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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 17, 1999
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, Ne
Albuquerque, New Mexico 87109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (505) 342-1100
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LIGTHPATH TECHNOLOGIES, INC.
FORM 8-K
ITEM 5. OTHER EVENTS.
On December 17, 1999, the registrant issued the press release filed as
Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit Description
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99.1 Press release issued December 17, 1999.
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.
December 20,1999 By: /s/ Donald Lawson
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Donald Lawson
CEO and President
1
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EXHIBIT INDEX
Exhibit Description
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99.1 Press release issued December 17, 1999.
2
PRESS RELEASE
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LIGHTPATH TECHNOLOGIES, INC. ANNOUNCES AMENDMENT TO ITS
JUNE 30, 1999 FORM 10-KSB AND SEPTEMBER 30, 1999 FORM 10-QSB
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FOR IMMEDIATE RELEASE
Contact: Donald E. Lawson, President & CEO
LightPath Technologies, Inc. (505) 342-1100
Internet: www.light.net
(December 17, 1999) - ALBUQUERQUE, NEW MEXICO - LightPath Technologies, Inc.
(NASDAQ:LPTHA) announced today that after consulting with its independent
auditors, KPMG LLP, about the accounting associated with the Company's partially
owned subsidiary LightChip, Inc., it will amend its audited financial statements
for the fiscal year ended June 30, 1999 and its unaudited financial statements
for the quarter ended September 30, 1999. The principal result of the amendment
is that reported basic and diluted net loss per share for fiscal 1999 improved
by $.10 from $(.89) to $(.79) and the reported basic and diluted net loss per
share for the first quarter improved by $.06 from $(.26) to $(.20). In addition,
the recorded value of the investment in LightChip, Inc. was reduced and a
corresponding reduction of approximately $1.4 million was made to the Company's
stockholders' equity. All of the adjustments were non-cash in nature and have no
impact on operations. The summarized adjusted balances are reflected in the
table below.
Donald E. Lawson, President and Chief Executive Officer, explained the change in
accounting as follows: "This amendment is being filed for the purpose of
reversing an increase to our investment in LightChip, Inc. previously recognized
based on Staff Accounting Bulletin No. 51. During fiscal 1999 the Company, after
consulting with KPMG LLP, had increased the carrying amount of its investment in
LightChip and increased paid in capital following a preferred stock equity
placement by LightChip. We have subsequently determined, and our independent
accountants concur, that the increase to our carrying amount of LightChip was
not the correct treatment under SAB 51 and this is the reason for the amended
filings. I am pleased, that with this reversal, any future losses attributable
to LightChip will not exceed our actual cash investment."
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THIS NEWS RELEASE INCLUDES STATEMENTS THAT MAY 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
LIGHTPATH TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF OPERATIONS AND
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
SUMMARY FINANCIAL DATA YEAR ENDED THREE MONTHS ENDED
(UNAUDITED) JUNE 30, 1999 SEPTEMBER 30, 1999
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OPERATIONS AS REPORTED AS AMENDED AS REPORTED AS AMENDED
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<S> <C> <C> <C> <C>
Revenues $ 1,086,126 $ 1,086,126 $ 269,105 $ 269,105
Operating loss (2,856,846) (2,856,846) (589,411) (589,411)
Equity in losses of LightChip, Inc. (819,882) (361,671) (316,130) --
Net loss $(3,592,229) $(3,134,018) $(1,332,508) $(1,016,378)
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Net loss applicable to common
shareholders $(3,816,880) $(3,358,669) $(1,340,666) $(1,024,536)
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Basic and diluted net loss per share $ (.89) $ (.79) $ (.26) $ (.20)
Number of shares used in per share
calculation 4,271,313 4,271,313 5,222,931 5,222,931
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BALANCE SHEETS
Total Assets $ 3,136,326 $ 2,766,630 $ 4,206,558 $ 4,152,992
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Total Liabilities 328,915 898,915 443,215 1,013,215
Total Stockholders' Equity 2,767,611 1,827,915 3,723,543 3,099,977
Total Liabilities and
Stockholders' Equity $ 3,136,326 $ 2,766,630 $ 4,206,558 $ 4,152,992
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