Precision Optics Reports Fourth Quarter and Fiscal Year 2019 Financial Results

Conference Call Scheduled for today, September 26, 2019 at 5:00pm ET

Published

GARDNER, Mass., Sept. 26, 2019 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its fourth quarter and fiscal year ended June 30, 2019.

Fourth quarter fiscal 2019 highlights:

  • Revenue for the quarter (ended June 30, 2019) was $2.4 million compared to $1.5 million in the same quarter of the previous fiscal year, an increase of 63% driven primarily by an increase in production revenue for medical devices that incorporate the Company's Microprecision™ technology, as well as one month of contribution from Ross Optical.
  • Ross Optical contributed $656,000 to Precision Optics' revenue during the month of June 2019.
  • Production revenue was $912,000 in the quarter, an increase of 18% compared to $770,000 in the same quarter of the previous fiscal year.
  • Gross margins of 36% in the quarter continued to improve sequentially for the second consecutive quarter.
  • Net loss of $109,000 during the quarter included $128,000 of business acquisition expenses and $117,000 of stock-based compensation.

Fiscal year 2019 highlights:

  • Revenue for the fiscal year (ended June 30, 2019) was $6.8 million compared to $4.0 million in the previous fiscal year, an increase of 69%.
  • Production revenue during the fiscal year increased 140% to $3.7 million compared to $1.5 million in the previous fiscal year.
  • Excluding the one-month contribution from Ross Optical, the fiscal year revenue was $6.1 million, an increase of 52% compared to the previous fiscal year.

Pro forma (assuming a full year of Ross Optical) financial highlight:

  • For the 12 months of fiscal year 2019 (ended June 30, 2019), pro forma financial results show a combined organization (Precision Optics and Ross Optical) with $10.5 million in sales and gross margin of approximately 36%.

Precision Optics' CEO, Joseph Forkey, commented, "Our financial results from the fourth quarter and from fiscal year 2019 overall, continue to demonstrate the success of our business model.  By utilizing our proprietary optical technology to develop and manufacture state-of-the art custom medical imaging products, we enable the world's leading medical device companies to bring next generation, minimally invasive devices and 3D surgical robotic systems to market. The transition of a number of these Precision Optics enabled projects to commercialization by our customers drove a 140% increase in production revenues during fiscal 2019. Based on order visibility on currently commercialized products, as well as expected near-term commercialization of products currently in our pipeline, we believe fiscal 2020 should be another strong year for Precision Optics."

Dr. Forkey continued, "Fiscal 2019 was a milestone year for us also because of the acquisition of Ross Optical Industries.  We completed this acquisition – the first ever for Precision Optics - on July 1st.  One of the benefits of the acquisition is that it expands our readily accessible customer base, particularly in the defense industry, where we believe there are opportunities for use of our Microprecision™ micro optics and imaging systems. The acquisition also extends our product offering to include a wider range of lens and optical system sizes, drives economies of scale within our organization, and allows the combined company to leverage our technical proficiency in offering end-to-end solutions to the expansive Ross Optical customer base. We look forward to the many opportunities we believe are available to drive further growth and efficiencies in 2020 and beyond."

The following table summarizes the fourth quarter (unaudited) and year results for the periods ended June 30, 2019 and 2018:

Three Months Ended June 30, Year Ended June 30,
2019 2018 2019 2018
Revenues $ 2,380,406 $ 1,460,932 $ 6,804,169 $ 4,038,048
Gross Profit 848,313 558,801 2,122,478 1,481,918
Stock Compensation Expenses 105,990 10,339 462,093 43,672
Business Acquisition Expenses 128,111 - 128,111 -
Other 722,189 530,145 2,144,817 1,786,865
Total Operating Expenses 956,290 540,484 2,735,021 1,830,537
Operating Income (Loss) (107,977) 18,317 (612,543) (348,619)
Net Income (Loss) (109,155) 16,992 (614,871) (351,390)
Income (Loss) Per Share:
    Basic and Diluted $ (0.01) $ 0.00 $ (0.05) $ (0.04)
Weighted Average Common Shares Outstanding:
    Basic and Diluted 12,061,710 10,131,007 11,486,079 9,826,151

Conference Call Details  The Company has scheduled a conference call to discuss the fiscal year end and fourth quarter 2019 financial results for Thursday, September 26, 2019 at 5:00 p.m. EDT.

Call-in Information: Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789.

Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available at https://www.webcaster4.com/Webcast/Page/2109/31676.

