LightPath Technologies Reports Second Quarter Fiscal 2025 Financial Results
ORLANDO, Fla., Feb. 13, 2025 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal 2025 second quarter ended December 31, 2024.
Financial Summary:
Three Months Ended December 31, | ||||
$ in millions | 2024 | 2023 | % Change | |
Revenue | $7.4 | $7.3 | 1.5 % | |
Gross Profit | $1.9 | $2.2 | -11.0 % | |
Operating Expenses | $4.4 | $4.0 | 11.7 % | |
Net Income (Loss) | ($2.6) | ($1.7) | 52.4 % | |
EBITDA* (non-GAAP) | ($1.5) | ($0.5) | 228.9 % | |
Second Quarter Fiscal 2025 & Subsequent Highlights:
- Announced the acquisition of G5 Infrared ("G5"), a leading high-end infrared camera systems manufacturer, part of LightPath's strategic vision to become a leading vertically integrated infrared ("IR") imaging solutions provider, and financing related to the transaction
- Began sustained delivery of infrared assemblies to a European defense customer for active-duty use in First-Person View ("FPV") drone applications
- Launched new optical gas imaging ("OGI") cameras, including:
- OGI cameras for ammonia and sulfur hexafluoride ("SF6") detection at industrial and manufacturing facilities
- OGI cameras for detecting fugitive gas emissions for Oil & Gas applications, launched at the CH4 Connections Conference
- Awarded Phase 2 funding in U.S. Defense Department partnership to qualify additional BlackDiamond glasses as germanium substitutes
- Participated in leading investor conferences including the LD Micro Main Event, the 27th Annual Needham Growth Conference and the Sequire Investor Summit Puerto Rico
Management Commentary
Sam Rubin, President and Chief Executive Officer of LightPath, said: "The second quarter of fiscal 2025 was highlighted by the acquisition of G5 Infrared, marking a significant step forward as part of our evolution towards becoming a leading vertically integrated, global solutions provider for infrared imaging technologies for defense and commercial applications. G5 achieved preliminary unaudited calendar year 2024 revenues of more than $15 million and we believe there is significant room for near-term growth on the back of multiple programs of record and that we will benefit from G5's higher-average selling price ("ASP") and high-margin cooled infrared camera offering.
"G5 provides a highly incremental offering to LightPath, providing a broad range of cooled infrared camera solutions and assemblies, ranging from high performance mid wave zoom thermal imaging camera systems to thin film deposition services on a variety of infrared substrates, all of which are complimentary to our line of uncooled infrared cameras, infrared optics and infrared materials. The company has a significant pipeline of new business opportunities, with multiple program awards expected to begin production in the next two years. We believe that this will drive a robust growth profile and margins that will aid us as we pursue our long-term goal of 15% EBITDA margins at the corporate level. We expect to add significant value beyond the immediately accretive revenue stream and believe the acquisition will continue to drive future growth with its higher ASPs, incremental products and notable operational synergies – such as integrating their offerings with our proprietary BlackDiamond™ glass and in-house optics manufacturing capabilities.
"In the European market, during the quarter we received an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems. We also began sustained delivery of infrared lens assemblies per the terms of the October 2024 Letter of Intent from a European defense customer for active duty use in FPV drone applications. This order highlights two exciting opportunities for LightPath, making the most of our European Defense license acquired last year, which positions us to supply products to one of the largest defense markets in the world. The order also highlights the growing use of drones and unmanned aerial vehicles for a variety of defense applications, giving our proprietary BlackDiamond™ chalcogenide-based glass materials an opportunity to become an important material for thermal cameras in these vehicles.
