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<SEC-DOCUMENT>0001181431-05-060494.txt : 20051109
<SEC-HEADER>0001181431-05-060494.hdr.sgml : 20051109
<ACCEPTANCE-DATETIME>20051109152050
ACCESSION NUMBER:		0001181431-05-060494
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051109
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051109
DATE AS OF CHANGE:		20051109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTPATH TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000889971
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				860708398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27548
		FILM NUMBER:		051189701

	BUSINESS ADDRESS:	
		STREET 1:		2603 CHALLENGER TECH CT
		STREET 2:		SUITE 100
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32826
		BUSINESS PHONE:		4073824003
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd96798.htm
<TEXT>


<html><head>
<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
</head>
<body Bgcolor="white">

<hr Size="4" Noshade Color="#000000" Align="left">

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>UNITED STATES </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>SECURITIES AND EXCHANGE COMMISSION </b></font></div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Washington, D.C. 20549 </b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<b>Form 8-K </b></font></div> <div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Current Report </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Date of Report (Date of earliest event reported):&nbsp;&nbsp;11/09/2005 </b></font></div>




<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<b>LIGHTPATH TECHNOLOGIES INC </b></font></div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Exact name of registrant as specified in its charter)</b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Commission File Number:&nbsp;&nbsp;000-27548</b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">
<tr>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>DE</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>86-0708398</b></font>
</div>
</td>
</tr>

<tr>
<td Valign="top" Align="center" Width="59%">
<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(State or other jurisdiction of</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000"><b>(IRS Employer</b></font>
</div>
</td>
</tr>

<tr>
<td Valign="top" Align="center" Width="59%">
<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>incorporation)</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Identification No.)</b></font>
</div>
</td>
</tr>

</table></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>2603 Challenger Tech Ct. , Suite 100, Orlando, FL 32826</b></font></div>


<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Address of principal executive offices, including zip code)</b></font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>407-382-4003 </b></font>
</div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Registrant&#146;s telephone number, including area code)</b></font>
</div>



<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b> </b></font>
</div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Former name or former address, if changed since last report) </b></font>
</div>


<div><font Size="1">&nbsp;</font>
</div>




<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR><BR>
</b></font>


</div>



<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>

[&nbsp;&nbsp;]&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</b>

</font>
</div>





<div><font Size="1">&nbsp;</font>
</div>

<hr Size="4" Noshade Color="#000000" Align="left">


<p Style='page-break-before:always'>
<p Align="center"><font Size="2">
Information to be included in the report</b>
</font>





<div><font Size="1">&nbsp;</font></div>

<div align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</b></font>
</div>

<div><font Size="1">&nbsp;</font>
</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
The Registrant issued a Press Release on November 9, 2005, reporting financial results for the fiscal first quarter ended September 30, 2005, and announcing an audio webcast to be held on November 10, 2005. A copy of the Press Release is attached as Exhibit 99.1 to this Report.</font>
</div>

<div><font Size="1">&nbsp;</font></div>



<div><font Size="1">&nbsp;</font></div>

<div align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></font>
</div>

<div><font Size="1">&nbsp;</font>
</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
Press Release on November 9, 2005 (furnished herewith).</font>
</div>

<div><font Size="1">&nbsp;</font></div>



<hr  Size="3" Color="#cceeff" Width="100%" Align="center">
<p Align="center"><font Size="2">&nbsp;</font>
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Signature(s) </b></font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. </font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div><table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">




<tr>
	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000"></font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	LIGHTPATH TECHNOLOGIES INC</font>
	</div>	</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>
<tr>
	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Date: November 09, 2005</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	By:</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	/s/&nbsp;&nbsp;&nbsp;&nbsp;Robert Burrows</font>
	</div>
	<hr Noshade Align="left" Color="#000000">
	</td>
</tr>

<tr>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Robert Burrows</font>
	</div>
	</td>
</tr>

<tr>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="53%">
	<div><font Face="times New Roman" Size="2" Color="#000000">Chief Financial Officer</font>
	</div>
</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>



</table></div>





<p Style='page-break-before:always'>
<hr  Size="3" Color="#cceeff" Width="100%" Align="center">

<p Align="center"><font Size="2">&nbsp;</font>
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Exhibit Index </b></font>
</div>

