================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT
TO THE 1934 ACT REPORTING REQUIREMENTS
FORM 10-QSB
___________________
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE REPORT OF 1934
For the transition period from ___________ to ____________
Commission file number 000-27548
___________________
LIGHTPATH TECHNOLOGIES, INC.
___________________
(Exact name of registrant as specified in its charter)
DELAWARE 86-0708398
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6820 Academy Parkway East, N.E. http://www.light.net 87109
Albuquerque, New Mexico (ZIP Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
(505)342-1100
-----------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES __X__ NO ____
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date:
Common Stock, Class A, $.01 par value 2,764,589 shares
Common Stock, Class E-1, $.01 par value 1,449,942 shares
Common Stock, Class E-2, $.01 par value 1,449,942 shares
Common Stock, Class E-3, $.01 par value 966,621 shares
- --------------------------------------- --------------
Class Outstanding at April 15, 1997
================================================================================
<PAGE>
LightPath Technologies, Inc.
( A Development Stage Company)
Form 10-Q
Index
Item Page
Part I Financial information
Balance Sheet 2
Statements of Operations 3
Statements of Cash Flows 4
Notes to Financial Statements 5
Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Part II Other information
Legal Proceedings 10
Changes in Securities 10
Defaults Upon Senior Securities 10
Submission of Matters to Vote of Security Holders 10
Other Items 10
Exhibits and Reports on Form 8-K 10
Signatures 11
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Balance Sheet
<TABLE>
<CAPTION>
March 31, June 30,
1997 1996
-------------------------------------
Unaudited
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $ 1,299,377 $ 4,335,133
Trade accounts receivable 354,254 23,500
Inventories 220,486 66,186
Advances to employees 2,583 14,445
Prepaid expenses and other 76,938 82,608
-------------------------------------
Total current assets 1,953,638 4,521,872
Property and equipment - net 773,984 438,726
Intangible assets - net 313,582 250,206
-------------------------------------
Total assets $ 3,041,204 $ 5,210,804
=====================================
Liabilities and Stockholders' Equity Current liabilities:
Accounts payable and accrued liabilities $ 367,163 $ 362,206
Accrued payroll and benefits 288,526 274,237
-------------------------------------
Total current liabilities 655,689 636,443
Note payable to related parties 30,000 30,000
Redeemable common stock:
Class E-1 - performance based and redeemable common stock
1,449,942 and 1,454,547, shares issued and outstanding at March
31, 1997 and June 30, 1996, respectively 14,499 14,545
Class E-2 - performance based and redeemable common stock
1,449,942 and 1,454,547 shares issued and outstanding at March
31, 1997 and June 30, 1996, respectively 14,499 14,545
Class E-3 - performance based and redeemable common stock
966,621 and 969,691, issued and outstanding at March 31, 1997 and
June 30, 1996, respectively 9,666 9,697
Stockholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares authorized; none
issued and outstanding at March 31, 1997 or June 30, 1996 - -
Common stock:
Class A, $.01 par value; 34,500,000 shares authorized, voting
2,764,589 and 2,722,191, shares issued and outstanding at March
31, 1997 and June 30, 1996, respectively 27,647 27,222
Additional paid-in capital 18,844,785 18,692,578
Deficit accumulated during the development stage (16,555,581) (14,214,226)
-------------------------------------
Total stockholders' equity 2,316,851 4,505,574
-------------------------------------
Total liabilities and stockholders' equity $ 3,041,204 $ 5,210,804
=====================================
</TABLE>
See accompanying notes.
