htm (EX-32.1) — 8KB
• mitq-20240630xex97d1.htm (EX-97.1) — 43KB
• mitq-20240630xex97d1001.jpg (GRAPHIC) — 1KB
• 0001558370-24-013066.txt ( ) — 7639KB
• mitq-20240630.xsd (EX-101.SCH) — 55KB
• mitq-20240630_cal.xml (EX-101.CAL) — 56KB
• mitq-20240630_def.xml (EX-101.DEF) — 196KB
• mitq-20240630_lab.xml (EX-101.LAB) — 488KB
• mitq-20240630_pre.xml (EX-101.PRE) — 372KB
• mitq-20240630x10k_htm.xml (XML) — 1218KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 22 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. Reserved 24 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 33 Item 9B. Other Information 34 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 34 PART III Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 43 Item 13. Certain Relationships and Related Transactions, and Director Independence 44 Item 14. Principal Accounting Fees and Services 45 PART IV Item 15. Exhibits, Financial Statement Schedules 46 Item 16. Form 10-K Summary 46 i Table of Contents Unless the context otherwise requires, we use the terms "MiT", "Company", "we", "us" and "our" in this Annual Report on Form 10-K ("Report") refer to Moving iMage Technologies, Inc., a Delaware corporation, and its wholly-owned subsidiaries, Moving iMage Technologies LLC and MiT Acquisition Co, LLC dba Caddy Products. PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. The forward-looking statements are contained principally in "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, competitive position, business environment, and potential growth opportunities. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "will," "would," or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statemen

BUSINESS

ITEM 1. BUSINESS Corporate Overview The Company was incorporated in June 2020 initially named MiT Acquisition Corporation, which was changed to Moving iMage Technologies, Inc. in September 2020. In connection with our initial public offering, in July 2021, the holders of Moving iMage Technologies, LLC exchanged their interests for shares of the Company resulting in Moving iMage Technologies, LLC to become the Company's wholly owned subsidiary. Moving iMage Technologies, LLC, commenced operations in September 2003, and its wholly owned subsidiary, MiT Acquisition Co., LLC, acquired all of the assets of Caddy Products in July 2019. The Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, are filed electronically with the Securities and Exchange Commission ("SEC"). The SEC maintains an internet site that contains these reports at: www.sec.gov. You can also access these reports through links from our website at: www.movingimagetech.com. The Company includes the website link solely as a textual reference. The information contained on our website is not incorporated by reference into this Report. Copies of these reports are also available, without charge, by contacting Moving iMage Technologies, Inc. located at 17760 Newhope Street, Fountain Valley, CA 92708. Our telephone number is (714) 751-7998. 2 Table of Contents Description of Business We are a key provider of technology, products, and services to movie theater operators and sports and entertainment venues. 1) We provide a set of valuable services to movie theater operators and other critical screening and viewing rooms. These services include overall project management, which can encompass a wide range of design, integration, installation, and procurement services for new auditorium builds, refurbishments, or upgrades to existing facilities. 2) We design and manufacture a set of proprietary products that are sold either as part of

View Full Filing

View this 10-K filing on SEC EDGAR