<div><font Size="2">&nbsp;</font></div>

<div Align="center">
<table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">




<tr>
	<td Valign="top" Align="left">
	<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
	<b>Exhibit&nbsp;No.</b></font>
	</div>
		<hr Size="2" Noshade Width="48" Color="#000000">
	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	<b>Description</b></font>
	</div>
	<hr Size="2" Noshade Width="73" Align="left" Color="#000000">
	</td>
</tr>




<tr>
	<td Valign="top" Align="left">
	<div Align="top"><font Face="times New Roman" Size="1" Color="#000000">
	EX-99.1</font>
	</div>

	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	Press Release issued on November 9, 2005.</font>
	</div>
		</td>
</tr>





</div></table>



</body></html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd96798_9608.htm
<DESCRIPTION>PRESS RELEASE ISSUED ON NOVEMBER 9, 2005.
<TEXT>



<HTML>


<HEAD>








<TITLE>Exhibit 991 </TITLE>


</HEAD>


<BODY>





<B><P ALIGN="RIGHT">99.1</P>


<P ALIGN="CENTER">LightPath Technologies, Inc. Announces</P>


<P ALIGN="CENTER">First Quarter Fiscal 2006 Financial Results</P>


<FONT SIZE=2><P ALIGN="CENTER">For Immediate Release</P>


</B></FONT>


<P ALIGN="JUSTIFY">&nbsp;<I><FONT SIZE=2>(November 9, 2005)</I> ORLANDO, FL LightPath Technologies, Inc. (NASDAQ: LPTH), a manufacturer and integrator of families of precision molded aspheric optics, GRADIUM</FONT><FONT SIZE=1>(R)</FONT><FONT SIZE=2> glass products, high-performance fiber-optic collimators and isolators, today announced financial results for its fiscal 2006 first quarter ended September 30, 2005. Sales increased by 11% to $2.70 million compared to the fourth quarter of fiscal 2005 and compared to the same period in the prior year, sales decreased by 8%. Operating expense reductions coupled with margin improvement are the primary drivers of the reduced reported loss compared to the first quarter of fiscal 2005. Our Disclosure Backlog, as defined in our Annual Report on Form 10-K for June 30, 2005, was $2.5 million at September 30, 2005 compared to $4.0 million at the same date in the prior year and $2.6 million at June 30, 2005. </P>


</FONT>


<B><FONT SIZE=2><P ALIGN="CENTER">Financial Quick Reference</P>


</B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=478>


<TR><TD WIDTH="74%" VALIGN="BOTTOM">


<B><FONT SIZE=1><P>(In Millions, except for per share data)</B></FONT></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=7>


<B><FONT SIZE=1><P ALIGN="CENTER">Three&nbsp;Months&nbsp;Ended<BR>


September 30,</B></FONT></TD>


</TR>


<TR><TD WIDTH="74%" VALIGN="BOTTOM">


<FONT SIZE=1><P>Unaudited</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2>


<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="0%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3>


<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>


</TR>


<TR><TD WIDTH="74%" VALIGN="TOP" BGCOLOR="#00ffff">


<FONT SIZE=2><P>Total revenues</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">2.70</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="0%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">2.95</FONT></TD>


</TR>


<TR><TD WIDTH="74%" VALIGN="TOP">


<FONT SIZE=2><P>Total costs and expenses</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2>


<FONT SIZE=2><P ALIGN="RIGHT">3.51</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="0%" VALIGN="BOTTOM">


<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">3.02</FONT></TD>


</TR>


<TR><TD WIDTH="74%" VALIGN="TOP" BGCOLOR="#00ffff">


<FONT SIZE=2><P>Net loss</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">(0.81)</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">&nbsp;</TD>


<TD WIDTH="0%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">(1.58)</FONT></TD>


</TR>


<TR><TD WIDTH="74%" VALIGN="TOP">


<FONT SIZE=2><P>Net loss per share</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2>


<FONT SIZE=2><P ALIGN="RIGHT">(0.22)</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="0%" VALIGN="BOTTOM">


<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">(0.49)</FONT></TD>


</TR>


<TR><TD WIDTH="74%" VALIGN="TOP" BGCOLOR="#00ffff">


<FONT SIZE=2><P>Increase\(Decrease) in cash and cash equivalents</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">(0.73)</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">&nbsp;</TD>