"We continued to expand our product portfolio and market potential with the launch of our OGI camera platform, a specialized technology utilizing IR cameras to detect and visualize emissions. Our first variation for oil and gas applications is useful for detecting methane, volatile organic compounds, hydrocarbons, and other industrial gases that can be harmful to the environment or human health. A second version was launched to detect fugitive ammonia and SF6 emissions for industrial and manufacturing applications. Not only are these cameras cost effective, highly sensitive, and operational without proprietary software, but they are also built with a non-germanium lens. This feature is becoming increasingly important to customers looking for insulation from the geopolitical supply chain issues plaguing competing Germanium based solutions – such as China's recent ban on the export of Germanium to the United States. On December 4, 2024, China announced further restrictions on export of Germanium to the U.S. altogether, as well as for dual-use applications in other countries as well. LightPath has been preparing for this day with the introduction of our BlackDiamond materials, qualification of those materials through our partnership with the U.S. Department of Defense – Defense Logistics Agency, and working with customers to redesign their systems to replace Germanium optics. Since China's announcement we have seen a growing interest and demand in our BlackDiamond materials and are encouraged to see customers begin the process to switch over to those materials.
"As we move into calendar year 2025, we look forward to integrating G5 into the LightPath family and benefiting from its strong pipeline of new business opportunities in the government and defense sectors. We also expect to move forward with key defense programs, including our bid to produce a design of a major missile program for the U.S. Army with Lockheed Martin. We are now starting to deliver flightworthy hardware for implementation into Lockheed Martin's initial live test units for this program, from which we believe the U.S. Army could make a decision as early as later this year. Taken together, we believe 2025 will build additional momentum toward our vision of becoming a vertically integrated, next-generation optics and imaging solutions provider," concluded Rubin.
Second Quarter Fiscal 2025 Financial Results
Revenue for the second quarter of fiscal 2025 increased 1.5% to $7.4 million, as compared to $7.3 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the second quarter of fiscal 2025 as follows:
Product Group Revenue | Second Quarter of | Second Quarter of | % Change |
Infrared ("IR") Components | $3.1 | $3.6 | -13 % |
Visible Components | $2.8 | $2.7 | 3 % |
Assemblies & Modules | $0.9 | $1.0 | -13 % |
Engineering Services | $0.7 | $0.1 | 797 % |
** Numbers may not foot due to rounding
Gross profit decreased 11% to $1.9 million, or 26% of total revenues, in the second quarter of 2025, as compared to $2.2 million, or 30% of total revenues, in the same quarter of the prior fiscal year. The decrease in gross margin as a percentage of revenue is primarily due to differences in the product mix, coupled with some manufacturing yield issues in infrared components.
Operating expenses increased 12% to $4.4 million for the second quarter of fiscal 2025, as compared to $4.0 million in the same quarter of the prior fiscal year. The increase was primarily due to higher legal and consulting fees related to business development initiatives, including expenses associated with the G5 acquisition announced today, as well as increased sales and marketing spend to promote new products and an increase in materials spend for internally funded new product development projects.
Net loss in the second quarter of fiscal 2025 totaled $2.6 million, or $0.07 per basic and diluted share, as compared to $1.7 million, or $0.05 per basic and diluted share, in the same quarter of the prior fiscal year. The increase in net loss was primarily attributable to lower gross profit coupled with increased SG&A and new product development costs, as well as higher interest expense.
EBITDA* loss for the second quarter of fiscal 2025 was $1.5 million, compared to a loss of $0.5 million for the same period of the prior fiscal year. The decrease in EBITDA in the second quarter of fiscal 2025 was primarily attributable to lower gross profit coupled with increased SG&A, including legal and consulting expenses related to business development initiatives, and new product development costs.
G5 Acquisition & Second Quarter Fiscal 2025 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, February 13, 2025, to discuss the Company's second quarter fiscal 2025 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Date: Thursday, February 13, 2025
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13749940
Webcast: LPTH Q2 FY2025 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Thursday, February 27, 2025. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13749940. A webcast replay will also be available using the webcast link above.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ:LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond™ chalcogenide-based glass materials – sold under exclusive license from the U.S. Naval Research Laboratory – to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, Latvia and China. To learn more, please visit www.lightpath.com.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA, which is a non-GAAP financial measure. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization.
A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that this non-GAAP financial measure, when considered together with the GAAP financial measure, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that this non-GAAP financial measure enhances the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the table below.
