ORLANDO, FL--(Marketwired - May 8, 2014) - LightPath Technologies, Inc. ("LightPath", the "Company" or "we") (
Third Quarter & Recent Highlights:
- Revenue for the third quarter of fiscal 2014 was $3.01 million compared to $2.85 million for the third quarter of fiscal 2013.
- Gross margin for the third quarter of fiscal 2014 improved to 49% from 47% in the third quarter of fiscal 2013.
- Adjusted earnings before interest, taxes, depreciation, amortization and change in fair value of warrant liability ("Adjusted EBITDA") was approximately $130,000 for the third quarter of fiscal 2014.
- Net loss was ($133,000) or ($0.01) per basic and diluted common share for the third quarter of fiscal 2014, compared with net income of $217,000 or $0.02 per basic and diluted common share for the third quarter of fiscal 2013.
- Backlog increased by approximately 13% from June 30, 2013 to approximately $4.69 million as of March 31, 2014.
- Cash on hand as of March 31, 2014 was $1.62 million as compared to $1.57 million on June 30, 2013.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "We are very pleased with the continuation of our progress from the first half of the year, which has been magnified in the third quarter as we continue to improve our gross margin as a percentage of sales and Adjusted EBITDA. We have positioned the Company for future prosperity through the establishment of a diversified global product platform, low cost manufacturing operations and sales and distribution strategies.
"We believe the investment by Pudong Science & Technology, which was executed after the end of the quarter but, remains subject to certain government approvals before closing, verifies our progress toward becoming a profitable and global optical technology leader.
"The proceeds of the sale of common stock are intended to provide working capital to support our continued growth through global expansion. This endeavor involves new product development and capital expenditures related to the acquisition of new equipment, both of which are critical to the Company's growth plans. For our more established line of molded aspheric lenses, we continue to see broad applications and diversification of markets, including demand from telecom, digital imaging and custom assemblies. Infrared products, now being quoted, are expected to accelerate the Company's growth more meaningfully over the balance of this calendar year.
"We have been working at a rapid pace to keep up with interest levels for both product lines and the diversification that this requires. At the same time, we have invested in and are focused on our second manufacturing facility in Zhenjiang, China which opened in April. With this new manufacturing facility in place, we will have three manufacturing facilities, with two of them located in China. We are expanding our sales and marketing initiatives in the Asia-Pacific region to take advantage of robust manufacturing activity in China. The progress and achievements year-to-date for LightPath sets a course for significant long term growth in sales and profitability."
Financial Results for Three Months Ended March 31, 2014
Revenue for the third quarter of fiscal 2014 totaled $3.01 million, which was a 6% increase as compared to $2.85 million in the third quarter of fiscal 2013. This increase in revenue primarily reflects growing unit demand for precision molded lenses for the laser tool market. Continued growth in sales for the precision molded lens product line is expected to include demand relating to the telecommunications sector's need for expanded infrastructure to support mobile internet usage, the industrial tool sector, increasing utilization of fiber laser delivery systems, and the digital projection market.
The gross margin as a percentage of revenue in the third quarter of fiscal 2014 was 49% compared to 47% in the same period in fiscal 2013. Total manufacturing costs of $1.54 million increased by approximately $16,000 in the third quarter of fiscal 2014 as compared to the same period of the prior fiscal year. The increase in manufacturing costs, as compared to the same period of the prior fiscal year, is a result of $75,000 in higher wages due to increased volume offset by a decrease of $60,000 in coating costs.
Selling, general and administrative expenses were $1.10 million for the third quarter of fiscal 2014, an increase of approximately $57,000, or 5% from the same period in the prior year. The increase was primarily due to an increase of $59,000 in legal fees. Total costs and expenses were $1.42 million in the third quarter of fiscal 2014, an increase of $155,000, or 12%, from $1.27 million in the same period of the prior year. This increase was primarily due to an increase of $83,000 in wages for new product development, and an increase of $59,000 in legal fees. Total operating income for the third quarter of fiscal 2014 was approximately $43,000 as compared to approximately $56,000 for the same period in fiscal 2013.
