ORLANDO, Fla., May 10, 2012 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) ("LightPath", the "Company" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and high-level assemblies, announced
today its financial results for the third quarter ended
March 31, 2012.
(Logo:
http://photos.prnewswire.com/prnh/20120202/FL45310LOGO)
Third Quarter Highlights:
- Backlog scheduled to ship within the next 12 months was
$4.39 million as of March 31, 2012, an increase of 18% or
$518,000 from June 30, 2011.
- Unit shipment volume in precision-molded optics increased 12%
in the third quarter of fiscal 2012 compared to the same period of
last year.
- Revenue for the third quarter of fiscal 2012 was $2.78 million compared to $2.43 million for the third quarter of fiscal
2011, an increase of 14%.
- Cash on hand as of March 31, 2012
was $490,000 as compared to
$929,000 on June 30, 2011.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "LightPath's third
quarter showed continued improvement in business conditions with
strong bookings of $3.9 million
across all of our product lines. These bookings include a major
infrared contract from Raytheon Vision Systems, which helped drive
an 18% increase in our 12-month backlog to $4.39 million. The Raytheon contract provides
funding for infrared materials testing and analysis, process
development and coating technology that we can leverage into our
commercial business. We received the initial funding under
this contract subsequent to the end of the third quarter and have
begun work. Our work under this contract complements other
investments we are implementing in our infrared technology
development program and will accelerate our infrared efforts. We
believe that over the next three years, sales of infrared products
have the potential of doubling our revenue."
Mr. Gaynor added, "While we are excited about our progress in
the emerging infrared business, our core business continues to
grow. Bookings, excluding the Raytheon Vision Systems contract,
have averaged $3.0 million over the
last five quarters demonstrating the continued growth of our core
business. Revenues also increased by 14% as compared to the third
fiscal quarter of 2011 with signs of recovery in our industrial
tool business in Asia and our
entry into the imaging market."
Mr. Gaynor continued, "Our gross margin percentage for the third
quarter of fiscal 2012 remained at 32% for the second quarter in a
row. The factors that contributed to our gross margin percentage
being lower than anticipated were, increased labor costs associated
with our ramp up of the development of new infrared and collimator
products and increased lens coating costs. The higher coating
costs were due to a cleaning process issue that affected our yields
and the conversion to lower cost glass materials that is
temporarily impacting efficiencies. The coating on our higher-cost
glass lenses is different from the coating on our lower-cost glass
lenses and requires separate coating runs. Once the
transition to lower-cost glass lenses is complete, we expect our
coating efficiencies to improve and our costs to decrease. In
an effort to improve gross margin in coming quarters, we
implemented measures to reduce our manufacturing overhead costs by
approximately $400,000 subsequent to
the end of the third quarter of 2012. We believe these
reductions will improve our gross margin percentage to the low to
mid 40% range as soon as the fourth quarter."
Mr. Gaynor added, "We experienced revenue and backlog growth in
a tough environment and expect to achieve continued revenue growth
over time with new product introductions across all of our product
lines, specifically with our infrared product line."
Financial Results for Three Months Ended March 31, 2012
Revenue for the third quarter of fiscal 2012 totaled
approximately $2.78 million compared
to approximately $2.43 million for
the third quarter of fiscal 2011, an increase of 14%. This increase
from the third quarter of the prior fiscal year was primarily
attributable to an increase in sales volumes across all product
lines. Unit shipment volume of precision molded optics increased by
12% in the third quarter of 2012 compared to the same period of the
prior fiscal year. Growth in sales going forward is expected to be
derived primarily from the precision molded lenses product line,
particularly low cost lenses being sold in Asia and from infrared and collimator
products.
The gross margin percentage in the third quarter of fiscal 2012
was 32% compared to 40% in the third quarter of fiscal 2011. Total
manufacturing costs of $1.90 million
increased by approximately $439,000
in the third quarter of fiscal 2012 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 directs costs of $242,000 for
material, labor and outside services on increased sales, an
increase of $35,000 in coating costs,
and an increase of $85,000 in labor
costs for the infrared and collimator products as we ramp up the
development of these products. Direct costs, which include
material, labor and services, were 24% of revenue in the third
quarter of fiscal 2012, as compared to 27% of revenue in the third
quarter of fiscal 2011.