2
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Statements of Operations
<TABLE>
<CAPTION>
Inception
August 23,
Three Months Ended Nine Months Ended 1985 through
Unaudited March 31, March 31, March 31,
1997 1996 1997 1996 1997
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Revenues:
Product development fees $306,000 $ 62,000 $ 419,153 $ 137,000 $ 688,153
Lenses and other 74,959 22,472 113,440 32,066 233,828
-----------------------------------------------------------------------------------
Total revenues 380,959 $ 84,472 532,593 169,066 921,981
Costs and expenses:
Cost of goods sold 60,148 10,949 90,471 16,427 297,327
Selling, general and
administrative 790,882 576,798 2,137,162 1,166,068 13,283,598
Research and development 201,928 9,752 741,235 30,073 7,415,688
Amortization of unearned
compensation - - - 867,642 2,076,217
-----------------------------------------------------------------------------------
Total costs and expenses 1,052,958 597,499 2,968,868 2,080,210 23,072,830
-----------------------------------------------------------------------------------
Operating loss (671,999) (513,027) (2,436,275) (1,911,144) (22,150,849)
Other income(expense):
Investment income 22,065 21,833 97,664 21,833 191,115
Interest expense (1,171) (201,892) (2,744) (397,298) (1,853,111)
-----------------------------------------------------------------------------------
Net loss $ (651,105) $ (693,086) $(2,341,355) $(2,286,609) $(23,812,845)
===================================================================================
Net loss per share $(.24) $(.44) $(.85) $(2.18) -
===================================================================================
Number of shares used in per share
calculation 2,764,338 1,580,945 2,751,623 1,049,819 -
===================================================================================
</TABLE>
See accompanying notes.
3
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Statements of Cash Flows
<TABLE>
<CAPTION>
Inception
August 23,
Nine Months Ended 1985
Unaudited March 31, through
March 31,
------------------------------------------------------
1997 1996 1997
------------------------------------------------------
<S> <C> <C> <C>
Operating activities
Net loss $ (2,341,355) $ (2,286,609) $(23,812,845)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 134,139 56,701 590,194
Accretion of bridge notes - 223,135 244,808
Services provided for common stock 252,509 5,000 1,393,322
Write-off abandoned patent applications - 1,895 111,059
Amortization of unearned compensation - 867,642 2,076,217
Changes in operating assets and liabilities:
Receivable, advances to employees (318,892) 61,464 (356,837)
Inventories (154,300) - (220,486)
Prepaid expenses and other 5,670 (62,816) (76,938)
Accounts payable and accrued expenses 19,246 (633,419) 1,941,353
------------------------------------------------------
Net cash used in operating activities (2,402,983) (1,767,007) (18,110,153)
Cash flows from investing activities
Property and equipment additions (460,856) (17,070) (1,327,342)
Costs incurred in acquiring patents (71,917) (13,120) (461,475)
------------------------------------------------------
Net cash used in investing activities (532,773) (30,190) (1,788,817)
Cash flows from financing activities
Proceeds from notes payable - 40,000 4,398,606
Payments on notes payable - (314,511) (1,097,350)
Proceeds from convertible notes payable - - 1,465,529
Repayments of convertible notes payable - (162,500) (212,500)
Proceeds from bridge loans - 1,285,433 1,765,748
Repayments of bridge loans - (1,250,000) (1,250,000)
Proceeds from sales of common stock - 7,202,499 9,189,443
Repurchase of common stock (100,000) (26,000) (669,512)
Proceeds from sales of treasury stock - 201,000 351,119
Proceeds from sales of limited partnership units - - 7,257,264
------------------------------------------------------
Net cash provided by financing activities (100,000) 6,975,921 21,198,347
------------------------------------------------------
Net increase (decrease) in cash and cash equivalents (3,035,756) 5,178,724 1,299,377
Cash and cash equivalents at beginning period 4,335,133 11,177 -
------------------------------------------------------
Cash and cash equivalents at end of period $ 1,299,377 $ 5,189,901 $ 1,299,377
======================================================
Supplemental disclosure of cash flow information:
Class A common stock issued for services $ 252,509 $ 4,992 $ 1,364,126
Debt and accrued interest converted into Class A
common stock - 4,242,824 6,281,164
Stock options granted for services - - 98,500
Class E common stock issued - 9,613 38,801
</TABLE>
See accompanying notes.
4
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Notes to Financial Statements - Unaudited
Organization and Purpose
LightPath Technologies, Inc. (the Company) was incorporated in Delaware on June
15, 1992 as the successor to LightPath Technologies Limited Partnership formed
in 1989, and its predecessor, Integrated Solar Technologies Corporation formed
on August 23, 1985. The Company is a development stage enterprise engaged in the
research, development and production of GRADIUM(TM) lenses. GRADIUM is an
optical quality glass material with varying refractive indices, capable of
reducing optical aberrations inherent in conventional lenses and performing with
a single lens, or fewer lenses, tasks performed by multi-element conventional
lens systems. Since its inception in 1985, the Company has been engaged in basic
research and development. With the proceeds from the initial public offering
(IPO) on February 22, 1996, the Company began to focus on product development
and sales.