In the third quarter of fiscal 2014, the Company recognized non-cash expense of approximately $131,000 related to the change in the fair value of liability-classified warrants issued in connection with a private placement of securities in June 2012. In the third quarter of fiscal 2013, the Company recognized non-cash income of $223,000 for the change in fair value of these warrants. The warrants have a five year life and this fair value will be re-measured each reporting period until the warrants are exercised or expire.
Net loss for the third quarter of fiscal 2014 was ($133,000), which included the $131,000 non-cash expense for the change in the fair value of the warrant liability and $33,000 for the impact from foreign currency exchange, or ($0.01) per basic and diluted common share, compared with net income of $217,000, including the $223,000 non-cash income for the change in the fair value of the warrant liability, or $0.02 per basic and diluted common share for the same period in fiscal 2013. Non-GAAP net loss, which excludes the change in the fair value of the warrant liability, for the third quarter of fiscal 2014 was ($3,000) or ($0.00) per share compared to non-GAAP net loss of ($6,000) or ($0.00) per share in the third quarter of fiscal 2013.
Weighted-average basic shares outstanding increased to 14,292,976 in the third quarter of fiscal 2014 from 11,883,042 in the third quarter of fiscal 2013. The increase in weighted-average shares outstanding was primarily due to the issuance of shares of common stock related to the conversion of the Company's debentures to common stock, exercises of warrants and shares issued under the Employee Stock Purchase Plan.
Financial Results for Nine Months Ended March 31, 2014
Revenue for the first nine months of fiscal 2014 totaled approximately $8.72 million compared to approximately $8.65 million for the first nine months of fiscal 2013, an increase of 1%. Revenue in the first nine months of the prior fiscal year included $451,000 for a large one-time purchase order from a customer in connection with the Defense Advanced Research Projects Agency ("DARPA") Low Cost Thermal Imaging Manufacturing Program. The period-over-period increase in revenue demonstrates sales growth in our underlying products. Unit shipment volume in precision molded optics increased by 10% in the first nine months of fiscal 2014 compared to the same period of the prior fiscal year.
The gross margin as a percentage of revenue in the first nine months of fiscal 2014 was 46%, up from 44% in the first nine months of fiscal 2013. Total manufacturing costs of $4.70 million decreased by approximately $189,000 in the first nine months of fiscal 2014 as compared to the same period of the prior fiscal year. The decrease in manufacturing costs as compared to the same period of the prior fiscal year is a result of a decrease of $294,000 in direct costs associated with the DARPA purchase order last year, a decrease of $81,000 in freight costs and a decrease of $40,000 in direct costs due to a change in the product mix in the current period offset by an increase of $223,000 in wages in the current fiscal year.
Selling, general and administrative expenses were $3.33 million for the first nine months of fiscal 2014, an increase of approximately 9% from the prior year. Total costs and expenses were $4.23 million in the first nine months of fiscal 2014, an increase of $467,000, from $3.76 million in the same period of the prior year. This increase was due to an increase of $97,000 in non-recurring stock compensation expense due to accelerated vesting of restricted stock units, an increase of $12,000 in wages, an increase of $74,000 in higher taxes and fees, an increase of $26,000 in commissions, an increase of $59,000 in legal fees and an increase of $55,000 for outside services for lens designs. Total operating loss for the first nine months of fiscal 2014 was approximately ($205,000) as compared to income of $4,000 for the same period in fiscal 2013.
In the first nine months of fiscal 2014, the Company recognized non-cash expense of approximately $185,000 related to the change in the fair value of liability-classified warrants issued in connection with a private placement of securities in June 2012. In the first nine months of fiscal 2013, the Company recognized non-cash income of $488,000 for the change in fair value of these warrants. The warrants have a five year life and this fair value will be re-measured each reporting period until the warrants are exercised or expire.