<TD WIDTH="0%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="RIGHT">(0.43)</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<P>&nbsp;</P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=492>


<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=22>


<B><FONT SIZE=1><P>(In Millions)</B></FONT></TD>


<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=22>


<B><FONT SIZE=1><P>&nbsp;&nbsp;</B></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=22>


<B><FONT SIZE=1><P ALIGN="CENTER">September 30,</P>


<P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>


<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=22>


<B><FONT SIZE=1><P ALIGN="CENTER">June&nbsp;30,</P>


<P ALIGN="CENTER">2005</B></FONT></TD>


</TR>


<TR><TD WIDTH="66%" VALIGN="TOP" BGCOLOR="#00ffff">


<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>


<TD WIDTH="4%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=1><P>&nbsp;&nbsp;</FONT></TD>


<TD WIDTH="4%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="CENTER">$</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="CENTER">1.73</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#00ffff">&nbsp;</TD>


<TD WIDTH="3%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="CENTER">$</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">


<FONT SIZE=2><P ALIGN="CENTER">2.46</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<B>


<FONT SIZE=2><P ALIGN="JUSTIFY">Detailed comments about the first quarter of fiscal 2006:</B> For the quarter ended September 30, 2005, the Company reported total revenues of $2.70 million compared to $2.95 million for the same quarter of the previous fiscal year, a decrease of 8%. Net loss for the quarter was $0.81 million, or $0.22 per share. Our gross margin percentage in the first quarter is moderately higher, at 20.4%, by nearly one point compared to the comparable quarter in the prior year when it was 19.6%. While we are seeing improved margins from lower labor and overhead costs, our efforts to improve margins continue to be a principal focus as demonstrated by our recent announcement regarding the opening of a high volume production facility in China. SG&amp;A expenses were reduced from $1.27 million last year to $1.08 million in this most recent quarter, largely due to reductions in legal, insurance and investor relations expenses. New product development expenses were lower at $0.26 million compare
d to last year's first quarter when it was $0.30 million. This was the result of lower consumable material and outside service costs, which were partially offset by higher personnel costs, resulting from the hiring of incremental engineering staff. A notable improvement in our statement of operations in the current quarter includes amortization expense for intangible assets of only $35 thousand compared to approximately $466 thousand in the same quarter of the prior year. This was caused by a portion of identifiable intangibles becoming fully amortized in prior quarters. Remaining amortization amounts from our intangible assets that are subject to periodic amortization will continue to be relatively modest at current quarter levels or lower. </P>


</FONT><P>&nbsp;</P>


<B><FONT SIZE=2><P ALIGN="JUSTIFY">Cash Status:</B> For the quarter ended September 30, 2005, net cash declined by $0.73 million vs. a decrease of $0.43 million in the same period of the prior year. The increased cash usage was due to a temporary lag in receivable collections from selected telecom customers and the building of material buffer stocks in our molded optics product line in preparation for higher second quarter sales and the commencement of production in our China operation. We anticipate an improvement in our cash usage throughout the remainder of the year as we implement the balancing of our operations. </P>


<B><P ALIGN="JUSTIFY">Comments</B>: Ken Brizel, President and CEO of LightPath, stated, &quot;As we reported previously, our revenue rebounded from the fourth quarter of fiscal 2005 but is still below the first quarter of fiscal 2005. We are still feeling the cyclic nature of the communications market. The first quarter revenues in fiscal 2005 benefited from a temporary upswing in telecom sales, which proceeded to decline substantially in the second half of fiscal 2005 and into the first quarter of our current fiscal year. We anticipate that our continued attention to developing new markets coupled with the opportunity afforded by our recently announced China operation to compete for higher volume business will keep us on track to achieving an increase in total year-over-year revenues.&quot;</P>


</FONT><P>&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">Additional information concerning the Company and its products can be found at the Company's website at www.lightpath.com. </P>


</FONT><P>&nbsp;</P>


<B><U><FONT SIZE=2><P>Webcast Details:</U> </P>


</B></FONT><P>&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">LightPath will hold an audio webcast at 3:00 p.m. EST on November 10, 2005 to discuss details regarding the company's performance for the first three months of fiscal year 2006. The session may be accessed at http://www.lightpath.com. A transcript archive of the webcast will be available for viewing or download on our website. </P>