1. Summary of Significant Accounting Matters
The accompanying unaudited financial statements have been prepared in accordance
with the instructions to Article 10 of Regulation S-X 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
generally accepted accounting principles. These financial statements should be
read in conjunction with the Company's financial statements and related notes
included in the Form 10-KSB as filed with the Securities and Exchange Commission
on August 28, 1996.
The information furnished, in the opinion of management, reflects all
adjustments, which include normal recurring adjustments, necessary to present
fairly the results of operations of the Company for the three month and nine
month periods ended March 31, 1997 and 1996. Results of operations for interim
periods are not necessarily indicative of results which may be expected for the
year as a whole.
Cash and cash equivalents consist of cash in the bank and temporary investments
with maturities of ninety days or less when purchased.
Inventories which consist principally of raw materials, lenses and components
are stated at the lower of cost, on a first-in, first-out basis, or market.
Inventory costs include material, labor and manufacturing overhead.
Property and equipment are stated at cost and depreciated using the
straight-line method over the estimated useful lives of the related assets from
three to seven years.
Intangible assets consisting of patents and trademarks, are recorded at cost.
These assets are being amortized on the straight-line basis over the estimated
useful lives of the related assets from ten to seventeen years.
Income taxes are accounted for under the provisions of Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes, which requires an
asset and liability approach to financial accounting and reporting for income
taxes.
Deferred income tax assets and liabilities are computed for differences between
the financial statement and tax bases of assets and liabilities that will result
in taxable or deductible amounts in the future based upon enacted tax laws and
rates applicable to the periods in which the differences are expected to affect
taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is
the tax payable or refundable for the period plus or minus the change in
deferred tax assets and liabilities during the period.
Revenue recognition occurs from sales of product upon shipment.
5
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Notes to Financial Statements - Unaudited
Research and development costs are expensed as incurred.
Stock based employee compensation is accounted for under the provisions of APB
Opinion No. 25, Accounting for Stock Issued to Employees, which requires no
recognition of compensation expense when the exercise price of the employees
stock option equals the market price of the underlying stock on the date of
grant.
Per share data is computed using the weighted average number of common shares
and common equivalent shares outstanding during each period after giving
retroactive effect to the recapitalization. Restricted Class E common shares and
stock options for the purchase of Class E common shares are considered
contingently issuable and, accordingly, are excluded from the weighted average
number of common and common equivalent shares outstanding.
Net loss per share for the period from inception through March 31, 1997 is not
presented as the Company's predecessor was a limited partnership and no common
shares were outstanding.
Management uses estimates and makes assumptions during the preparation of the
Company's financial statements that affect amounts reported in the financial
statements and accompanying notes. Such estimates and assumptions could change
in the future as more information becomes known, which in turn could impact the
amounts reported and disclosed herein.
Financial instruments of the Company are valued as required by Statement of
Financial Accounting Standards No. 107, Disclosures about Fair Values of
Financial Instruments. The carrying amounts of cash and cash equivalents
approximate fair value.
2. Inventories
The components of inventories include the following at March 31, 1997:
Finished goods and work in process $ 131,958
Raw materials 88,528
-------------
Total inventories $220,486
=============
6
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Management's Discussion and Analysis of Financial Condition
and Results of Operations
Results of Operations
- ---------------------
The Private Securities Litigation Reform Act of 1995 ("the Act")
provides a safe harbor for forward looking statements made by or on behalf of
the Company. All statements, other than statements of historical facts, which
address activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things as future
capital expenditures, growth, product development, sales, business strategy and
other such matters are forward-looking statements. These forward-looking
statements are based largely on the Company's expectations and assumptions and
are subject to a number of risks and uncertainties, many of which are beyond the
Company's control. Actual results could differ materially from the
forward-looking statements as a result of a number of factors, including, but
not limited to, the Company's early state of development, the need for
additional financing, and intense competition in various aspects of its
business. In light of these risks and uncertainties, all of the forward-looking
statements made are qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by the Company
will be realized.