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure | ||||||||
(unaudited) | ||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net loss | $ (2,611,997) | $ (1,713,663) | $ (4,234,742) | $ (3,056,039) | ||||
Depreciation and | 904,040 | 1,129,444 | 1,893,602 | 1,943,000 | ||||
Income tax provision | 44,525 | 76,058 | 60,161 | 115,604 | ||||
Interest expense | 169,053 | 53,788 | 318,413 | 111,399 | ||||
EBITDA | $ (1,494,379) | $ (454,373) | $ (1,962,566) | $ (886,036) | ||||
% of revenue | -20 % | -6 % | -12 % | -6 % | ||||
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/ Israel war; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
December 31, | June 30, | |||||||
Assets | 2024 | 2024 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,201,066 | $ | 3,480,268 | ||||
Trade accounts receivable, net of allowance of $20,172 and $25,676 | 5,279,634 | 4,928,931 | ||||||
Inventories, net | 6,428,439 | 6,551,059 | ||||||
Prepaid expenses and deposits | 649,270 | 445,900 | ||||||
Other current assets | 89,891 | 131,177 | ||||||
Total current assets | 15,648,300 | 15,537,335 | ||||||
Property and equipment, net | 14,054,829 | 15,210,612 | ||||||
Operating lease right-of-use assets | 6,218,147 | 6,741,549 | ||||||
Intangible assets, net | 2,960,252 | 3,650,739 | ||||||
Goodwill | 6,764,127 | 6,764,127 | ||||||
Deferred tax assets, net | 123,000 | 123,000 | ||||||
Other assets | 59,536 | 59,602 | ||||||
Total assets | $ | 45,828,191 | $ | 48,086,964 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,114,382 | $ | 3,231,713 | ||||
Accrued liabilities | 1,448,584 | 1,911,867 | ||||||
Accrued payroll and benefits | 1,445,924 | 1,446,452 | ||||||
Operating lease liabilities, current | 997,957 | 1,059,998 | ||||||
Loans payable, current portion | 3,017,443 | 209,170 | ||||||
Finance lease obligation, current portion | 203,739 | 177,148 | ||||||
Total current liabilities | 10,228,029 | 8,036,348 | ||||||
Deferred tax liabilities, net | 323,402 | 326,197 | ||||||
Accrued liabilities, noncurrent | 315,480 | 611,619 | ||||||
Finance lease obligation, less current portion | 496,025 | 528,753 | ||||||
Operating lease liabilities, noncurrent | 7,539,488 | 8,058,502 | ||||||
Loans payable, less current portion | 222,829 | 325,880 | ||||||
Total liabilities | 19,125,253 | 17,887,299 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock: Series D, $.01 par value, voting; 500,000 shares authorized; | — | — | ||||||
Common stock: Class A, $.01 par value, voting; 94,500,000 shares | 398,908 | 392,546 | ||||||
Additional paid-in capital | 246,051,852 | 245,140,758 | ||||||
Accumulated other comprehensive income | 330,495 | 509,936 | ||||||
Accumulated deficit | (220,078,317) | (215,843,575) | ||||||
Total stockholders' equity | 26,702,938 | 30,199,665 | ||||||
Total liabilities and stockholders' equity | $ | 45,828,191 | $ | 48,086,964 | ||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue, net | $ | 7,424,829 | $ | 7,315,637 | $ | 15,825,210 | $ | 15,392,885 | ||||||||
Cost of sales | 5,493,998 | 5,147,316 | 11,049,950 | 10,892,858 | ||||||||||||
Gross profit | 1,930,831 | 2,168,321 | 4,775,260 | 4,500,027 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 3,356,063 | 2,858,457 | 6,626,646 | 5,519,625 | ||||||||||||
New product development | 764,396 | 607,747 | 1,240,837 | 1,247,636 | ||||||||||||
Amortization of intangible assets | 294,711 | 485,446 | 690,487 | 766,717 | ||||||||||||