Net loss for the first nine months of fiscal 2014 was ($416,000), which included the $185,000 non-cash expense for the change in the fair value of the warrant liability as well as $97,000 for the additional stock compensation expense incurred with respect to the acceleration of vesting of restricted stock units for a former member of our Board of Directors offset by $7,000 of income for foreign currency exchange, or ($0.03) per basic and diluted common share, compared with net income of $459,000, which included the $488,000 non-cash income for the change in the fair value of the warrant liability, or $0.04 per basic and diluted common share for the same period in fiscal 2013. Non-GAAP net loss, which excludes the change in the fair value of the warrant liability and additional stock compensation expense, for the first nine months of fiscal 2014 was ($231,000) or ($0.02) per share compared to non-GAAP net loss of ($29,000) or ($0.00) per share in the first nine months of fiscal 2013.
Weighted-average basic shares outstanding increased to 13,905,376 in the first nine months of fiscal 2014 from 11,818,048 in the first nine months of fiscal 2013. The increase in weighted-average shares outstanding was primarily due to the issuance of shares of common stock related to the conversion of the Company's debentures to common stock, exercises of warrants and shares issued under the employee stock purchase plan.
The Company's cash and cash equivalents was approximately $1.6 million as of March 31, 2014 and June 30, 2013. The Company's current ratio as of March 31, 2014 was 3.77:1 compared to 3.75:1 as of June 30, 2013. During the same period, total stockholders' equity increased by nearly 32%, from approximately $5.43 million as of June 30, 2013 to approximately $7.14 million as of March 31, 2014.
As of March 31, 2014, the Company's 12-month backlog was $4.69 million, an increase of nearly 13% from $4.14 million as of June 30, 2013.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on Thursday, May 8, at 4:30 p.m. ET to discuss the Company's financial and operational performance for the third quarter of fiscal 2014.
Conference Call Details
Date: Thursday, May 8, 2014
Time: 4:30 p.m. ET
Dial-in Number: 1-800-860-2442
International Dial-in Number: 1-412-858-4600
Webcast: http://services.choruscall.com/links/lpth140508.html
It is recommended that participants dial-in approximately 5 to 10 minutes prior to the start of the call. A transcript archive of the conference call will be available for viewing or download from the Company's website at www.lightpath.com shortly after the call is concluded.
About LightPath Technologies
LightPath Technologies, Inc. (
LightPath prepares its financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The discussions of the Company's results as presented in this release include use of non-GAAP measures "EBITDA" and "adjusted gross margin," as well as an adjusted Non-GAAP net income. Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead. Adjusted gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with GAAP. The Company believes that adjusted gross margin, although a non-GAAP financial measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates the Company's cost structure and provides funds for our total costs and expenses. The Company uses gross margin in measuring the performance of its business and has historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner.
EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management, lenders and certain investors as supplemental measures in the evaluation of some aspects of a corporation's financial position and core operating performance. Investors sometimes use EBITDA as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation, amortization, loss on extinguishment of debt, change in fair value of warrants and interest expense. EBITDA also does not include changes in major working capital items such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not a good indicator of a business's cash flows. The Company uses EBITDA for evaluating the relative underlying performance of its core operations and for planning purposes. The Company calculates EBITDA by adjusting net loss to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term "Earnings Before Interest, Taxes, Depreciation and Amortization" and the acronym "EBITDA." EBITDA calculations can be found at the end of the tables that follow.
Non-GAAP net income or loss excludes the non-cash impact from mark-to-market adjustments related to the Company's warrants issued in connection with the Company's private placement in June of 2012 and stock based compensation expense. The Company believes that this non-GAAP measure is helpful in understanding the Company's underlying operating results. Non-GAAP net income is not in accordance with, or an alternative to GAAP net income (net loss) and may not be comparable to information provided by other companies.