During the third quarter of fiscal 2012, total costs and
expenses increased $258,000 to
$1.39 million compared to
$1.13 million for the same period in
fiscal 2011. This increase was primarily due to incurring expenses
of $227,000 related to our securities
offering which was subsequently withdrawn in the third quarter of
fiscal 2012. Selling, general and administrative expenses were
$1.14 million for the third quarter
of fiscal 2012. Total operating loss for the third quarter of
fiscal 2012 was approximately $506,000 compared to a loss of $151,000 for the same period in fiscal 2011.
Interest expense was $23,000 in
the third quarter of fiscal 2012 as compared to $90,000 in the third quarter of fiscal 2011 which
represents interest on the convertible debentures at 8% per annum
and amortization of debt discount and debt costs. Loss on
extinguishment of debt of $132,000
during the third quarter of fiscal 2011 resulted from the two year
extension of the maturity date of the convertible debentures and
included the write-off of approximately $89,000 of debt issuance costs and debt discount
and premium of $43,000 from the debt
exchange for a non-related debt holder.
Net loss for the third quarter of fiscal 2012 was $519,000 or $0.05
per basic and diluted common share, compared with a net loss of
$376,000 or $0.04 per basic and diluted common share for the
same period in fiscal 2011. Weighted-average basic shares
outstanding increased to 9,767,640 in the third quarter of fiscal
2012 compared to 9,715,266 in the third quarter of fiscal 2011
which is primarily due to the issuance of shares of common stock
for the payment of interest on convertible debentures, shares
issued for our employee stock purchase plan and shares issued upon
the exercise of incentive stock options.
Financial Results for Nine Months Ended March 31, 2012
Revenue for the first nine months of fiscal 2012 was
approximately $8.18 million compared
to approximately $7.22 million for
the first nine months of fiscal 2011, an increase of 13%. This
increase was primarily attributable to higher sales volumes in all
of our major product lines. The number of units of precision molded
optics sold increased by 35% due to our increased production
capability and our pursuit of the low cost, high volume lens
business. Growth in sales going forward is expected to be derived
primarily from our precision molded optics product line,
particularly our low cost lenses sold in Asia, and our infrared and collimator product
lines.
Our gross margin percentage in the first nine months of fiscal
2012 decreased to 34% compared to 39% in the first nine months of
fiscal 2011. Total manufacturing costs of $5.37 million were approximately $962,000 higher in the first nine months of
fiscal 2012 compared to the same period of the prior fiscal year.
This increase in manufacturing costs resulted from an increase in
direct costs of $412,000 for
materials, labor and outside services on increased revenues, an
increase of $349,000 in labor costs
for our collimator and infrared products as we ramp up the
development of these products, and an increase of $174,000 in coating costs. Direct costs, which
include material, labor and services, remained unchanged at 26% of
revenue in the first nine months of fiscal 2012 and 2011.
During the first nine months of fiscal 2012, total costs and
expenses increased $158,000 to
approximately $3.84 million compared
to approximately $3.68 million for
the same period in fiscal 2011. As a result, total operating loss
for the first nine months of fiscal 2012 increased to a loss of
approximately $1.04 million compared
to a loss of $879,000 for the same
period in fiscal 2011.
Interest expense was approximately $69,000 in the first nine months of fiscal 2012
as compared to approximately $583,000
in the first nine months of fiscal 2011.
Net loss for the first nine months of fiscal 2012 was
approximately $1.06 million or
$0.11 per basic and diluted common
share, compared with a net loss of approximately $1.60 million or $0.17 per basic and diluted common share for the
same period in fiscal 2011. Weighted-average basic shares
outstanding increased to 9,758,233 in the first nine months of
fiscal 2012 compared to 9,474,204 in the first nine months of
fiscal 2011, which is primarily due to the issuance of shares of
common stock as payment of interest due on our convertible
debentures, shares issued for our employee stock purchase plan and
shares issued upon the exercise of incentive stock options.
Cash and cash equivalents totaled approximately $490,000 as of March 31,
2012. The current ratio as of March
31, 2012 was 2.17 to 1 compared to 3.01 to 1 as of
June 30, 2011. Total stockholders'
equity as of March 31, 2012 totaled
approximately $3.31 million compared
to $4.04 million as of June 30, 2011.
