Precision Optics Corporation, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Precision Optics Corporation, Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023, on February 14, 2024.</b>

AI Summary

PRECISION OPTICS CORPORATION, INC. (POCI) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Precision Optics Corporation, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the quarterly period from October 1, 2023, to December 31, 2023. The company's fiscal year ends on June 30. The filing was made on February 14, 2024. Precision Optics Corporation, Inc. is classified under SIC code 3845 (Electromedical & Electrotherapeutic Apparatus).

Why It Matters

For investors and stakeholders tracking PRECISION OPTICS CORPORATION, INC., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the most recent quarter. Understanding the details within this report is crucial for assessing the company's operational health and future prospects in the electromedical apparatus sector.

Risk Assessment

Risk Level: low — PRECISION OPTICS CORPORATION, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain unusual or high-risk information.

Analyst Insight

Review the financial statements and management discussion within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Period of Report (10-Q filing)
• 2024-02-14 — Filing Date (10-Q filing)
• 3845 — SIC Code (Industry classification)
• 0630 — Fiscal Year End (Company information)

Key Players & Entities

• PRECISION OPTICS CORPORATION, INC. (company) — Filer name
• 20231231 (date) — Period of report
• 20240214 (date) — Filing date
• 3845 (industry_code) — Standard Industrial Classification
• MA (location) — State of incorporation
• 0630 (date) — Fiscal year end

FAQ

Industry Context

Precision Optics Corporation, Inc. operates within the Electromedical & Electrotherapeutic Apparatus industry, indicated by its SIC code 3845.

Regulatory Implications

The filing is a standard Form 10-Q, which is a mandatory quarterly report for public companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, providing a quarterly update. A comparison to the previous quarter's 10-Q or the prior year's 10-Q would be necessary for trend analysis.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value POCI Nasdaq Indicate by c
• $250,000 — vided for a $ 2,600,000 Term Loan and a $250,000 Revolving Line of Credit Loan Facility
• $500,000 — the "Revolver"), which was increased to $500,000 effective May 17, 2022 and $ 1,250,000

Filing Documents

• poci_i10q-123123.htm (10-Q) — 448KB
• poci_ex3101.htm (EX-31.1) — 8KB
• poci_ex3102.htm (EX-31.2) — 8KB
• poci_ex3201.htm (EX-32.1) — 4KB
• 0001683168-24-000986.txt (&nbsp;) — 2765KB
• poci-20231231.xsd (EX-101.SCH) — 21KB
• poci-20231231_cal.xml (EX-101.CAL) — 38KB
• poci-20231231_def.xml (EX-101.DEF) — 71KB
• poci-20231231_lab.xml (EX-101.LAB) — 190KB
• poci-20231231_pre.xml (EX-101.PRE) — 153KB
• poci_i10q-123123_htm.xml (XML) — 354KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets at December 31, 2023 and June 30, 2023 3 Consolidated Statements of Operations for the Three Months Ended December 31, 2023 and 2022 4 Consolidated Statements of Stockholders' Equity for the Three Months Ended December 31, 2023 and 2022 5 Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2023 and 2022 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17

OTHER INFORMATION

PART II OTHER INFORMATION 18

Legal Proceedings

Item 1. Legal Proceedings 18

Risk Factors

Item 1A. Risk Factors 18

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 18

Mine Safety Disclosures (Not applicable.)

Item 4. Mine Safety Disclosures (Not applicable.) 18

Other Information

Item 5. Other Information 18

Exhibits

Item 6. Exhibits 19 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 31, June 30, 2023 2023 ASSETS Current Assets: Cash and cash equivalents $ 987,044 $ 2,925,852 Accounts receivable, net of allowance for doubtful accounts of $ 731,256 at December 31, 2023 and $ 606,715 at June 30, 2023 3,511,544 3,907,407 Inventories 3,099,986 2,776,216 Prepaid expenses 234,121 249,681 Total current assets 7,832,695 9,859,156 Fixed Assets: Machinery and equipment 3,253,746 3,227,481 Leasehold improvements 832,305 825,752 Furniture and fixtures 362,287 242,865 Total fixed assets 4,448,338 4,296,098 Less—Accumulated depreciation and amortization 3,966,839 3,862,578 Net fixed assets 481,499 433,520 Operating lease right-to-use asset 275,329 358,437 Patents, net 283,643 265,111 Goodwill 8,824,210 8,824,210 TOTAL ASSETS $ 17,697,376 $ 19,740,434 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of capital lease obligation $ 44,519 $ 43,209 Current maturities of long-term debt 513,259 513,259 Accounts payable 1,675,742 2,432,264 Customer advances 1,158,242 1,174,690 Accrued compensation and other 747,793 927,521 Operating lease liability 173,503 168,677 Total current liabilities 4,313,058 5,259,620 Capital lease obligation, net of current portion 45,890 68,482 Long-term debt, net of current maturities and debt issuance costs 1,919,350 2,175,980 Operating lease liability, net of current portion 101,826 189,760 Stockholders' Equity: Common stock, $ 0.01 par value: 50,000,000 shares authorized; issued and outstanding – 6,067,518 shares at December 31, 2023 and 6,066,518 at June 30, 2023 60,675 60,665 Additional paid-in capital 60,718,801 60,224,934 Accumulated deficit ( 49,462,224 ) ( 48,239,007 ) Total stockholders' equity 11,317,252 12,046,592 TOTAL LIABILITIES AND

Management's Discussion and Analysis of Financial

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and notes to those financial statements for the year ended June 30, 2023 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 28, 2023. This Quarterly Report on Form 10-Q contains forward-looking statements. 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 similar expressions are intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in this report, the risks described in our Annual Report on Form 10-K for the year ended June 30, 2023 and other reports we file with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reason

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