Three months ended March 31, 1997 compared with three months ended March 31,
1996
Revenue totaled $380,959 for the three months ended March 31, 1997, an
increase of approximately $297,000 over the comparable period last year. The
increase was attributable to $244,000 in product development/ license fees and
an additional $53,000 in lens sales. Product development/ license fees included
two significant sales for the Company. First, the Company entered into the final
phase, prior to production, with Karl Storz GMBH & Co. ("Karl Storz") for the
lenses used in their endoscopy instruments. Under the 1994 agreement, the
Company received a $200,000 fee for this phase of the contract. In the future,
the Company anticipates that it will sell Karl Storz lens blanks and receive a
royalty fee for all sales of endoscopes containing GRADIUM lenses. The Company
expects to receive a production order from Karl Storz for 500 lenses in the
fourth quarter and anticipates more significant production orders in 1998.
Second, the Company received $25,000 from The Fuji Photo Optical Co., Ltd
("Fuji") which is a subsidiary of Fuji Photo Film Co., for the exclusive right
to use GRADIUM glass in a new generation of television camera lenses. After
Fuji's initial study, the Companies entered into an agreement whereby Fuji will
evaluate the lenses for eight months. At the end of the period, Fuji will have
the right to engage in a long-term license and purchase agreement with
LightPath. Revenues for government funded subcontracts in the area of solar
energy totaled $75,000 for the quarter. Lens sales included approximately thirty
customers representing a variety of industrial and government accounts. The
Company's increase in lens sales is primarily due to its sales of lenses for
wafer chip inspection and laser markets. The Company's efforts in targeting
laser applications, an area where GRADIUM's lenses ability to increase the
quality of YAG laser beams and reduce the focal spot size, is beginning to
receive market acceptance. The Company continues to witness a multi-step sales
cycle. New customers are first purchasing one or two lenses for testing, then
after a period of several months a more significant sale may occur. At March 31,
1997, a backlog of $20,000 existed for lens sales. The Company's backlog on its
current government projects is $50,000.
The Company continues to work with a number of additional OEM's towards
the completion of projects which may result in production orders for LightPath.
During the quarter, the Company added a manufacturers representative in Silicon
Valley to work directly with OEM's to increase our presence in the
optoelectronics industry. The Company formalized relationships with and obtained
orders from four industrial, optoelectronic and medical component distributors
based in Japan, the United Kingdom, Germany and Israel. The Company believes
these distributors may create new markets for GRADIUM in their countries
primarily in the area of sales into the YAG laser market. In addition, The
Company entered into a strategic alliance with Hikari Glass Co., Ltd. of Japan,
( "Hikari" is a 40% owned subsidiary of Nikon), to increase the presence of
GRADIUM glass in Hikari's established Asian optics market and to develop a
continuous flow manufacturing process, currently used by Hikari for high-end
optical lenses, for GRADIUM glass. To solidify our position in governmental
research and development projects, the Company entered into an agreement with DR
Technologies Inc. ( "DR" ) to pursue Department of
7
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Management's Discussion and Analysis of Financial Condition
and Results of Operations
Defense contracts. DR is a developer and manufacturer of advanced optical
systems and is currently working with LightPath on the solar energy government
subcontract.
Cost of sales during the three months ended March 31, 1997 was 80% of
product sales an increase of 31% over the corresponding prior year period, and
was primarily due to outside finishing expenses, and the low volume of inventory
production. It is anticipated that with increased volume and the increased
utilization of off-shore lens finishers, the cost of production will decrease.