As of March 31, 2012 our 12-month
backlog, was $4.39 million compared
to $3.87 million as of June 30, 2011.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on
Thursday, May 10th at 4 p.m. EDT to discuss the Company's financial and
operational performance for the third quarter of fiscal 2012.
Conference Call Details
Date: Thursday, May 10,
2012
Time: 4 p.m. (EDT)
Dial-in Number: 1-877-407-8033
International Dial-in Number: 1-201-689-8033
It is recommended that participants dial-in approximately 5 to
10 minutes prior to the start of the 4
p.m. call. A transcript archive of the webcast will be
available for viewing or download on the company web site shortly
after the call is concluded.
About LightPath Technologies
LightPath manufactures optical products including precision
molded aspheric optics, GRADIUM® glass products, proprietary
collimator assemblies, laser components utilizing proprietary
automation technology, higher-level assemblies and packing
solutions. The Company's products are used in various markets,
including industrial, medical, defense, test and measurement and
telecommunications. LightPath has a strong patent portfolio that
has been granted or licensed to it in these fields. For more
information visit www.lightpath.com.
The discussions of our results as presented in this release
include use of non-GAAP terms "EBITDA" and "gross margin."
Gross margin is determined by deducting the cost of sales from
operating revenue. Cost of sales includes manufacturing direct and
indirect labor, materials, services, fixed costs for rent,
utilities and depreciation, and variable overhead. Gross margin
should not be considered an alternative to operating income or net
income, which is determined in accordance with Generally Accepted
Accounting Principles ("GAAP"). We believe that 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 our cost
structure and provides funds for our total costs and expenses. We
use gross margin in measuring the performance of our business and
have historically analyzed and reported gross margin information
publicly. Other companies may calculate gross margin in a different
manner.
EBITDA is a non-GAAP financial measure used by management,
lenders and certain investors as a supplemental measure 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 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. We
use EBITDA for evaluating the relative underlying performance of
the Company's core operations and for planning purposes. We
calculate 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."
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.
Contacts:
|
|
|
LightPath Technologies,
Inc.
|
|
|
Jim Gaynor
|
|
|
President &
CEO
|
|
|
Or
|
|
|
|
|
|
Dorothy
Cipolla,
CFO
|
OR:
|
Brett
Maas, Managing Partner
|
LightPath
Technologies,
Inc.
|
|
Hayden
IR
|
Tel:
407-382-4003 x305
|
|
Tel:
646-536-7331
|
Email:
dcipolla@lightpath.com
|
|
Email:
Brett@haydenir.com
|
Web:
www.lightpath.com
|
|
Web:
www.haydenir.com
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Three
months ended
|
|
Nine
months ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(518,985)
|
|
$
(375,728)
|
|
$
(1,060,731)
|
|
$
(1,602,392)
|
|
Depreciation and amortization
|
|
286,014
|
|
227,861
|
|
857,721
|
|
655,131
|
|
Loss on
extinguishment of debt
|
|
—
|
|
131,784
|
|
—
|
|
131,784
|
|
Interest
expense
|
|
22,582
|
|
89,560
|
|
69,368
|
|
583,197
|
|
EBITDA
|
$
(210,389)
|
|
$
73,477
|
|
$
(133,642)
|
|
$
(232,280)
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Operations and Comprehensive
Income
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Nine
months ended
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Product
