0001019687-16-006296.txt : 20160516 0001019687-16-006296.hdr.sgml : 20160516 20160516160647 ACCESSION NUMBER: 0001019687-16-006296 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160516 DATE AS OF CHANGE: 20160516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRECISION OPTICS CORPORATION, INC. CENTRAL INDEX KEY: 0000867840 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 042795294 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10647 FILM NUMBER: 161653719 BUSINESS ADDRESS: STREET 1: 22 EAST BROADWAY CITY: GARDNER STATE: MA ZIP: 01440 BUSINESS PHONE: 978-630-1800 MAIL ADDRESS: STREET 1: 22 EAST BROADWAY CITY: GARDNER STATE: MA ZIP: 01440 FORMER COMPANY: FORMER CONFORMED NAME: PRECISION OPTICS Corp INC DATE OF NAME CHANGE: 20111027 FORMER COMPANY: FORMER CONFORMED NAME: PRECISION OPTICS CORPORATION INC DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: PRECISION OPTICS CORP INC DATE OF NAME CHANGE: 19600201 10-Q 1 precision_10q-033116.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2016

 

or

 

o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission File Number: 001-10647

 

PRECISION OPTICS CORPORATION, INC.

(Exact name of registrant as specified in its charter)

 

Massachusetts 04-2795294
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

22 East Broadway, Gardner, Massachusetts 01440-3338

(Address of principal executive offices) (Zip Code)

 

(978) 630-1800

(Registrant’s telephone number, including area code)

 

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 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 o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer o   Accelerated filer o
         
Non-accelerated filer o   Smaller reporting company x
(Do not check if a smaller reporting company)        

 

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes o No x

   

The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, at May 15, 2016 was 7,539,582 shares.

 

 

 

 

 

PRECISION OPTICS CORPORATION, INC.

 

Table of Contents

 

  Page
PART I — FINANCIAL INFORMATION 3
Item 1. Financial Statements 3
Consolidated Balance Sheets 3
Consolidated Statements of Operations for the Three Months Ended March 31, 2016 and 2015 4
Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2016 and 2015 5
Notes to Consolidated Financial Statements 6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 13
Item 4. Controls and Procedures 13
   
PART II — OTHER INFORMATION 15
Item 1. Legal Proceedings 15
Item 1A. Risk Factors 15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
Item 3. Defaults Upon Senior Securities 15
Item 4. Mine Safety Disclosures (Not applicable.) 15
Item 5. Other Information 15
Item 6. Exhibits 16

 

 2 
 

 

PART I. FINANCIAL INFORMATION

  

Item 1. Financial Statements.

   

PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

   March 31,
2016		   June 30,
2015		 
ASSETS          
CURRENT ASSETS          
Cash and Cash Equivalents  $172,269   $241,051 
Accounts Receivable, net   607,976    588,042 
Inventories, net   1,053,302    1,073,256 
Prepaid Expenses   100,194    65,182 
Total Current Assets   1,933,741    1,967,531 
PROPERTY AND EQUIPMENT          
Machinery and Equipment   2,479,471    2,431,127 
Leasehold Improvements   553,596    553,596 
Furniture and Fixtures   148,303    148,303 
Vehicles   19,674    19,674 
    3,201,044    3,152,700 
           
Less: Accumulated Depreciation and Amortization   (3,115,345)   (3,096,993)
Net Property and Equipment   85,699    55,707 
           
Patents, net   22,874    18,644 
           
TOTAL ASSETS  $2,042,314   $2,041,882 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Current Portion of Capital Lease Obligation  $7,728   $– 
Accounts Payable   1,025,422    912,150 
Customer Advances   23,010    118,800 
Accrued Employee Compensation   176,130    222,222 
Accrued Professional Services   54,471    60,735 
Accrued Warranty Expense   25,000    25,000 
Other Accrued Liabilities   7,200    36,087 
Total Current Liabilities   1,318,961    1,374,994 
           
Capital Lease Obligation, net of current portion   33,968    – 
           
STOCKHOLDERS’ EQUITY          
Common Stock, $0.01 par value - Authorized - 50,000,000 shares; Issued and Outstanding – 7,539,582 shares at March 31, 2016 and 6,389,806 shares at June 30, 2015   75,396    63,898 
Additional Paid-in Capital   44,128,796    43,232,500 
Accumulated Deficit   (43,514,807)   (42,629,510)
Total Stockholders’ Equity   689,385    666,888 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $2,042,314   $2,041,882 

 

The accompanying notes are an integral part of these consolidated interim financial statements.