Replay: A teleconference replay of the call will be available until October 3, 2019 at (877) 344-7529 or (412) 317-0088, confirmation #10135010. A webcast replay will be available at https://www.webcaster4.com/Webcast/Page/2109/31676.

About Precision Optics Corporation Precision Optics Corporation enables innovation in minimally invasive surgery, diagnostics and treatment through optics and photonics. Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, Microprecision micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for market-leading medical device companies. The Company's innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures. The Company's website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.

About Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by the Company's management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company's annual report on Form 10-K and in other documents that we file from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law.   

Company Contact: PRECISION OPTICS CORPORATION 22 East Broadway Gardner, Massachusetts 01440-3338 Telephone: 978-630-1800

Investor Contact: LYTHAM PARTNERS, LLC Robert Blum Phoenix | New York Telephone: 602-889-9700 peye@lythampartners.com

Following are the Company's Consolidated Balance Sheets at June 30, 2019 and June 30, 2018, and Statements of Operations, Stockholders' Equity and Cash Flows for the years ended June 30, 2019 and 2018:

Three Months Ended June 30, Year Ended June 30,
2019 2018 2019 2018
Revenues $ 2,380,406 $ 1,460,932 $ 6,804,169 $ 4,038,048 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Gross Profit 848,313 558,801 2,122,478 1,481,918 AT JUNE 30,
Stock Compensation Expenses 105,990 10,339 462,093 43,672 2019 2018
Business Acquisition Expenses 128,111 - 128,111 - ASSETS
Other 722,189 530,145 2,144,817 1,786,865 Current Assets:
Total Operating Expenses 956,290 540,484 2,735,021 1,830,537    Cash and cash equivalents $ 2,288,426 $ 402,738
  Accounts receivable (net of allowance for doubtful accounts of $246,953 at June 30, 2019 and $232,500 at June 30, 2018) 2,165,107 796,923
Operating Income (Loss) (107,977) 18,317 (612,543) (348,619)    Inventories 1,734,604 1,144,068
   Prepaid expenses 180,336 70,991
Net Income (Loss) (109,155) 16,992 (614,871) (351,390)    Total current assets 6,368,473 2,414,720
Income (Loss) Per Share: Fixed Assets:
    Basic and Diluted $ (0.01) $ 0.00 $ (0.05) $ (0.04)    Machinery and equipment 2,748,715 2,511,638
   Leasehold improvements 668,446 553,596
Weighted Average Common Shares Outstanding:    Furniture and fixtures 168,450 148,303
    Basic and Diluted 12,061,710 10,131,007 11,486,079 9,826,151 3,585,611 3,213,537
Less—Accumulated depreciation and amortization 3,202,605 3,164,051
Net fixed assets 383,006 49,486
Patents, net 54,087 47,275
Goodwill 687,664
TOTAL ASSETS $ 7,493,230 $ 2,511,481
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
   Current portion of capital lease obligation $ 9,572 $ 8,962
   Accounts payable 1,174,263 703,538
   Customer advances 450,192 857,842
   Accrued compensation and other 533,944 362,502
   Amount due for business acquisition 1,443,341
Total current liabilities 3,611,312 1,932,844
Capital lease obligation, net of current portion 5,027 14,601
Acquisition earn out liability 500,000
Stockholders' Equity:
 Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 12,071,139 shares at June 30, 2019 and 10,197,139 shares at June 30, 2018 120,712 101,972
   Additional paid-in capital 48,893,172 45,484,186
   Accumulated deficit (45,636,993) (45,022,122)
   Total stockholders' equity 3,376,891 564,036
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,493,230 $ 2,511,481

 