This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to expand our presence in certain markets, future sales growth, continuing reductions in cash usage and implementation of new distribution channels. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
| LIGHTPATH TECHNOLOGIES, INC. | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| (Unaudited) | ||||||||||
| March 31, | June 30, | |||||||||
| Assets | 2014 | 2013 | ||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 1,624,570 | $ | 1,565,215 | ||||||
| Trade accounts receivable, net of allowance of $9,910 and $20,617 | 2,453,062 | 2,126,907 | ||||||||
| Inventories, net | 2,947,368 | 1,770,681 | ||||||||
| Other receivables | 133,530 | 353,530 | ||||||||
| Prepaid expenses and other assets | 395,590 | 262,236 | ||||||||
| Total current assets | 7,554,120 | 6,078,569 | ||||||||
| Property and equipment, net | 2,662,815 | 2,235,781 | ||||||||
| Intangible assets, net | 13,445 | 35,397 | ||||||||
| Other assets | 27,737 | 27,737 | ||||||||
| Total assets | $ | 10,258,117 | $ | 8,377,484 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 1,401,808 | $ | 1,065,651 | ||||||
| Accrued liabilities | 110,330 | 110,628 | ||||||||
| Accrued payroll and benefits | 484,768 | 440,462 | ||||||||
| Deferred revenue | -- | 1,966 | ||||||||
| Capital lease obligation, current portion | 6,196 | 3,602 | ||||||||
| Total current liabilities | 2,003,102 | 1,622,309 | ||||||||
| Capital lease obligation, less current portion | 7,519 | 3,302 | ||||||||
| Deferred rent | 97,856 | 220,216 | ||||||||
| Warrant liability | 1,009,614 | 1,102,021 | ||||||||
| Total liabilities | 3,118,091 | 2,947,848 | ||||||||
| Stockholders' equity: | ||||||||||
| Preferred stock: Series D, $.01 par value, voting; 5,000,000 shares authorized; none issued and outstanding | -- | -- | ||||||||
| Common stock: Class A, $.01 par value, voting; 40,000,000 shares authorized; 14,293,305 and 12,958,239 shares issued and outstanding, respectively | 142,933 | 129,582 | ||||||||
| Additional paid-in capital | 211,748,604 | 209,645,126 | ||||||||
| Accumulated other comprehensive income | 61,997 | 52,736 | ||||||||
| Accumulated deficit | (204,813,508 | ) | (204,397,808 | ) | ||||||
| Total stockholders' equity | 7,140,026 | 5,429,636 | ||||||||
| Total liabilities and stockholders' equity | $ | 10,258,117 | $ | 8,377,484 | ||||||
| LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||||
| Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||||
| March 31, | March 31, | |||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||
| Product sales, net | $ | 3,005,592 | $ | 2,846,718 | $ | 8,723,173 | $ | 8,654,553 | ||||||||||
| Cost of sales | 1,539,278 | 1,522,901 | 4,697,785 | 4,887,104 | ||||||||||||||
| Gross margin | 1,466,314 | 1,323,817 | 4,025,388 | 3,767,449 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling, general and administrative | 1,098,997 | 1,042,067 | 3,330,006 | 3,042,889 | ||||||||||||||
| New product development | 319,499 | 216,626 | 878,172 | 693,394 | ||||||||||||||
| Amortization of intangibles | 5,518 | 8,217 | 21,952 | 24,651 | ||||||||||||||
| Loss (gain) on disposal of property and equipment | (587 | ) | 1,026 | 511 | 2,273 | |||||||||||||
| Total costs and expenses | 1,423,427 | 1,267,936 | 4,230,641 | 3,763,207 | ||||||||||||||