sales, net
|
|
|
|
|
$
2,775,486
|
$
|
2,434,056
|
|
8,180,749
|
$
|
7,216,052
|
|
Cost of
sales
|
|
|
|
|
1,895,724
|
|
1,456,758
|
|
5,374,593
|
|
4,412,173
|
|
Gross
margin
|
879,762
|
|
977,298
|
|
2,806,156
|
|
2,803,879
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
|
1,141,366
|
|
861,051
|
|
3,020,869
|
|
2,929,578
|
|
New product development
|
|
|
|
236,643
|
|
265,746
|
|
795,894
|
|
736,838
|
|
Amortization of
intangibles
|
|
|
|
8,217
|
|
8,217
|
|
24,651
|
|
24,651
|
|
Gain on sale of property and
equipment
|
|
|
|
—
|
|
(7,211)
|
|
—
|
|
(7,751)
|
|
Total
costs and expenses
|
1,386,226
|
|
1,127,803
|
|
3,841,414
|
|
3,683,316
|
|
Operating
loss
|
(506,464)
|
|
(150,505)
|
|
(1,035,258)
|
|
(879,437)
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(21,750)
|
|
(32,115)
|
|
(66,920)
|
|
(148,414)
|
|
Interest expense - debt
discount
|
|
|
|
—
|
|
(46,746)
|
|
—
|
|
(316,590)
|
|
Interest expense - debt
costs
|
|
|
|
(832)
|
|
(10,699)
|
|
(2,448)
|
|
(118,193)
|
|
Loss on extinguishment of
debt
|
|
|
|
—
|
|
(131,784)
|
|
—
|
|
(131,784)
|
|
Other income (expense),
net
|
|
|
|
10,061
|
|
(3,879)
|
|
43,895
|
|
(7,974)
|
|
Total other expense,
net
|
|
|
|
(12,521)
|
|
(225,223)
|
|
(25,473)
|
|
(722,955)
|
|
Net
loss
|
|
$
(518,985)
|
|
$
(375,728)
|
|
$
(1,060,731)
|
|
$
(1,602,392)
|
|
Loss per
common share (basic and diluted)
|
|
|
|
|
$
(0.05)
|
|
$
(0.04)
|
|
$
(0.11)
|
|
$
(0.17)
|
|
Number of
shares used in per share calculation
|
|
|
|
|
9,767,640
|
|
9,715,266
|
|
9,758,233
|
|
9,474,204
|
|
(basic and diluted)
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment
|
|
|
|
|
9,883
|
|
29,406
|
|
31,017
|
|
1,090
|
|
Comprehensive
loss
|
|
|
|
|
$
(509,102)
|
|
$
(346,322)
|
|
$
(1,029,714)
|
|
$
(1,601,302)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
June
30,
|
|
Assets
|
|
2012
|
|
2011
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
|
490,055
|
$
|
928,900
|
|
Trade accounts receivable, net of
allowance of $15,191 and $7,245
|
|
2,396,639
|
|
1,833,044
|
|
Inventories, net
|
|
|
|
|
1,563,441
|
|
1,622,637
|
|
Other receivables
|
|
|
|
|
20,654
|
|
30,943
|
|
Prepaid interest
expense
|
|
|
|
|
29,000
|
|
7,250
|
|
Prepaid expenses and other
assets
|
|
|
|
|
209,858
|
|
189,630
|
|
Total
current assets
|
|
4,709,647
|
|
4,612,404
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
|
|
2,120,527
|
|
2,373,022
|
|
Intangible assets, net
|
|
|
|
|
76,482
|
|
101,133
|
|
Debt costs, net
|
|
|
|
|
4,732
|
|
7,180
|
|
Other assets
|
|
|
|
|
27,737
|
|
27,737
|
|
Total assets
|
$
|
6,939,125
|
$
|
7,121,476
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
1,302,198
|
$
|
928,790
|
|
Accrued liabilities
|
|
|
|
|
117,336
|
|
123,705
|
|
Accrued payroll and
benefits
|
|
|
|
|
468,448
|
|
481,318
|
|
Deferred revenue
|
|
|
|
|
282,000
|
|
—
|
|
Total
current liabilities
|
|
2,169,982
|
|
1,533,813
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
rent
|
|
|
|
|
|
371,509
|
|
464,262
|
|
8%
convertible debentures to related parties
|
|
|
|
|
|
1,012,500
|
|
1,012,500
|
|
8%
convertible debentures
|
|
|
|
|
|
75,000
|
|
75,000
|
|
Total
liabilities
|
|
|
3,628,991
|
|
3,085,575
|
|
|
|
|
|
|
|
|
|
|
|
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; 9,768,100 and 9,713,099
|
|
|
|
|
|
|
|
shares issued and
outstanding, respectively
|
|
|
|
97,681
|
|
97,131
|
|
Additional paid-in
capital
|
|
|
|
|
207,939,837
|
|
207,636,440
|
|
Accumulated other comprehensive
income
|
|
|
|
|
81,610
|
|
50,593
|
|
Accumulated deficit
|
|
|
|
|
(204,808,994)
|
|
(203,748,263)
|
|
Total
stockholders' equity
|
|
3,310,134
|
|
4,035,901
|
|
Total
liabilities and stockholders' equity
