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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-07-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;div&gt;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="display: inline; font-weight: bold"&gt;Long-lived assets&lt;/font&gt;, such as property, plant, and equipment, tooling and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -Publisher FASB

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="display: inline; font-weight: bold"&gt;Deferred revenue&lt;/font&gt; relates to a $1.1 million purchase order from Raytheon for which revenue is recognized on a percentage of completion basis. The Company is using the "cost-to-cost method" to allow it to measure progress toward completion based on the ratio of costs incurred to date to total estimated costs. The Company recorded in deferred revenue, or other receivables, in the accompanying consolidated balance sheet, based on the difference between the amounts invoiced on the project and the amount recognized into revenue or expenses incurred. As of June 30, 2013, the Company invoiced $743,500 and recognized $1,097,030 as revenue with the difference of $353,530 recorded as other receivables. At June 30, 2013, we had no billed accounts receivable outstanding with respect to this purchase order. The project is expected to be completed by December 2013.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for recognizing unearned income or deferred revenue related to transactions involving the sale of a product or performance of services.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

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 -Publisher FASB

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company has not recognized a liability for uncertain tax positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits or penalties has not been provided since there has been no unrecognized benefit or penalty. If there were an unrecognized tax benefit or penalty, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company files U.S. Federal income tax returns, and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal, state, or local, or non-U.S. income tax examinations by tax authorities for years before 2010.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher SEC

 -Name Staff Accounting Bulletin (SAB)

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 -Publisher FASB

 -Name Accounting Standards Codification

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ResearchAndDevelopmentExpensePolicy</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-07-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;div&gt;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="display: inline; font-weight: bold"&gt;New product development&lt;/font&gt; costs are expensed as incurred.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments which include cash, trade receivables, accounts payable and accrued liabilities. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company values its warrant liabilities based on open-form option pricing models which, based on the relevant inputs, render the fair value measurement at Level 3. The Company bases its estimates of fair value for warrant liabilities on the amount it would pay a third-party market participant to transfer the liability and incorporates inputs such as equity prices, historical and implied volatilities, dividend rates and prices of convertible securities issued by comparable companies maximizing the use of observable inputs when available. See further discussion at Note 18.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In July 2013 the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which amends ASC 740, "Income Taxes." This new guidance requires that a liability related to an unrecognized tax benefit be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if certain criteria are met. The provisions of this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The Company will adopt this guidance during fiscal 2015 and does not expect the adoption to have a material effect on our financial position, results of operations or cash flows.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Recent accounting pronouncements</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Summary of Significant Accounting Policies (Policies)</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://lightpath.com/role/SummaryOfSignificantAccountingPoliciesPolicies</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>19</NumberOfRows></InstanceReport>
