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Precision Optics Corporation, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $4,197,053 from $4,321,255 in the same quarter the previous year. The decrease is attributed to a reduction in revenue from Finished Products and Assemblies.
Revenue from Engineering Design Services decreased by 2.6%, while revenue from Optical Components increased by 9.3% during the quarter compared to the previous year.
Gross profit for the quarter was $1,117,330, down from $1,463,611 in the previous year, with the decline attributed to changes in product sales mix and decreased revenue.
Research and development expenses increased to $400,659 from $212,758, reflecting higher employee-related expenses for product improvements and new technology development.
Selling, general, and administrative expenses increased to $1,963,612 from $1,656,146, primarily due to increased recruitment, bad debt, consulting, and IT expenses.
Net loss for the quarter was $1,311,247, compared to a net loss of $464,415 in the previous year. The loss per share was $0.21, compared to $0.08 in the previous year.
Cash used in operating activities was $318,622, while cash used in investing activities was $28,099. Cash provided by financing activities was $577,015.
The company had outstanding borrowings of $500,000 on its line of credit as of September 30, 2024, with an additional $750,000 available for use.
The filing also details various financial agreements, including a waiver from the company's lender for not meeting the debt service coverage ratio as of June 30, 2024.
Precision Optics does not anticipate cash dividend payments to common stockholders in the near future.
The company identified and remediated material weaknesses in its internal controls over financial reporting related to inventory valuation and research and development cost capitalization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Precision Optics Corporation Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.