 

 3 
 

 

PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED

MARCH 31, 2016 AND 2015

(UNAUDITED)

 

   Three Months
Ended March 31,		   Nine Months
Ended March 31,		 
   2016   2015   2016   2015 
Revenues  $1,140,825   $1,141,892   $2,954,024   $2,949,154 
                     
Cost of Goods Sold   867,292    828,963    2,331,131    2,361,575 
Gross Profit   273,533    312,929    622,893    587,579 
                     
Research and Development Expenses, net   118,285    140,177    377,199    355,782 
                     
Selling, General and Administrative Expenses   407,406    410,549    1,179,520    1,104,466 
                     
Gain on Sale of Assets   (8,480)   (691)   (26,948)   (17,901)
Total Operating Expenses   517,211    550,035    1,529,771    1,442,347 
                     
Operating Loss  $(243,678)  $(237,106)  $(906,878)  $(854,768)
                     
Interest Expense   (469)   –    (469)   – 
                     
Other Income   22,050    39,222    22,050    39,222 
                     
Net Loss   (222,097)   (197,884)   (885,297)   (815,546)
                     
Loss Per Share:                    
Basic  $(0.03)  $(0.03)  $(0.13)  $(0.13)
Diluted  $(0.03)  $(0.03)  $(0.13)  $(0.13)
                     
Weighted Average Common Shares Outstanding:                    
Basic   7,484,197    6,334,757    7,033,090    6,241,438 
Diluted   7,484,197    6,334,757    7,033,090    6,241,438 

 

The accompanying notes are an integral part of these consolidated interim financial statements.

 

 4 
 

 

PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED

MARCH 31, 2016 AND 2015

(UNAUDITED)

 

   Nine Months
Ended March 31,		 
   2016   2015 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Loss  $(885,297)  $(815,546)
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities -          
Depreciation and Amortization   18,352    14,962 
Gain on Sale of Assets   (26,948)   (17,901)
Stock-based Compensation Expense   194,133    42,750 
Non-cash Consulting Expense   55,050    38,625 
Non-cash Gain on Settlement of Liabilities by Issuing Common Stock   (22,050)   (39,222)
Changes in Operating Assets and Liabilities -          
Accounts Receivable, net   (19,934)   (11,424)
Inventories   19,954    (259,864)
Prepaid Expenses   (35,012)   21,096 
Accounts Payable   113,272    165,514 
Customer Advances   (95,790)   74,400 
Accrued Expenses   (65,943)   61,770 
Net Cash Used In Operating Activities   (750,213)   (724,840)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Additional Patent Costs   (4,230)   (10,972)
Purchases of Property and Equipment   (4,554)   (59,973)
Proceeds from Sale of Assets   26,948    17,901 
Net Cash Provided by (Used in) Investing Activities   18,164    (53,044)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Payment of Capital Lease Obligation   (2,094)   – 
Gross Proceeds from Private Placement of Common Stock   700,000    980,291 
Private Placement Expenses Incurred   (34,639)   (121,512)
Net Cash Provided by Financing Activities   663,267    858,779 
           
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (68,782)   80,895 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   241,051    202,380 
           
CASH AND CASH EQUIVALENTS, END OF PERIOD  $172,269   $283,275 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash Paid for Income Taxes  $912   $912 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Issuance of Common Stock to Consultants  $48,300   $93,793 
           
Acquisition of Manufacturing Equipment Under Capital Lease  $43,790   $– 

 

The accompanying notes are an integral part of these consolidated interim financial statements.

 

 5 
 

 

PRECISION OPTICS CORPORATION, INC.

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Principles of Consolidation and Operations

 

The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

 

These consolidated financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the third quarter and nine months of the Company’s fiscal year 2016. These consolidated financial statements do not include all disclosures associated with annual consolidated financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s consolidated financial statements for the year ended June 30, 2015 together with the Report of Independent Registered Public Accounting Firm filed under cover of the Company’s 2015 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on October 13, 2015.

 

Use of Estimates

 

The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Income (Loss) Per Share

 

Basic income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period, plus the number of potentially dilutive securities outstanding during the period such as stock options and warrants. For the three and nine months ended March 31, 2016 and 2015, the effect of such securities was antidilutive and not included in the diluted calculation because of the net loss generated in these periods.