Three Months Ended June 30, Year Ended June 30,
2019 2018 2019 2018
Revenues $ 2,380,406 $ 1,460,932 $ 6,804,169 $ 4,038,048 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
Gross Profit 848,313 558,801 2,122,478 1,481,918 AT JUNE 30, CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED JUNE 30,
Stock Compensation Expenses 105,990 10,339 462,093 43,672 2019 2018
Business Acquisition Expenses 128,111 - 128,111 - ASSETS 2019 2018
Other 722,189 530,145 2,144,817 1,786,865 Current Assets:
Total Operating Expenses 956,290 540,484 2,735,021 1,830,537    Cash and cash equivalents $ 2,288,426 $ 402,738 Revenues $ 6,804,169 $ 4,038,048
  Accounts receivable (net of allowance for doubtful accounts of $246,953 at June 30, 2019 and $232,500 at June 30, 2018) 2,165,107 796,923 Cost of goods sold 4,681,691 2,556,130
Operating Income (Loss) (107,977) 18,317 (612,543) (348,619)    Inventories 1,734,604 1,144,068
   Prepaid expenses 180,336 70,991 Gross profit 2,122,478 1,481,918
Net Income (Loss) (109,155) 16,992 (614,871) (351,390)    Total current assets 6,368,473 2,414,720
Research and development expenses, net 505,300 456,377
Income (Loss) Per Share: Fixed Assets: Selling, general and administrative expenses 2,101,610 1,374,160
    Basic and Diluted $ (0.01) $ 0.00 $ (0.05) $ (0.04)    Machinery and equipment 2,748,715 2,511,638 Business acquisition expenses 128,111
   Leasehold improvements 668,446 553,596 Total operating expenses 2,735,021 1,830,537
Weighted Average Common Shares Outstanding:    Furniture and fixtures 168,450 148,303
    Basic and Diluted 12,061,710 10,131,007 11,486,079 9,826,151 3,585,611 3,213,537    Operating loss (612,543) (348,619)
Less—Accumulated depreciation and amortization 3,202,605 3,164,051
Net fixed assets 383,006 49,486 Interest expense (1,416) (1,859)
Patents, net 54,087 47,275    Loss before provision for income taxes (613,959) (350,478)
Goodwill 687,664
Provision for income taxes 912 912
TOTAL ASSETS $ 7,493,230 $ 2,511,481
Net loss $ (614,871) $ (351,390)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: Loss per share:
   Current portion of capital lease obligation $ 9,572 $ 8,962 Basic and fully diluted $ (0.05) $ (0.04)
   Accounts payable 1,174,263 703,538
   Customer advances 450,192 857,842 Weighted average common shares outstanding:
   Accrued compensation and other 533,944 362,502 Basic and fully diluted 11,486,079 9,826,151
   Amount due for business acquisition 1,443,341
Total current liabilities 3,611,312 1,932,844
Capital lease obligation, net of current portion 5,027 14,601
Acquisition earn out liability 500,000
Stockholders' Equity:
 Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 12,071,139 shares at June 30, 2019 and 10,197,139 shares at June 30, 2018 120,712 101,972
   Additional paid-in capital 48,893,172 45,484,186
   Accumulated deficit (45,636,993) (45,022,122)
   Total stockholders' equity 3,376,891 564,036
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,493,230 $ 2,511,481

 

