Precision Optics Corp. Files Q1 FY25 10-Q

TL;DR

POCN Q1 FY25 10-Q filed. Check financials.

AI Summary

Precision Optics Corporation, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the first quarter of its fiscal year 2025. Specific financial figures and operational details for this quarter are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Precision Optics Corporation, Inc., crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• Q1 FY25 — Fiscal Quarter (Reporting period for this 10-Q filing)
• 2024-09-30 — Period End Date (The end date of the financial reporting period)
• 2024-11-14 — Filing Date (The date the 10-Q was submitted to the SEC)

Key Players & Entities

• PRECISION OPTICS CORPORATION, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241114 (date) — Filing date
• 0000867840 (company) — Central Index Key for Precision Optics Corporation, Inc.

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value POCI Nasdaq Indicate by c
• $2,600,000 — gh, Massachusetts, which provided for a $2,600,000 Term Loan and a $250,000 Revolving Line
• $250,000 — ovided 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
• $1,250,000 — to $500,000 effective May 17, 2022, and $1,250,000 effective June 2, 2023. Borrowings unde

Filing Documents

• poci_i10q-093024.htm (10-Q) — 371KB
• poci_ex3101.htm (EX-31.1) — 8KB
• poci_ex3102.htm (EX-31.2) — 8KB
• poci_ex3202.htm (EX-32.1) — 5KB
• 0001683168-24-008113.txt ( ) — 2781KB
• poci-20240930.xsd (EX-101.SCH) — 20KB
• poci-20240930_cal.xml (EX-101.CAL) — 40KB
• poci-20240930_def.xml (EX-101.DEF) — 69KB
• poci-20240930_lab.xml (EX-101.LAB) — 241KB
• poci-20240930_pre.xml (EX-101.PRE) — 188KB
• poci_i10q-093024_htm.xml (XML) — 265KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets at September 30, 2024 and June 30, 2024 3 Consolidated Statements of Operations for the Three Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity for the Three Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Three Months Ended September 30, 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 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. CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, June 30, 2024 2024 ASSETS Current Assets: Cash and cash equivalents $ 635,572 $ 405,278 Accounts receivable, net of allowance for doubtful accounts of $ 103,224 at September 30, 2024 and $ 118,872 at June 30, 2024 3,123,595 3,545,491 Inventories 3,460,621 2,868,100 Prepaid expenses 288,475 299,364 Total current assets 7,508,263 7,118,233 Fixed Assets: Machinery and equipment 3,346,694 3,341,194 Leasehold improvements 819,954 810,914 Furniture and fixtures 426,234 416,425 Total fixed assets 4,592,882 4,568,533 Less—accumulated depreciation and amortization 4,123,250 4,074,960 Net fixed assets 469,632 493,573 Operating lease right-to-use asset 146,247 189,999 Patents, net 290,309 286,559 Goodwill 8,824,210 8,824,210 Total other assets 9,260,766 9,300,768 TOTAL ASSETS $ 17,238,661 $ 16,912,574 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Revolving line of credit $ 500,000 $ 1,000,000 Current portion of capital lease obligation 38,886 41,113 Current maturities of long-term debt 285,901 276,928 Accounts payable 2,143,351 1,397,313 Contract liabilities 1,106,546 1,172,350 Accrued compensation and other 1,115,135 840,662 Operating lease liability 146,247 178,450 Total current liabilities 5,336,066 4,906,816 Capital lease obligation, net of current portion 18,384 27,369 Long-term debt, net of current maturities and debt issuance costs 1,746,764 1,899,052 Operating lease liability, net of current portion – 11,549 Total liabilities 7,101,214 6,844,786 Stockholders' Equity: Common stock, $ 0.01 par value: 50,000,000 shares authorized; issued and outstanding – 6,350,170 shares at September 30, 2024 and 6,073,939 at June 30, 2024 63,502 60,739 Additional paid-in capital 62,575,576 61,197,433 Accumulated de

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, 2024 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 30, 2024. 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, 2024 and other reports we file with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made. We do not intend to update any of the forward-looking statements after the date of this report to conform these statements to actual results or to changes in our expectations, except as required b

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View this 10-Q filing on SEC EDGAR