| Operating income (loss) | 42,887 | 55,881 | (205,253 | ) | 4,242 | |||||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest expense | (350 | ) | (50,951 | ) | (770 | ) | (96,007 | ) | ||||||||||
| Interest expense - debt costs | (12,645 | ) | (2,132 | ) | (22,692 | ) | (3,882 | ) | ||||||||||
| Change in fair value of warrant liability | (130,698 | ) | 222,766 | (184,663 | ) | 488,102 | ||||||||||||
| Other income (expense), net | (32,516 | ) | (8,470 | ) | (2,322 | ) | 66,632 | |||||||||||
| Total other income (expense), net | (176,209 | ) | 161,213 | (210,447 | ) | 454,845 | ||||||||||||
| Net income (loss) | $ | (133,322 | ) | $ | 217,094 | $ | (415,700 | ) | $ | 459,087 | ||||||||
| Income (loss) per common share (basic) | $ | (0.01 | ) | $ | 0.02 | $ | (0.03 | ) | $ | 0.04 | ||||||||
| Number of shares used in per share calculation (basic) | 14,292,976 | 11,883,042 | 13,905,376 | 11,818,048 | ||||||||||||||
| Income (loss) per common share (diluted) | $ | (0.01 | ) | $ | 0.02 | $ | (0.03 | ) | $ | 0.04 | ||||||||
| Number of shares used in per share calculation (diluted) | 14,292,976 | 12,717,742 | 13,905,376 | 12,671,472 | ||||||||||||||
| Foreign currency translation adjustment | (4,534 | ) | (269 | ) | 9,261 | 225 | ||||||||||||
| Comprehensive income (loss) | $ | (137,856 | ) | $ | 216,825 | $ | (406,439 | ) | $ | 459,312 | ||||||||
| LIGHTPATH TECHNOLOGIES, INC. | ||||||||||
| Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
| Nine months ended | ||||||||||
| March 31, | ||||||||||
| 2014 | 2013 | |||||||||
| Cash flows from operating activities | ||||||||||
| Net income (loss) | $ | (415,700 | ) | $ | 459,087 | |||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||
| Depreciation and amortization | 544,067 | 601,334 | ||||||||
| Interest from amortization of debt costs | 10,047 | 3,882 | ||||||||
| Loss on disposal of property and equipment | 511 | 2,273 | ||||||||
| Stock based compensation | 293,538 | 197,198 | ||||||||
| Provision for doubtful accounts receivable | (5,765 | ) | 9,386 | |||||||
| Change in fair value of warrant liability | 184,663 | (488,102 | ) | |||||||
| Deferred rent | (122,360 | ) | (87,446 | ) | ||||||
| Changes in operating assets and liabilities: | ||||||||||
| Trade accounts receivables | (320,390 | ) | (110,668 | ) | ||||||
| Other receivables | 220,000 | (282,500 | ) | |||||||
| Inventories | (730,899 | ) | (314,984 | ) | ||||||
| Prepaid expenses and other assets | (163,503 | ) | (33,077 | ) | ||||||
| Accounts payable and accrued liabilities | 380,165 | 13,438 | ||||||||
| Deferred revenue | (1,966 | ) | (35,784 | ) | ||||||
| Net cash used in operating activities | (127,592 | ) | (65,963 | ) | ||||||
| Cash flows from investing activities | ||||||||||
| Purchase of property and equipment | (1,362,374 | ) | (671,220 | ) | ||||||
| Net cash used in investing activities | (1,362,374 | ) | (671,220 | ) | ||||||
| Cash flows from financing activities | ||||||||||
| Proceeds from sale of common stock from employee stock purchase plan | 7,413 | 8,981 | ||||||||
| Costs associated with conversion of debentures | -- | (39,919 | ) | |||||||
| Repayments of debentures | -- | (180,000 | ) | |||||||
| Proceeds from exercise of warrants, net of costs | 1,538,808 | -- | ||||||||
| Payments on capital lease obligations | (6,161 | ) | (2,701 | ) | ||||||
| Net cash provided by (used in) financing activities | 1,540,060 | (213,639 | ) | |||||||
| Effect of exchange rate on cash and cash equivalents | 9,261 | 225 | ||||||||