Three Months Ended June 30, Year Ended June 30,
2019 2018 2019 2018
Revenues $ 2,380,406 $ 1,460,932 $ 6,804,169 $ 4,038,048 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
Gross Profit 848,313 558,801 2,122,478 1,481,918 AT JUNE 30, CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED JUNE 30, FOR THE YEARS ENDED JUNE 30,
Stock Compensation Expenses 105,990 10,339 462,093 43,672 2019 2018
Business Acquisition Expenses 128,111 - 128,111 - ASSETS 2019 2018 Number of Shares CommonStock AdditionalPaid-inCapital AccumulatedDeficit TotalStockholders'Equity
Other 722,189 530,145 2,144,817 1,786,865 Current Assets:
Total Operating Expenses 956,290 540,484 2,735,021 1,830,537    Cash and cash equivalents $ 2,288,426 $ 402,738 Revenues $ 6,804,169 $ 4,038,048 Balance, July 1, 2017 8,872,916 $ 88,729 $ 45,140,383 $ (44,670,732) $ 558,380
  Accounts receivable (net of allowance for doubtful accounts of $246,953 at June 30, 2019 and $232,500 at June 30, 2018) 2,165,107 796,923 Cost of goods sold 4,681,691 2,556,130 Proceeds from private placement of common stock, net of issuance costs of $2,963 555,556 5,556 241,482 247,038
Operating Income (Loss) (107,977) 18,317 (612,543) (348,619)    Inventories 1,734,604 1,144,068 Proceeds from exercise of stock purchase warrants 666,667 6,667 6,667
   Prepaid expenses 180,336 70,991 Gross profit 2,122,478 1,481,918 Issuance of common stock for consulting services 102,000 1,020 49,980 51,000
Net Income (Loss) (109,155) 16,992 (614,871) (351,390)    Total current assets 6,368,473 2,414,720 Stock-based compensation 52,341 52,341
Research and development expenses, net 505,300 456,377 Net loss (351,390) (351,390)
Income (Loss) Per Share: Fixed Assets: Selling, general and administrative expenses 2,101,610 1,374,160 Balance, June 30, 2018 10,197,139 $ 101,972 $ 45,484,186 $ (45,022,122) $ 564,036
    Basic and Diluted $ (0.01) $ 0.00 $ (0.05) $ (0.04)    Machinery and equipment 2,748,715 2,511,638 Business acquisition expenses 128,111
   Leasehold improvements 668,446 553,596 Total operating expenses 2,735,021 1,830,537 Proceeds from private placement of common stock, net of issuance costs of $12,250 1,600,000 16,000 1,971,750 1,987,750
Weighted Average Common Shares Outstanding:    Furniture and fixtures 168,450 148,303 Proceeds from exercise of stock options 74,000 740 53,160 53,900
    Basic and Diluted 12,061,710 10,131,007 11,486,079 9,826,151 3,585,611 3,213,537    Operating loss (612,543) (348,619) Issuance of common stock for services 200,000 2,000 208,000 210,000
Less—Accumulated depreciation and amortization 3,202,605 3,164,051 Proceeds from private placement of common stock subscribed, net of estimated issuance costs of $12,250 912,750 912,750
Net fixed assets 383,006 49,486 Interest expense (1,416) (1,859) Stock-based compensation 263,326 263,326
Net loss (614,871) (614,871)
Patents, net 54,087 47,275    Loss before provision for income taxes (613,959) (350,478) Balance, June 30, 2019 12,071,139 $ 120,712 $ 48,893,172 $ (45,636,993) $ 3,376,891
Goodwill 687,664
Provision for income taxes 912 912
TOTAL ASSETS $ 7,493,230 $ 2,511,481
Net loss $ (614,871) $ (351,390)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: Loss per share:
   Current portion of capital lease obligation $ 9,572 $ 8,962 Basic and fully diluted $ (0.05) $ (0.04)
   Accounts payable 1,174,263 703,538
   Customer advances 450,192 857,842 Weighted average common shares outstanding:
   Accrued compensation and other 533,944 362,502 Basic and fully diluted 11,486,079 9,826,151
   Amount due for business acquisition 1,443,341
Total current liabilities 3,611,312 1,932,844
Capital lease obligation, net of current portion 5,027 14,601
Acquisition earn out liability 500,000
Stockholders' Equity:
 Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 12,071,139 shares at June 30, 2019 and 10,197,139 shares at June 30, 2018 120,712 101,972
   Additional paid-in capital 48,893,172 45,484,186
   Accumulated deficit (45,636,993) (45,022,122)
   Total stockholders' equity 3,376,891 564,036
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,493,230 $ 2,511,481

 