Administrative costs increased $214,084, or 37% over the corresponding 1996
period, primarily due to the addition of personnel in sales and marketing,
administration and operations along with increased overhead in these areas as a
result of an expected scale-up of operations to the levels planned in the
Company's IPO in February 1996. The Company's public awareness campaign, through
print advertising, web site and trade shows has generated approximately 4,000
inquiries since September 1996. Research and development costs increased from
$9,752 in the 1996 period to $201,928 in the 1997 period. The research
department staff has increased to approximately 6 full time equivalents since
the IPO. The focus of the development efforts has been to expand GRADIUM product
lines to the areas of multiplexers and interconnects for the telecommunications
field, the addition of the crown glass product line to supplement its existing
flint products, development of acrylic axial gradient material to extend the
product range, and upgrade the proprietary material design software and optical
design tools to facilitate product design.
Investment income of $22,065 from interest earned on temporary
investments equaled the prior period. Interest expense decreased approximately
$200,000 during the 1997 period as compared to the 1996 period due primarily to
the conversion of debt to equity in conjunction with the completion of the IPO.
Net loss of $651,105 was a decrease of $41,981 from the comparable
period last year due to the improved gross margin of $247,288 and the increase
in other income of $200,953, which are offset by increases in selling, general
and administrative costs of $214,084 and research and development of $192,176.
Net loss per share of $.24 was an improvement of $.20 due to an increase in
gross margin and other income of $.16, offset by the increase in selling,
general and administrative costs of $.09 and research and development expenses
of $.07. The remaining $.20 gain was due to the increase in weighted average
common shares due to the IPO.
Nine months ended March 31, 1997 compared with the nine months ended March
31,1996
Revenue totaled $532,593 for the nine months ended March 31, 1997, an
increase of approximately $364,000 over the comparable period last year. The new
development/ license sales included $61,000 from OEM Karl Storz for their
endoscopy development agreement, $25,000 from Fuji for an exclusive eight month
evaluation option for television camera lenses and $197,000 from government
funded subcontracts in the area of solar energy to allow satellites to produce
their own power and the next generation of multiplexing devices used in
conjunction with optical fiber. The Company anticipates an additional $50,000 of
revenue in the fourth quarter from these government contracts. The Company also
experienced $81,000 growth in lens sales to industrial and government accounts.
At March 31, 1997 the Company had approximately $20,000 in lens back orders
which it intends to ship during the fourth quarter.
For the nine months ended March 31, 1997 the cost of sales for product
sales was 80%. It is anticipated that with increased volume the cost of
production will continue to decrease. Administrative costs during the 1997
period increased $971,094 or 83% over the corresponding period in 1996,
primarily due to the addition of personnel in sales and marketing,
administration and operations, along with increased overhead in these areas as a
result of an expected scale-up of operations. Research and development costs
increased from $30,073 in the 1996 period to $741,235 in the 1997 period. In
January 1997, the research department staff added an additional staff member to
continue the Company's research and development efforts in the area of new glass
families and opto-electronic
8
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
Management's Discussion and Analysis of Financial Condition
and Results of Operations
applications. There were no costs related to unearned compensation from
incentive stock options during the nine months representing a decrease of
$867,642 from the prior period.
Investment income increased approximately $76,000 in 1997 due to the
interest earned on temporary investments. Interest expense decreased
approximately $394,000 during the 1997 period as compared to the 1996 period due
primarily to the conversion of debt to equity in conjunction with the completion
of the IPO.
Net loss of $2,341,355 was an increase of $54,746 from the comparable
period last year due to increases in selling, general and administrative costs
$971,094 and research and development $711,162 which expenses were partially
offset by the increased gross margin of $289,483, a decrease of $867,642 in
unearned compensation and the increase in other income of $470,385. Net loss per
share of $.85 was an improvement of $1.33 from the 1996 period due to increased
gross margin of $.11, decrease in unearned compensation of $.32 and the increase
in other income of $.17, offset by the increase in selling, general and
administrative costs of $.35 and research and development expenses of $.26. The
remaining $1.34 gain was due to the increase in weighted average common shares
due to the IPO.
Financial Resources and Liquidity
- ---------------------------------
LightPath has financed its operations through private placements of
equity and debt, borrowings, and the IPO which generated net proceeds of
approximately $7.452 million in February 1996. The Company expects to continue
to incur losses until such time, if ever, it obtains market acceptance for its
products at selling prices and volumes which provide adequate gross profit to
cover operating costs. The Company has budgeted its cash requirements for fiscal
1997 at $3,700,000, a substantial increase from fiscal 1996 due to the
implementation of a sales program, additional personnel and overhead costs.