| Change in cash and cash equivalents | 59,355 | (950,597 | ) | |||||||
| Cash and cash equivalents, beginning of period | 1,565,215 | 2,354,087 | ||||||||
| Cash and cash equivalents, end of period | $ | 1,624,570 | $ | 1,403,490 | ||||||
| Supplemental disclosure of cash flow information: | ||||||||||
| Interest paid in cash | $ | 769 | $ | 1,757 | ||||||
| Income taxes paid | 2,541 | 2,350 | ||||||||
| Vesting of restricted stock units | 1,912 | -- | ||||||||
| Supplemental disclosure of non-cash investing & financing activities: | ||||||||||
| Prepaid interest on convertible debentures through the issuance of common stock | -- | 87,000 | ||||||||
| Issuance of common stock through the conversion of 8% debentures | -- | 907,500 | ||||||||
| Purchase of equipment through capital lease arrangement | 12,972 | -- | ||||||||
| Reclassification of tooling costs to inventory | 425,626 | -- | ||||||||
| Reclassification of warrant liability upon exercise | 277,070 | -- | ||||||||
| LIGHTPATH TECHNOLOGIES, INC. |
| Consolidated Statement of Stockholders' Equity |
| Nine months ended March 31, 2014 |
| (Unaudited) |
| Accumulated | ||||||||||||||||||||
| Class A | Additional | Other | Total | |||||||||||||||||
| Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders' | ||||||||||||||||
| Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||||
| Balance at June 30, 2013 | 12,958,239 | $ | 129,582 | $ | 209,645,126 | $ | 52,736 | $ | (204,397,808 | ) | $ | 5,429,636 | ||||||||
| Issuance of common stock for: | ||||||||||||||||||||
| Vested restricted stock units | 191,160 | 1,912 | (1,912 | ) | -- | -- | -- | |||||||||||||
| Employee stock purchase plan | 7,764 | 77 | 7,336 | -- | -- | 7,413 | ||||||||||||||
| Exercise of warrants, net of costs | 1,136,142 | 11,362 | 1,527,446 | -- | -- | 1,538,808 | ||||||||||||||
| Reclassification of warrant liability upon warrant exercise | -- | -- | 277,070 | -- | -- | 277,070 | ||||||||||||||
| Stock based compensation on stock options and restricted stock units | -- | -- | 293,538 | -- | -- | 293,538 | ||||||||||||||
| Net loss | -- | -- | -- | -- | (415,700 | ) | (415,700 | ) | ||||||||||||
| Foreign currency translation adjustment | -- | -- | -- | 9,261 | -- | 9,261 | ||||||||||||||
| Balance at March 31, 2014 | 14,293,305 | $ | 142,933 | $ | 211,748,604 | $ | 61,997 | $ | (204,813,508 | ) | $ | 7,140,026 | ||||||||
| LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||
| EBITDA | ||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Net income (loss) | $ | (133,322 | ) | $ | 217,094 | $ | (415,700 | ) | $ | 459,087 | ||||||
| Depreciation and amortization | 119,577 | 193,039 | 544,067 | 601,334 | ||||||||||||
| Interest expense | 12,995 | 53,083 | 23,462 | 99,889 | ||||||||||||
| EBITDA | $ | (750 | ) | $ | 463,216 | $ | 151,829 | $ | 1,160,310 | |||||||
| Change in fair value of warrant liability | 130,698 | (222,766 | ) | 184,663 | (488,102 | ) | ||||||||||
| Adjusted EBITDA | $ | 129,948 | $ | 240,450 | $ | 336,492 | $ | 672,208 | ||||||||
Contact Information:
Contacts:
Jim Gaynor
President & CEO
LightPath Technologies, Inc.
407-382-4003
jgaynor@lightpath.com
www.lightpath.com
Dorothy Cipolla
CFO
LightPath Technologies, Inc.
407-382-4003 x305
dcipolla@lightpath.com
www.lightpath.com
Jordan Darrow
Darrow Associates, Inc.
631-367-1866
jdarrow@darrowir.com
www.darrowir.com