Three Months Ended June 30, Year Ended June 30,
2019 2018 2019 2018
Revenues $ 2,380,406 $ 1,460,932 $ 6,804,169 $ 4,038,048 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
Gross Profit 848,313 558,801 2,122,478 1,481,918 AT JUNE 30, CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, FOR THE YEARS ENDED JUNE 30, FOR THE YEARS ENDED JUNE 30,
Stock Compensation Expenses 105,990 10,339 462,093 43,672 2019 2018
Business Acquisition Expenses 128,111 - 128,111 - ASSETS 2019 2018 Number of Shares CommonStock AdditionalPaid-inCapital AccumulatedDeficit TotalStockholders'Equity 2019 2018
Other 722,189 530,145 2,144,817 1,786,865 Current Assets: Cash Flows from Operating Activities:
Total Operating Expenses 956,290 540,484 2,735,021 1,830,537    Cash and cash equivalents $ 2,288,426 $ 402,738 Revenues $ 6,804,169 $ 4,038,048 Balance, July 1, 2017 8,872,916 $ 88,729 $ 45,140,383 $ (44,670,732) $ 558,380    Net loss $ (614,871) $ (351,390)
  Accounts receivable (net of allowance for doubtful accounts of $246,953 at June 30, 2019 and $232,500 at June 30, 2018) 2,165,107 796,923 Cost of goods sold 4,681,691 2,556,130 Proceeds from private placement of common stock, net of issuance costs of $2,963 555,556 5,556 241,482 247,038    Adjustments to reconcile net loss to net cash provided by (used in) operating activities-
Operating Income (Loss) (107,977) 18,317 (612,543) (348,619)    Inventories 1,734,604 1,144,068 Proceeds from exercise of stock purchase warrants 666,667 6,667 6,667     Depreciation and amortization 38,554 27,216
   Prepaid expenses 180,336 70,991 Gross profit 2,122,478 1,481,918 Issuance of common stock for consulting services 102,000 1,020 49,980 51,000     Provision for doubtful accounts receivable 8,083 227,500
Net Income (Loss) (109,155) 16,992 (614,871) (351,390)    Total current assets 6,368,473 2,414,720 Stock-based compensation 52,341 52,341     Stock-based compensation expense 473,326 52,341
Research and development expenses, net 505,300 456,377 Net loss (351,390) (351,390)     Non-cash consulting expense 2,400
Income (Loss) Per Share: Fixed Assets: Selling, general and administrative expenses 2,101,610 1,374,160 Balance, June 30, 2018 10,197,139 $ 101,972 $ 45,484,186 $ (45,022,122) $ 564,036     Changes in operating assets and liabilities, net of effects of business acquisition-
    Basic and Diluted $ (0.01) $ 0.00 $ (0.05) $ (0.04)    Machinery and equipment 2,748,715 2,511,638 Business acquisition expenses 128,111      Accounts receivable (723,369) (555,875)
   Leasehold improvements 668,446 553,596 Total operating expenses 2,735,021 1,830,537 Proceeds from private placement of common stock, net of issuance costs of $12,250 1,600,000 16,000 1,971,750 1,987,750      Inventories 137,510 (88,621)
Weighted Average Common Shares Outstanding:    Furniture and fixtures 168,450 148,303 Proceeds from exercise of stock options 74,000 740 53,160 53,900      Prepaid expenses (106,456) (15,006)
    Basic and Diluted 12,061,710 10,131,007 11,486,079 9,826,151 3,585,611 3,213,537    Operating loss (612,543) (348,619) Issuance of common stock for services 200,000 2,000 208,000 210,000      Accounts payable 69,365 48,580
Less—Accumulated depreciation and amortization 3,202,605 3,164,051 Proceeds from private placement of common stock subscribed, net of estimated issuance costs of $12,250 912,750 912,750      Customer advances (432,000) 677,705
Net fixed assets 383,006 49,486 Interest expense (1,416) (1,859) Stock-based compensation 263,326 263,326      Accrued compensation and other 118,165 75,807
Net loss (614,871) (614,871) Net cash provided by (used in) operating activities (1,031,693) 100,657
Patents, net 54,087 47,275    Loss before provision for income taxes (613,959) (350,478) Balance, June 30, 2019 12,071,139 $ 120,712 $ 48,893,172 $ (45,636,993) $ 3,376,891
Goodwill 687,664 Cash Flows from Investing Activities:
Provision for income taxes 912 912      Cash acquired in business acquisition, net of $56,659 paid at year end 106,545
TOTAL ASSETS $ 7,493,230 $ 2,511,481      Additional patent costs (6,812) (17,189)
Net loss $ (614,871) $ (351,390)      Purchases of fixed assets (140,038) (4,448)
LIABILITIES AND STOCKHOLDERS' EQUITY Net cash used in investing activities (40,305) (21,637)
Current Liabilities: Loss per share:
   Current portion of capital lease obligation $ 9,572 $ 8,962 Basic and fully diluted $ (0.05) $ (0.04) Cash Flows from Financing Activities:
   Accounts payable 1,174,263 703,538     Payment of capital lease obligation (8,964) (8,392)
   Customer advances 450,192 857,842 Weighted average common shares outstanding:     Gross proceeds from private placements of common stock 2,925,000 210,001
   Accrued compensation and other 533,944 362,502 Basic and fully diluted 11,486,079 9,826,151     Gross proceeds from exercise of stock options and warrants 53,900 6,667
   Amount due for business acquisition 1,443,341     Private placement expenses paid (12,250) (2,963)
Total current liabilities 3,611,312 1,932,844 Net cash provided by financing activities 2,957,686 205,313
Capital lease obligation, net of current portion 5,027 14,601 Net increase in cash and cash equivalents 1,885,688 284,333
Acquisition earn out liability 500,000 Cash and cash equivalents, beginning of year 402,738 118,405
Stockholders' Equity: Cash and cash equivalents, end of year $ 2,288,426 $ 402,738
 Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 12,071,139 shares at June 30, 2019 and 10,197,139 shares at June 30, 2018 120,712 101,972
   Additional paid-in capital 48,893,172 45,484,186 Supplemental disclosure of cash flow information:
   Accumulated deficit (45,636,993) (45,022,122) Cash paid during the year for income taxes $ 912 $ 912
   Total stockholders' equity 3,376,891 564,036
Supplemental disclosure of non-cash financing activities:
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,493,230 $ 2,511,481 Issuance of common stock for services $ 210,000 $ 51,000
Private placement expenses incurred but not yet paid $ 12,250 $
Issuance of common stock in settlement of accounts payable $ $ 40,000

 

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SOURCE Precision Optics Corporation

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