 

The following is the calculation of loss per share for the three and nine months ended March 31, 2016 and 2015:

 

   Three Months
Ended March 31		   Nine Months
Ended March 31		 
   2016   2015   2016   2015 
Net Income Loss – Basic and Diluted  $(222,097)  $(197,884)  $(885,297)  $(815,546)
                     
Basic Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
Potentially Dilutive Securities   –    –    –    – 
Diluted Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
                     
Loss Per Share                    
Basic  $(0.03)  $(0.03)  $(0.13)  $(0.13)
Diluted  $(0.03)  $(0.03)  $(0.13)  $(0.13)

 

The number of shares issuable upon the exercise of outstanding stock options and warrants that were excluded from the computation as their effect was antidilutive was approximately 4,168,000 and 3,794,000 for the three months ended March 31, 2016 and 2015, respectively, and approximately 4,168,000 and 3,794,000 for the nine months ended March 31, 2016 and 2015, respectively.

 

 6 
 

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

In assessing the likelihood of utilization of existing deferred tax assets, management has considered historical results of operations and the current operating environment. Based on this evaluation, a full valuation reserve has been provided for the deferred tax assets.

 

2. INVENTORIES

 

Inventories are stated at the lower of cost (first-in, first-out) or market and consisted of the following:

 

   March 31,
2016		   June 30,
2015		 
Raw Materials  $466,062   $485,266 
Work-In-Progress   351,702    388,503 
Finished Goods   235,538    199,487 
Total Inventories  $1,053,302   $1,073,256 

    

3. CAPITAL LEASE OBLIGATION

 

During the quarter ended March 31, 2016, the Company entered into a five-year capital lease obligation for the acquisition of manufacturing equipment totaling $51,252. At March 31, 2016, future minimum lease payments under the capital lease obligation are as follows:

 

Fiscal Year   Amount  
2016   $ 2,563  
2017     10,250  
2018     10,250  
2019     10,250  
2020     10,250  
2021     5,126  
Total Minimum Payments   $ 48,689  
Amount Representing Interest     6,993  
Present Value of Minimum Lease Payments     41,696  
Less – current portion     7,728  
    $ 33,968  

 

4. STOCK-BASED COMPENSATION

 

Stock-based compensation costs recognized during the quarters ended March 31, 2016 and 2015 amounted to $51,705 and $2,625 respectively, and the costs were included in the accompanying consolidated statements of operations in: selling, general and administrative expenses (2016 - $33,721; 2015 - $0), research and development expenses (2016 - $9,316; 2015 - $2,625) and cost of goods sold (2016 - $8,668; 2015 - $0). Stock-based compensation costs recognized during  the nine month periods ended March 31, 2016 and 2015 amounted to $194,133 and $42,750, respectively, and were included in the accompanying consolidated statements of operations in: selling, general and administrative expenses (2016 - $94,099; 2015 - $27,000), research and development expenses (2016 - $48,023, 2015 - $15,750) and cost of goods sold (2016 - $52,011, 2015 - $0). No compensation has been capitalized because such amounts would have been immaterial.

 

 7 
 

 

The following tables summarize stock option activity for the nine months ended March 31, 2016:

 

    Options Outstanding  
    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Contractual Life		  
Outstanding at June 30, 2015     1,079,079     $    1.43       8.46 years  
Grants     60,000       0.48          
Cancellations     (3,800)     $ 3.00          
Outstanding at March 31, 2016     1,135,279     $ 1.37       7.83 years  

   

Information related to the stock options outstanding as of March 31, 2016 is as follows:

 

Range of Exercise Prices   Number of Shares   Weighted-Average Remaining Contractual Life (years)   Weighted-Average Exercise Price   Exercisable Number of Shares   Exercisable Weighted-Average Exercise Price 
$0.48    60,000    10.00   $         0.48    20,000   $         0.48 
$0.73    316,000    9.14   $0.73    165,000   $0.73 
$0.73    330,000    9.14   $0.73    132,915   $0.73 
$0.90    35,000    8.28   $0.90    23,334   $0.90 
$0.90    30,000    8.28   $0.90    30,000   $0.90 
$1.20    207,800    5.92   $1.20    207,800   $1.20 
$0.90    9,000    7.76   $0.90    9,000   $0.90 
$0.85    9,000    6.76   $0.85    9,000   $0.85 
$0.55    44,000    5.92   $0.55    44,000   $0.55 
$0.27    40,000    5.29   $0.27    40,000   $0.27 
$1.35    1,200    3.65   $1.35    1,200   $1.35 
$1.25    1,200    2.65   $1.25    1,200   $1.25 
$6.25    1,600    0.66   $6.25    1,600   $6.25 
$7.75    1,200    1.66   $7.75    1,200   $7.75 
$13.75    49,279    0.11   $13.75    49,279   $13.75 
$0.27–$13.75    1,135,279    7.83   $1.37    735,528   $1.73 

 

The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of March 31, 2016 was $8,400.