Loss on disposal of property and equipment | — | — | 78,437 | — | ||||||||||||
Total operating expenses | 4,415,170 | 3,951,650 | 8,636,407 | 7,533,978 | ||||||||||||
Operating loss | (2,484,339) | (1,783,329) | (3,861,147) | (3,033,951) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net | (169,053) | (53,788) | (318,413) | (111,399) | ||||||||||||
Other income, net | 85,920 | 199,512 | 4,979 | 204,915 | ||||||||||||
Total other expense, net | (83,133) | 145,724 | (313,434) | 93,516 | ||||||||||||
Loss before income taxes | (2,567,472) | (1,637,605) | (4,174,581) | (2,940,435) | ||||||||||||
Income tax provision | 44,525 | 76,058 | 60,161 | 115,604 | ||||||||||||
Net loss | $ | (2,611,997) | $ | (1,713,663) | $ | (4,234,742) | $ | (3,056,039) | ||||||||
Foreign currency translation adjustment | (451,035) | 259,973 | (179,441) | 134,765 | ||||||||||||
Comprehensive loss | $ | (3,063,032) | $ | (1,453,690) | $ | (4,414,183) | $ | (2,921,274) | ||||||||
Loss per common share (basic) | $ | (0.07) | $ | (0.05) | $ | (0.11) | $ | (0.08) | ||||||||
Number of shares used in per share calculation | 39,728,933 | 37,501,683 | 39,645,206 | 37,466,714 | ||||||||||||
Loss per common share (diluted) | $ | (0.07) | $ | (0.05) | $ | (0.11) | $ | (0.08) | ||||||||
Number of shares used in per share calculation | 39,728,933 | 37,501,683 | 39,645,206 | 37,466,714 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||||||||||
Condensed Consolidated Statements of Changes in Stockholders' Equity | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Class A | Additional | Other | Total | |||||||||||||||||||||
Common Stock | Paid-in | Comphrehensive | Accumulated | Stockholders' | ||||||||||||||||||||
Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||||||||
Balances at | 39,254,643 | $ | 392,546 | $ | 245,140,758 | $ | 509,936 | $ | (215,843,575) | $ | 30,199,665 | |||||||||||||
Issuance of | ||||||||||||||||||||||||
Employee | 8,232 | 82 | 10,290 | — | — | 10,372 | ||||||||||||||||||
Exercise of | 70,309 | 703 | (703) | — | — | — | ||||||||||||||||||
Issuance of | 279,553 | 2,796 | 318,562 | — | — | 321,358 | ||||||||||||||||||
Stock-based | — | — | 264,475 | — | — | 264,475 | ||||||||||||||||||
Foreign | — | — | — | 271,594 | — | 271,594 | ||||||||||||||||||
Net loss | — | — | — | — | (1,622,745) | (1,622,745) | ||||||||||||||||||
Balances at | 39,612,737 | $ | 396,127 | $ | 245,733,382 | $ | 781,530 | $ | (217,466,320) | $ | 29,444,719 | |||||||||||||
Issuance of | ||||||||||||||||||||||||
Exercise of | 229,097 | 2,291 | (2,291) | — | — | — | ||||||||||||||||||
Shares issued as | 49,000 | 490 | 89,180 | — | — | 89,670 | ||||||||||||||||||
Stock-based | — | — | 231,581 | — | — | 231,581 | ||||||||||||||||||
Foreign | — | — | — | (451,035) | — | (451,035) | ||||||||||||||||||
Net loss | — | — | — | — | (2,611,997) | (2,611,997) | ||||||||||||||||||
Balances at | 39,890,834 | $ | 398,908 | $ | 246,051,852 | $ | 330,495 | $ | (220,078,317) | $ | 26,702,938 | |||||||||||||
Balances at | 37,344,739 | $ | 373,447 | $ | 242,808,771 | $ | 606,536 | $ | (207,836,229) | $ | 35,952,525 | |||||||||||||
Issuance of | ||||||||||||||||||||||||
Employee | 14,607 | 146 | 19,573 | — | — | 19,719 | ||||||||||||||||||
Exercise of | 14,482 | 145 | (145) | — | — | — | ||||||||||||||||||
Issuance of | 81,610 | 816 | 149,184 | — | — | 150,000 | ||||||||||||||||||
Stock-based | — | — | 240,075 | — | — | 240,075 | ||||||||||||||||||
