Precision Optics Corporation, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

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

AI Summary

PRECISION OPTICS CORPORATION, INC. (POCI) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Precision Optics Corporation, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal third quarter of 2024. The company's fiscal year ends on June 30th. The filing was made on May 15, 2024. The company's principal business address is 22 East Broadway, Gardner, MA 01440.

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 as of the end of the third fiscal quarter of 2024. The detailed financial information within the report is crucial for understanding the company's operational health, profitability, and any potential risks or opportunities.

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 inherently contain significant new risks beyond those typically associated with public companies in this sector.

Analyst Insight

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

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-15 — Filing Date (Date the report was filed)
• 0630 — Fiscal Year End (Company's fiscal year end month and day)
• Q3 — Fiscal Quarter (The report covers the third fiscal quarter)

Key Players & Entities

• PRECISION OPTICS CORPORATION, INC. (company) — Filer name
• 0001683168-24-003521 (other) — Accession Number
• 20240331 (date) — Period of Report
• 20240515 (date) — Filed as of date
• 0000867840 (company) — Central Index Key
• 3845 (industry) — Standard Industrial Classification
• MA (location) — State of Incorporation
• 978-630-1800 (phone) — Business Phone

FAQ

Industry Context

Precision Optics Corporation, Inc. operates within the electromedical and electrotherapeutic apparatus industry.

Regulatory Implications

The filing is a standard Form 10-Q, a mandatory quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

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 business operations and future outlook.
3. Check for any new risk factors or updates to existing ones.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, and comparative data from previous periods will be available within the document itself.

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-033124.htm (10-Q) — 511KB
• poci_ex3101.htm (EX-31.1) — 8KB
• poci_ex3102.htm (EX-31.2) — 8KB
• poci_ex3201.htm (EX-32.1) — 4KB
• 0001683168-24-003521.txt (&nbsp;) — 3080KB
• poci-20240331.xsd (EX-101.SCH) — 22KB
• poci-20240331_cal.xml (EX-101.CAL) — 40KB
• poci-20240331_def.xml (EX-101.DEF) — 75KB
• poci-20240331_lab.xml (EX-101.LAB) — 240KB
• poci-20240331_pre.xml (EX-101.PRE) — 191KB
• poci_i10q-033124_htm.xml (XML) — 371KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets at March 31, 2024 and June 30, 2023 3 Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 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 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 18

OTHER INFORMATION

PART II OTHER INFORMATION 19

Legal Proceedings

Item 1. Legal Proceedings 19

Risk Factors

Item 1A. Risk Factors 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 19

Mine Safety Disclosures (Not applicable.)

Item 4. Mine Safety Disclosures (Not applicable.) 19

Other Information

Item 5. Other Information 19

Exhibits

Item 6. Exhibits 20 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, June 30, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 925,067 $ 2,925,852 Accounts receivable, net of allowance for doubtful accounts of $ 826,434 at March 31, 2024 and $ 606,715 at June 30, 2023 4,223,769 3,907,407 Inventories 3,032,221 2,776,216 Prepaid expenses 209,505 249,681 Total current assets 8,390,562 9,859,156 Fixed Assets: Machinery and equipment 3,255,789 3,227,481 Leasehold improvements 810,913 788,194 Furniture and fixtures 256,681 248,917 Construction in progress 233,519 31,506 Total fixed assets 4,556,902 4,296,098 Less—Accumulated depreciation and amortization 4,019,164 3,862,578 Net fixed assets 537,738 433,520 Operating lease right-to-use asset 232,930 358,437 Patents, net 286,385 265,111 Goodwill 8,824,210 8,824,210 TOTAL ASSETS $ 18,271,825 $ 19,740,434 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Revolving line of credit $ 400,000 $ – Current portion of capital lease obligation 43,301 43,209 Current maturities of long-term debt 513,259 513,259 Accounts payable 1,695,178 2,432,264 Customer advances 1,464,925 1,174,690 Accrued compensation and other 833,860 927,521 Operating lease liability 175,961 168,677 Total current liabilities 5,126,484 5,259,620 Capital lease obligation, net of current portion 36,226 68,482 Long-term debt, net of current maturities and debt issuance costs 1,791,035 2,175,980 Operating lease liability, net of current portion 56,969 189,760 Stockholders' Equity: Common stock, $ 0.01 par value: 50,000,000 shares authorized; issued and outstanding – 6,068,518 shares at March 31, 2024 and 6,066,518 at June 30, 2023 60,685 60,665 Additional paid-in capital 60,979,705 60,224,934 Accumulated deficit ( 49,779,279 ) ( 48,239,007 ) T

Management's Discussion and Analysis of Financial Condition

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 p

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