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Basis of Presentation | 3 Months Ended
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Sep. 30, 2013
Basis Of Presentation |
Basis of Presentation | 1. Basis of Presentation References in this document to “the Company”, “LightPath”, “we”, “us”, or “our” are intended to mean LightPath Technologies, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis. The accompanying unaudited consolidated financial statements have been prepared in accordance with the requirements of Article 8 of Regulation S-X promulgated under the Securities Exchange Act of 1934 and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and related notes, included in its Form 10-K for the fiscal year ended June 30, 2013, filed with the Securities and Exchange Commission (the “SEC”). Unless otherwise stated, references to particular years or quarters refer to the Company’s fiscal years ended in June and the associated quarters of those fiscal years. These consolidated financial statements are unaudited, but include all adjustments, including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results that may be expected for the year as a whole. History: LightPath was incorporated in Delaware in 1992 to pursue a strategy of supplying hardware to the telecommunications industry. In April 2000, the Company acquired Horizon Photonics, Inc. (“Horizon”), and in September 2000 the Company acquired Geltech, Inc. (“Geltech”). During fiscal 2003, in response to sales declines in the telecommunications industry, the operations of Horizon in California and LightPath in New Mexico were consolidated into the former Geltech facility in Orlando, Florida. In November 2005, the Company formed LightPath Optical Instrumentation (Shanghai) Co., Ltd. (“LPOI”), a wholly-owned manufacturing subsidiary located in Jiading, People’s Republic of China. LPOI’s manufacturing operations are housed in a 16,000 square foot facility located in the Jiading Industrial Zone near Shanghai. This plant increased LightPath’s overall production capacity and enabled it to compete for larger production volumes of optical components and assemblies, and strengthened our partnerships within the Asia/Pacific region. LightPath is a manufacturer and integrator of families of precision molded aspheric optics, high-performance fiber-optic collimator, GRADIUM™ glass lenses and other optical materials used to produce products that manipulate light. The Company designs, develops, manufactures and distributes optical components and assemblies utilizing the latest optical processes and advanced manufacturing technologies. The Company also performs research and development for optical solutions for the traditional optics markets and communications markets. Liquidity: The Company has previously incurred recurring losses from operations. As of September 30, 2013 the Company has an accumulated deficit of approximately $204 million. Cash flow provided by operations was approximately $251,000 for the first fiscal quarter of 2014 compared to cash used of $21,000 for the first fiscal quarter of 2013. Cash flow from operations was approximately $556,000 during fiscal 2013 with fiscal 2013 being the first profitable year in the Company’s history. The improvements in the cash provided by operations are partly a result of increased revenues from the additional markets we are able to address due to our low cost structure as well as manufacturing and product efficiencies. In 2006, we also implemented our cash conservation strategy, which included reducing labor, material costs and discretionary expense spending. In addition, starting in fiscal 2009 we redesigned certain product lines – collimators and precision molded optics, increased sales prices on GRADIUM products, obtained more favorable material costs by purchasing some components in China, and instituted more efficient management techniques, all of which have improved our product yields. Management believes these factors will contribute towards achieving future profitability, assuming we meet our sales targets. At September 30, 2013, we had a book cash balance of approximately $2.88 million. During the three months ended September 30, 2013, we generated $1.31 million of cash which compares to a cash usage of $192,000 for the first three months of the prior fiscal year. This increase in our cash balance for the first three months of fiscal 2014 was primarily due to the receipt in July 2013 of approximately $1,279,000 in proceeds net of approximately $28,000 in costs, from the exercise of common stock warrants. We issued 832,236 shares of common stock in connection with the exercise of these warrants. (including 258,825 shares of common stock in connection with the exercise of the warrants associated with the June 2012 private placement, see Note 11). The warrants carried exercise prices ranging from $0.87 to $1.89 per share of common stock. We believe that cash flow from operations will improve from fiscal 2013 during the rest of fiscal 2014 based upon the current booking rate combined with increased quote activity and the existing 12-month backlog. We are also continuing to seek opportunities to reduce costs and manage cash usage. We believe we can continue to achieve additional cost reductions by continuing the transition of precision molded optics lenses to less expensive glass, increasing tooling life and further qualifying the anti-reflective coating process in our Shanghai facility.

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- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References No definition available. + Details
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