Foreign | — | — | — | (125,208) | — | (125,208) | ||||||||||||||||||
Net loss | — | — | — | — | (1,342,376) | (1,342,376) | ||||||||||||||||||
Balances at | 37,455,438 | $ | 374,554 | $ | 243,217,458 | $ | 481,328 | $ | (209,178,605) | $ | 34,894,735 | |||||||||||||
Issuance of | ||||||||||||||||||||||||
Exercise of | 93,940 | 940 | (940) | — | — | — | ||||||||||||||||||
Stock-based | — | — | 258,691 | — | — | 258,691 | ||||||||||||||||||
Foreign | — | — | — | 259,973 | — | 259,973 | ||||||||||||||||||
Net loss | — | — | — | — | (1,713,663) | (1,713,663) | ||||||||||||||||||
Balances at | 37,549,378 | $ | 375,494 | $ | 243,475,209 | $ | 741,301 | $ | (210,892,268) | $ | 33,699,736 | |||||||||||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(unaudited) | ||||||||
Six Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (4,234,742) | $ | (3,056,039) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating | ||||||||
Depreciation and amortization | 1,893,602 | 1,943,000 | ||||||
Interest from amortization of loan issuance costs | 120,833 | — | ||||||
Loss on disposal of property and equipment | 78,437 | — | ||||||
Stock-based compensation on stock options, RSUs & RSAs, net | 506,020 | 551,853 | ||||||
Provision for credit losses | — | (2,236) | ||||||
Change in operating lease assets and liabilities | (57,653) | 80,355 | ||||||
Inventory write-offs to allowance | 135,625 | 73,569 | ||||||
Deferred taxes | (2,795) | 9,395 | ||||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | (350,703) | 1,717,283 | ||||||
Other current assets | 41,286 | (191,381) | ||||||
Inventories | (13,005) | 54,461 | ||||||
Prepaid expenses and deposits | (123,598) | 94,619 | ||||||
Accounts payable and accrued liabilities | (430,923) | (424,310) | ||||||
Net cash (used in) provided by operating activities | (2,437,616) | 850,569 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (160,155) | (1,484,401) | ||||||
Proceeds from sale of equipment | 10,648 | — | ||||||
Proceeds from sale-leaseback of equipment | — | 364,710 | ||||||
Acquisition of Visimid, net of cash acquired | — | (722,141) | ||||||
Net cash used in investing activities | (149,507) | (1,841,832) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 10,372 | 19,719 | ||||||
Deferred payment for acquisition of Visimid | (125,000) | — | ||||||
Loan issuance costs | (300,000) | — | ||||||
Borrowings on loans payable | 3,000,000 | 142,853 | ||||||
Payments on loans payable | (106,486) | (407,510) | ||||||
Repayment of finance lease obligations | (89,705) | (58,785) | ||||||
Net cash provided by (used in) financing activities | 2,389,181 | (303,723) | ||||||
Effect of exchange rate on cash and cash equivalents | (81,260) | 32,698 | ||||||
Change in cash, cash equivalents and restricted cash | (279,202) | (1,262,288) | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 3,480,268 | 7,144,490 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 3,201,066 | $ | 5,882,202 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 40,838 | $ | 110,774 | ||||
Income taxes paid | $ | 61,427 | $ | 114,953 | ||||
Supplemental disclosure of non-cash investing & financing activities: | ||||||||
Purchase of equipment through finance lease arrangements | $ | 93,048 | $ | 61,654 | ||||
Issuance of common stock for acquisition of Visimid | $ | 321,358 | $ | 150,000 | ||||
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SOURCE LightPath Technologies