</FONT><P ALIGN="JUSTIFY">&nbsp;</P>


<B><U><FONT SIZE=2><P>About LightPath:</U> </P>


</B></FONT><P>&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">LightPath manufactures optical products including precision molded aspheric optics, GRADIUM</FONT><FONT SIZE=1>(R)</FONT><FONT SIZE=2> glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq Capital Market under the stock symbol LPTH. </P>


</FONT><P>&nbsp;</P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=578>


<TR><TD WIDTH="17%" VALIGN="TOP">


<FONT SIZE=2><P>Contacts:</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;&nbsp;</FONT></TD>


<TD WIDTH="80%" VALIGN="BOTTOM">


<FONT SIZE=2><P>Rob Burrows, CFO</FONT></TD>


</TR>


<TR><TD WIDTH="17%" VALIGN="TOP">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;&nbsp;</FONT></TD>


<TD WIDTH="80%" VALIGN="BOTTOM">


<FONT SIZE=2><P>LightPath Technologies, Inc. (407) 382-4003</FONT></TD>


</TR>


<TR><TD WIDTH="17%" VALIGN="TOP">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;&nbsp;</FONT></TD>


<TD WIDTH="80%" VALIGN="BOTTOM">


<FONT SIZE=2><P>Internet: www.lightpath.com</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<P>&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">This news release includes statements, which constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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.</P>


<P ALIGN="JUSTIFY"></P>


<P>&nbsp;</P></FONT>


<TABLE BORDER CELLSPACING=1 WIDTH=562>


<TR><TD VALIGN="BOTTOM" COLSPAN=10 HEIGHT=19>


<B><FONT SIZE=3><P ALIGN="CENTER">LIGHTPATH TECHNOLOGIES, INC.</B></FONT></TD>


</TR>


<TR><TD VALIGN="BOTTOM" COLSPAN=10 HEIGHT=26>


<B><FONT SIZE=3><P ALIGN="CENTER">Unaudited Condensed Consolidated Balance Sheets</B></FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=24><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=24><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=24><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=24><P></P></TD>


<TD WIDTH="52%" VALIGN="TOP" HEIGHT=24><P></P></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=24><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=24>


<B><FONT SIZE=2><P ALIGN="CENTER">September 30,</B></FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=24><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=24>


<B><FONT SIZE=2><P ALIGN="CENTER">June 30,</B></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=17>


<B><FONT SIZE=2><P ALIGN="CENTER">Assets</B></FONT></TD>


<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=17>


<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17>


<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=19>


<FONT SIZE=2><P>Current assets:</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           1,733,120 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           2,462,540 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Trade accounts receivable, net of allowance of $26,500</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           1,844,559 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           1,456,612 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>and $26,500, respectively</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Inventories</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           2,047,806 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           1,741,494 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Prepaid expenses and other assets</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              188,299 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              222,430 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Total current assets</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           5,813,784 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           5,883,075 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=26>


<FONT SIZE=2><P>Property and equipment - net </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           1,202,192 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           1,335,612 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Intangible assets - net </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              290,316 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              325,008 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Other assets</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">                65,215 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">                65,214 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>       Total assets</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           7,371,507 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           7,608,909 </FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=26>


<B><FONT SIZE=2><P ALIGN="CENTER">Liabilities and Stockholders' Equity</B></FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=18>


<FONT SIZE=2><P>Current liabilities: </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Accounts payable </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">           1,459,735 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT"> $ </FONT></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              865,960 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Accrued liabilities </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              297,751 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              387,617 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Accrued payroll and benefits</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              369,614 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">              358,606 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5>


<FONT SIZE=2><P>Accrued severance and exit costs</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Capital lease obligation, current portion</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">                12,901 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">                12,479 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Total current liabilities</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           2,140,001 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           1,624,662 </FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=35>


<FONT SIZE=2><P>Capital lease obligation, excluding current portion</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=35><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=35>


<FONT SIZE=2><P ALIGN="RIGHT">50,805 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=35><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=35>


<FONT SIZE=2><P ALIGN="RIGHT">54,193 </FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=21>


<FONT SIZE=2><P>Stockholders' equity:</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=18>