 

5. SALE OF STOCK

  

On October 19, 2015, the Company entered into agreements with accredited investors for the sale and purchase of 1,044,776 shares of the Company’s common stock, $0.01 par value at a purchase price of $0.67 per share. The Company received $700,000 in gross proceeds from the offering. The Company has used the net proceeds from this placement for general working capital purposes.

 

In conjunction with the placement, the Company also entered into a registration rights agreement with the investors, whereby the Company is obligated to file a registration statement with the Securities Exchange Commission on or before 90 calendar days after October 19, 2015 to register the resale by the investors of the 1,044,776 shares of the Company’s common stock purchased in the placement. The registration statement was filed on January 19, 2016 and became effective on February 1, 2016.

 

In conjunction with the offering, certain anti-dilution provisions of the warrants issued in conjunction with the Company’s June 25, 2008 and September 28, 2012 financing transactions were triggered. As a result, the number of existing June 25, 2008 warrants increased from 493,398 to 517,222 and the related exercise price of the warrants decreased from $1.03 to $0.98 per share. Also, as a result of the offering, the number of existing September 28, 2012 warrants increased from 2,189,724 to 2,293,013 and 217,322 to 222,559, respectively, and the related exercise price decreased from $1.11 to $1.06 and from $0.85 to $0.83, respectively.

 

 8 
 

 

6. SALE OF ASSETS

 

During the nine months ended March 31, 2016, the Company sold equipment that was previously written off for proceeds totaling $26,948, and recorded a gain of $26,948, which is included within operating expenses in the accompanying consolidated statements of operations.

 

7. OTHER INCOME

 

Other income in the amount of $22,050 and $39,222 for the quarter and nine months ended March 31, 2016 and 2015, respectively, represents non-cash gains on the settlement of liabilities for services rendered to the Company, by issuing 105,000 shares and 82,222 shares of common stock in February 2016 and January 2015, respectively. The non-cash gain is the difference between the recorded amount of the liabilities and the value of the stock when issued.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 9 
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and notes to those statements included elsewhere in this Quarterly Report on Form 10-Q for the quarter and nine months ended March 31, 2016 and with our audited consolidated financial statements for the year ended June 30, 2015 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on October 13, 2015.

 

This Quarterly Report on Form 10-Q contains forward-looking statements. When used in this report, the words “expects,” “anticipates,” “suggests,” “believes,” “intends,” “estimates,” “plans,” “projects,” “continue,” “ongoing,” “potential,” “expect,” “predict,” “believe,” “intend,” “may,” “will,” “should,” “could,” “would” and similar expressions are intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements.  Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in this report, the risks described in our Annual Report on Form 10-K for the year ended June 30, 2015 and other reports we file with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made.  We do not intend to update any of the forward-looking statements after the date of this report to conform these statements to actual results or to changes in our expectations, except as required by law.

 

Overview

 

We have been a developer and manufacturer of advanced optical instruments since 1982. Today, the vast majority of our business is the design and manufacture of high-quality medical devices and approximately 10% of our business is the design and manufacture of military and industrial products. Our medical instrumentation line includes traditional endoscopes and endocouplers as well as other custom imaging and illumination products for use in minimally invasive surgical procedures. Much of our recent development efforts have been targeted at the development of next generation endoscopes. For the last ten years, we have funded internal research and development programs to develop next generation capabilities for designing and manufacturing 3D endoscopes and very small Microprecision™ lenses, anticipating future requirements as the surgical community continues to demand smaller and more enhanced imaging systems for minimally invasive surgery.

  

Our unique proprietary technology in the areas of micro optical lenses and prisms, micro medical fiber and CMOS based cameras, and custom design of medical grade instruments, combined with recent developments in the areas of 3D displays, has allowed us to begin commercialization of related product and service offerings to a widening group of customers addressing various medical device, defense and aerospace applications. We believe that new products based on these technologies provide enhanced optical and imaging qualities for many uses including existing surgical procedures and development of new procedures enabled by the small size and image quality of our camera modules.

 

We are registered to the ISO 9001:2008 and ISO 13485:2003 Quality Standards and comply with the FDA Good Manufacturing Practices and the European Union Medical Device Directive for CE marking of our medical products. Our internet website is www.poci.com. Information on our website is not intended to be integrated into this report.

 

The markets in which we do business are highly competitive and include both foreign and domestic competitors. Many of our competitors are larger and have substantially greater resources than we do. We routinely outsource specialized production efforts as required to obtain the most cost effective production. Over the years, we have achieved extensive experience collaborating with other optical specialists worldwide.

