Precision Optics Corp Files 2024 10-K

TL;DR

POC filed its 2024 10-K. All systems go.

AI Summary

Precision Optics Corporation, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, based in Gardner, MA, operates in the electromedical and electrotherapeutic apparatus sector. This filing provides a comprehensive overview of its financial performance and business operations for the reported period.

Why It Matters

This 10-K filing provides investors and stakeholders with the official financial health and operational details of Precision Optics Corporation for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 2024-06-30 — Fiscal Year End (Reporting period for the 10-K)
• 2024-09-30 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• PRECISION OPTICS CORPORATION, INC. (company) — Filer
• 20240630 (date) — Fiscal Year End
• 20240930 (date) — Filing Date
• Gardner, MA (location) — Company Headquarters
• 3845 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value POCI Nasdaq Stock Market
• $6.02 — s on such date, at the closing price of $6.02 per share, as reported on Nasdaq on Dec

Filing Documents

• poci_i10k-063024.htm (10-K) — 691KB
• poci_ex0401.htm (EX-4.1) — 10KB
• poci_ex0402.htm (EX-4.2) — 22KB
• poci_ex1030.htm (EX-10.30) — 11KB
• poci_ex1031.htm (EX-10.31) — 11KB
• poci_ex1901.htm (EX-19.1) — 29KB
• poci_ex2301.htm (EX-23.1) — 3KB
• poci_ex3101.htm (EX-31.1) — 9KB
• poci_ex3102.htm (EX-31.2) — 10KB
• poci_ex3201.htm (EX-32.1) — 5KB
• poci_ex9701.htm (EX-97.1) — 17KB
• image_002.jpg (GRAPHIC) — 180KB
• image_004.jpg (GRAPHIC) — 93KB
• 0001683168-24-006760.txt ( ) — 4685KB
• poci-20240630.xsd (EX-101.SCH) — 27KB
• poci-20240630_cal.xml (EX-101.CAL) — 49KB
• poci-20240630_def.xml (EX-101.DEF) — 110KB
• poci-20240630_lab.xml (EX-101.LAB) — 321KB
• poci-20240630_pre.xml (EX-101.PRE) — 254KB
• poci_i10k-063024_htm.xml (XML) — 487KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 18 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 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 2 2 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 23 Item 9A.

Controls and Procedures

Controls and Procedures 23 Item 9B. Other Information 24 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 24 PART III Item 10. Directors, Executive Officers and Corporate Governance 25 Item 11.

Executive Compensation

Executive Compensation 25 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 25 Item 13. Certain Relationships and Related Transactions, and Director Independence 25 Item 14. Principal Accounting Fees and Services 25 PART IV Item 15. Exhibits, Financial Statement Schedules 26 Item 16. Form 10-K Summary 29

Signatures

Signatures 30 i PART I This Annual Report contains forward-looking statements as defined under the federal securities laws. All statements other than statements of historical facts included in this Annual Report on Form 10-K regarding our financial performance, business strategy and plans and objectives of management for future operations and any other future events are forward-looking statements and based on our beliefs and assumptions. When used in this report, the words "anticipate," "suggest," "estimate," "plan," "project," "continue," "ongoing," "potential," "expect," "predict," "believe," "intend," "may," "will," "should," "could," "would" and other similar words are one way to identify such forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results could vary materially from these forward-looking statements. Such statements reflect our current view with respect to future events and are subject to certain risks, uncertainties, and assumptions including, without limitation, those risks and uncertainties contained in the Risk Factors section of this Annual Report on Form 10-K and our other filings made with the SEC. Although we believe that our expectations are reasonable, we can give no assurance that such expectations will prove to be correct. Based upon changing conditions, any one or more of these events described herein as anticipated, believed, estimated, expected or intended may not occur. All prior and subsequent written and oral forward-looking statements attributable to our Company or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We do not intend to update any of the forward-looking statements after the date of this Annual Report to conform these statements to actual results or to changes in our expectations, except as required by law.

BUSINESS

ITEM 1. BUSINESS. Overview We have been a developer and manufacturer of advanced optical instruments since 1982. Our proprietary medical instrumentation line, unique custom design and manufacturing capabilities, and expert engineering and development has generated traditional proprietary endoscopes and endocouplers as well as other custom imaging and illumination products for our customers' use in minimally invasive surgical procedures. We design and manufacture 3D endoscopes and very small Microprecision lenses, assemblies and complete medical devices to meet the surgical community's continuing demand for smaller, disposable, and more enhanced imaging systems for minimally invasive surgery. Effective June 1, 2019, we acquired the operating assets of Ross Optical Industries, Inc. of El Paso, Texas. As Ross Optical Industries we also operate as a supplier of custom optical components and assemblies for military and defense, medical and various other industrial applications. All products sold by us under the Ross Optical name include a custom or catalog optic, which is sourced through our extensive domestic and worldwide network of optical fabrication suppliers. Most systems make use of optical lenses, prisms, mirrors and windows and range from individual optical components to complex mechano-optical assemblies. Products often include thin film optical coatings applied using our in-house coating department. Effective October 1, 2021, we acquired the operating assets of Lighthouse Imaging, LLC of Windham, Maine. Our Lighthouse Imaging division supplements our operations as a manufacturer of advanced optical imaging systems and accessories and has provided further expertise in electrical engineering and development of end-to-end medical visualization devices. Product development competencies at Lighthouse Imaging include Systems, Optical, Mechanical, Electrical and Process Development Engineering. Our product development team has extensive experience developing v

View Full Filing

View this 10-K filing on SEC EDGAR