During the three months ended March 31, 1997, the Company's actual cash
requirements were approximately $120,000 under the quarterly budget, this
decrease in the administrative area was used to fund an overage in research
costs. The Company budgeted $700,000 for fiscal 1997 to continue its research
and development efforts. During the three months ended March 31, 1997, the
Company's actual cash requirements for research and development exceeded the
quarterly budget by $122,000. During the nine months ended March 31, 1997 the
Company's total actual operating cash requirements were approximately $280,000
under budget.
The Company also budgeted $800,000 primarily to be used for equipment
to expand its manufacturing facilities during fiscal year 1997. During the nine
month period ended March 31, 1997, the Company incurred approximately $533,000
in capital equipment and patent costs. The Company anticipates expending
approximately $100,000 in capital equipment and patent costs by June 30, 1997.
The Company has initiated discussions about a number of financing
options to generate sufficient capital to meet its liquidity needs in fiscal
1998 and beyond. The Company's capital requirements after fiscal 1997 will
depend on the extent that GRADIUM glass becomes commercially accepted and the
Company's sales program is successful in generating sales sufficient to sustain
its operations. There can be no assurance that the Company will generate
sufficient revenues to fund its operations or that the Company will successfully
commercialize its GRADIUM products. In addition, the Company may be required to
seek additional financing or alter its business plan in the event of delays,
cost overruns or unanticipated expenses associated with a company in the
development stage. The Company currently has no credit facility with a bank or
other financial institution. There also can be no assurance that any additional
financing will be available if needed, or, if available, will be on terms
acceptable to the Company. In the event necessary financing is not obtained, the
Company will be materially adversely affected and have to cease or substantially
reduce operations.
Since the Company has principally been engaged in basic research and
development of its products, it has not been significantly impacted by
inflation. The Company does not believe that seasonality will have a significant
impact on its business.
9
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
PART II
-------
Item 1. Legal Proceedings
In October 1996, the Company was informed that a lawsuit filed in the
U.S. District Court, Tucson, by a former employee had been terminated by the
employee following the discovery phase.
In December 1996, the Company was informed that a lawsuit filed in
Arizona Superior Court, County of Pima, by a former consultant had been
terminated by the consultant following the discovery phase.
There have been no material developments in any other legal actions
since the Company's Form 10-KSB for the year ended June 30, 1996. LightPath is
subject to various claims and lawsuits in the ordinary course of business, none
of which are considered material to the Company's financial condition and
results of operations.
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Items
None
Item 6. Exhibits and Reports on Form 8-K
a) The following document is filed as an exhibit to this Form 10-QSB:
Exhibit 27 - Financial Data Schedule
b) No reports on Form 8-K were filed under the Securities and Exchange
Act of 1934 during the quarter ended March 31, 1997.
10
<PAGE>
LightPath Technologies, Inc.
(A Development Stage Company)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed in its behalf by the
undersigned, thereunto duly authorized.
LIGHTPATH TECHNOLOGIES, INC.
By: /s/ Donald Lawson April 17, 1997
-------------------------------------
Donald Lawson Date
Executive Vice President and Treasurer
11
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial
information extracted from the Form 10-QSB for the
nine month period ended March 31, 1997 and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<CASH> 1,299,377
<SECURITIES> 0
<RECEIVABLES> 354,254
<ALLOWANCES> 0
<INVENTORY> 220,486
<CURRENT-ASSETS> 1,953,638
<PP&E> 1,305,576
<DEPRECIATION> 531,592
<TOTAL-ASSETS> 3,041,204
<CURRENT-LIABILITIES> 655,689
<BONDS> 0
0
0
<COMMON> 27,647
<OTHER-SE> 18,844,785
<TOTAL-LIABILITY-AND-EQUITY> 3,041,204
<SALES> 113,440
<TOTAL-REVENUES> 532,593
<CGS> 90,471
<TOTAL-COSTS> 90,471
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,744
<INCOME-PRETAX> (2,341,355)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,341,355)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,341,355)
<EPS-PRIMARY> (.85)
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</TABLE>