<FONT SIZE=2><P>Common stock: Class&nbsp;A, $.01 par value, voting; </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" ROWSPAN=4 HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">                36,956 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" ROWSPAN=4 HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" ROWSPAN=4 HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">                36,956 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>34,500,000 shares authorized; 3,695,644</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>shares issued and outstanding at September 30, 2005 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>and June 30, 2005, respectively</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>Additional paid-in capital</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">       192,410,649 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">       192,426,330 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>Accumulated deficit</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">     (187,118,635)</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">     (186,311,002)</FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18><P></P></TD>


<TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=18>


<FONT SIZE=2><P>Unearned compensation</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">            (148,269)</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=2><P ALIGN="RIGHT">            (222,230)</FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Total stockholders' equity</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           5,180,701 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           5,930,054 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Total liabilities and stockholders' equity</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           7,371,507 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT"> $ </FONT></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">           7,608,909 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>


</TR>


</TABLE>





<FONT SIZE=2>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P></FONT>


<TABLE BORDER CELLSPACING=1 WIDTH=570>


<TR><TD VALIGN="BOTTOM" COLSPAN=9 HEIGHT=19>


<B><FONT SIZE=3><P ALIGN="CENTER">LIGHTPATH TECHNOLOGIES, INC.</B></FONT></TD>


</TR>


<TR><TD VALIGN="BOTTOM" COLSPAN=9 HEIGHT=19>


<B><FONT SIZE=3><P ALIGN="CENTER">Unaudited Condensed Consolidated Statement of Operations</B></FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>


<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>


<TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=30>


<B><FONT SIZE=2><P ALIGN="CENTER">Three months ended</B></FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<B><FONT SIZE=2><P ALIGN="CENTER">September 30,</B></FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>


</TR>


<TR><TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=26>


<FONT SIZE=2><P>Product sales, net</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<B><FONT SIZE=2><P ALIGN="RIGHT">$</B></FONT></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">2,702,036 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">2,950,306 </FONT></TD>


</TR>


<TR><TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=17>


<FONT SIZE=2><P>Cost of sales </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">2,150,320 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">2,372,165 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Gross margin</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">551,716 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">578,141 </FONT></TD>


</TR>


<TR><TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=26>


<FONT SIZE=2><P>Operating expenses:</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>


<FONT SIZE=2><P>Selling, general and administrative </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">1,082,563 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">1,265,603 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>


<FONT SIZE=2><P>New product development</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">255,173 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">301,717 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>


<FONT SIZE=2><P>Amortization of intangibles</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">34,692 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">466,170 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>


<FONT SIZE=2><P>Gain on sales of assets</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">(5,654)</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">(12,097)</FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4>


<FONT SIZE=2><P>Reorganization and relocation expense</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="24%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">--&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="26%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="RIGHT">--&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Total operating costs</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">1,366,774 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">2,021,393 </FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="41%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P>Operating loss</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">(815,058)</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">(1,443,252)</FONT></TD>


</TR>


<TR><TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>


<FONT SIZE=2><P>Other income (expense)</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>


<FONT SIZE=2><P>Loss on settlement of litigation</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>


<FONT SIZE=2><P ALIGN="RIGHT">                     -   </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=16>


<FONT SIZE=2><P ALIGN="RIGHT">            (70,000)</FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>


<FONT SIZE=2><P>Investment and other income (expense), net</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">               7,426 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P ALIGN="RIGHT">            (68,852)</FONT></TD>


</TR>


<TR><TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="42%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=26>


<FONT SIZE=2><P>Net loss</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<B><FONT SIZE=2><P ALIGN="RIGHT">$</B></FONT></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">(807,632)</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">(1,582,104)</FONT></TD>


</TR>


<TR><TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=26>


<FONT SIZE=2><P>Loss per share (basic and diluted) </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<B><FONT SIZE=2><P ALIGN="RIGHT">$</B></FONT></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">(0.22) </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">(0.49)</FONT></TD>


</TR>


<TR><TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=26>


<FONT SIZE=2><P>Number of shares used in per share calculation</FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">3,695,644 </FONT></TD>


<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>


<TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=26>


<FONT SIZE=2><P ALIGN="RIGHT">3,259,206 </FONT></TD>


</TR>


<TR><TD VALIGN="BOTTOM" COLSPAN=9 HEIGHT=13>


<FONT SIZE=2><P ALIGN="CENTER">.</FONT></TD>


</TR>


</TABLE>





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