|
$
|
6,939,125
|
$
|
7,121,476
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Cash Flows
|
(unaudited)
|
|
|
|
|
|
Nine
Months ended
|
|
|
March
31,
|
|
|
2012
|
|
2011
|
|
Cash flows
from operating activities
|
|
|
|
|
Net
loss
|
$(1,060,731)
|
|
$(1,602,392)
|
|
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
|
|
|
|
|
Depreciation and amortization
|
857,721
|
|
655,131
|
|
Interest
from amortization of debt discount
|
—
|
|
316,590
|
|
Interest
from amortization of debt costs
|
2,448
|
|
118,193
|
|
Gain on
sale of property and equipment
|
—
|
|
(7,751)
|
|
Stock
based compensation
|
202,802
|
|
161,660
|
|
Change in
provision for doubtful accounts receivable
|
7,946
|
|
(14,355)
|
|
Deferred
rent
|
(92,753)
|
|
(77,221)
|
|
Loss on
extinguishment of debt
|
—
|
|
131,784
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Trade accounts
receivables
|
(571,541)
|
|
213,307
|
|
Other receivables
|
10,289
|
|
—
|
|
Inventories
|
59,196
|
|
(541,438)
|
|
Prepaid expenses and other assets
|
45,022
|
|
142,943
|
|
Accounts payable and accrued liabilities
|
354,169
|
|
436,799
|
|
Deferred revenue
|
282,000
|
|
—
|
|
Net cash provided by (used in) operating activities
|
96,568
|
|
(66,750)
|
|
Cash flows
from investing activities
|
|
|
|
|
Purchase of property and equipment
|
(580,575)
|
|
(694,597)
|
|
Proceeds from sale of equipment
|
—
|
|
7,751
|
|
Net cash used in investing activities
|
(580,575)
|
|
(686,846)
|
|
Cash flows
from financing activities
|
|
|
|
|
Proceeds from exercise of stock
options
|
—
|
|
5,653
|
|
Proceeds from sale of common stock
from employee stock purchase plan
|
14,145
|
|
12,137
|
|
Costs associated with conversion
of debentures
|
—
|
|
(6,748)
|
|
Exercise of warrants
|
—
|
|
231,659
|
|
Net cash provided by financing activities
|
14,145
|
|
242,701
|
|
Effect of
exchange rate on cash and cash equivalents
|
31,017
|
|
1,090
|
|
Decrease
in cash and cash equivalents
|
(438,845)
|
|
(509,805)
|
|
Cash and
cash equivalents, beginning of period
|
928,900
|
|
1,464,351
|
|
Cash and
cash equivalents, end of period
|
$
490,055
|
|
$
954,546
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information:
|
|
|
|
|
Interest paid in cash
|
$
1,670
|
|
$
-
|
|
Income taxes paid
|
3,694
|
|
4,079
|
|
Supplemental
disclosure of non-cash investing & financing
activities:
|
|
|
|
|
Convertible
debentures converted into common stock
|
$
-
|
|
$
832,500
|
|
Prepaid
interest on convertible debentures through the issuance
of
|
87,000
|
|
-
|
|
Premium from
debt exchange
|
-
|
|
42,719
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statement of Stockholders'
Equity
|
Nine
months ended March 31, 2012
|
(unaudited)
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
Class
A
|
Additional
|
Other
|
|
Total
|
|
|
Common
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Stockholders'
|
|
|
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
|
Balance at
June 30, 2011
|
|
9,713,099
|
$
97,131
|
$207,636,440
|
$
50,593
|
$(203,748,263)
|
$
4,035,901
|
|
Issuance
of common stock for:
|
|
|
|
|
|
|
|
|
Employee stock purchase
plan
|
13,169
|
132
|
14,013
|
—
|
—
|
14,145
|
|
Interest payment on convertible
debentures
|
41,832
|
418
|
86,582
|
—
|
—
|
87,000
|
|
Stock
based compensation on stock
|
|
|
|
|
|
|
|
options and restricted stock units
|
—
|
—
|
202,802
|
—
|
—
|
202,802
|
|
Net
loss
|
—
|
—
|
—
|
—
|
(1,060,731)
|
(1,060,731)
|
|
Foreign
currency translation adjustment
|
—
|
—
|
—
|
31,017
|
—
|
31,017
|
|
Balance at
March 31, 2012
|
9,768,100
|
$
97,681
|
$207,939,837
|
$
81,610
|
$(204,808,994)
|
$
3,310,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE LightPath Technologies, Inc.