 

Our products and services have been principally sold to original equipment manufacturers, or OEM, customers. We believe our product offerings are competitive based on performance and other technical features. Based on certain cost advantages we maintain, we are able to offer products at a competitive price, including certain products that may be offered as single-use products to end customers. Further, our performance relating to factors such as scheduling and reliability, is essential to our customers.

 

We believe that our future success depends to a large degree on our ability to increase sales to current customers, to customers to whom we are currently engaged, and to new customers with whom we are in early stage evaluation. Further, we may seek to develop new technologies, processes, products and services to enhance the performance characteristics, methods of manufacture and cost of existing products. Accordingly, we expect to continue to seek and obtain product-related design and development contracts with customers and to selectively invest our own funds on research and development, particularly in the areas of Microprecision™ optics, micro medical cameras and 3D endoscopes.

 

 10 
 

 

For the nine months ended March 31, 2016, approximately 50% of our sales were made to five customers. Of these, two are large, international, medical device companies who have been our customers for many years. Both of these customers continue to purchase products that we developed over five years ago, and both now purchase new products that were developed and launched into production by us more recently. The other three top customers purchase products that we developed in recent years, and which rely heavily on our unique, proprietary Microprecision™ lens technology and optical visualization system expertise.

 

Current sales and marketing activities are intended to broaden awareness of the benefits of our products, which we believe are ready for general application to medical device projects requiring surgery-grade visualization from sub-millimeter sized devices and handheld 3D endoscopy. We believe greater demand for the small size and high image quality of our Microprecision™ line products will be driven by new medical procedures that have not previously been possible, by improved performance of existing endoscopes and other medical devices used in current minimally invasive medical procedures, and by broad migration toward the use of single-use medical devices.

 

General

 

This management’s discussion and analysis of financial condition and results of operations is based upon our unaudited consolidated financial statements, which have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

There have been no significant changes in our critical accounting policies as disclosed in the Notes to our Financial Statements contained in our Annual Report on Form 10-K for the year ended June 30, 2015 filed with the Securities and Exchange Commission on October 13, 2015.

 

Results of Operations

 

Our total revenues for the quarter ended March 31, 2016, the third quarter of our fiscal year 2016, were $1,140,825, as compared to $1,141,892 for the same period in the prior year, a decrease of $1,067, or 0.09%. The decrease in revenues for the quarter ended March 31, 2016 was primarily due to lower unit volume sales of certain traditional products, partially offset by higher unit volume sales of certain new product offerings, including optical components, single-use fiberscopes and CMOS micro cameras, and higher engineering services revenue. We believe the increase in engineering services revenue is a positive indication of future product sales. Our total revenues for the nine months ended March 31, 2016 were $2,954,024, as compared to $2,949,154 for the same period in the prior year, an increase of $4,870, or 0.2 %. The increase in revenues for the nine month period was primarily due to higher unit volume sales of optical components, single-use fiberscopes and CMOS micro cameras, and higher engineering services revenue, partially offset by lower unit volume sales of certain traditional products.

 

Revenues from our largest customers, as a percentage of our total revenues, for the nine months ended March 31, 2016 and 2015, were as follows:

 

   Nine Months
Ended March 31,		 
   2016   2015 
Customer A   16%    11% 
Customer B   14    23 
Customer C   6    10 
Customer D   –    12 
All Others   64    44 
    100%    100% 

  

No other customer accounted for more than 10% of our revenues during those quarters.

 

 11 
 

 

Gross profit for the quarter ended March 31, 2016 was $273,533, as compared to $312,929 for the same period in the prior year, which reflects a decrease of $39,396. Gross profit for the quarter ended March 31, 2016 as a percentage of our revenues was 24.0%, a decrease from the gross profit percentage of 27.4% for the same period in the prior year. Gross profit for the nine months ended March 31, 2016 was $622,893, as compared to $587,579 for the same period in the prior year, which reflects an increase of $35,314. Gross profit for the nine months ended March 31, 2016 as a percentage of our revenues was 21.1%, an increase from the gross profit percentage of 19.9% for the same period in the prior year. The decrease in our gross profit percentage in the most recent quarter compared to the prior year was due primarily to manufacturing inefficiencies on a few projects. The increase in our gross profit percentage in the most recent nine months was due primarily to the reduced cost of manufacturing inefficiencies such as scrap, partially offset by higher stock-based compensation expenses in the current fiscal year. Further, our quarterly gross profit and gross profit percentage depend on a number of factors, including overall sales volume, the mix of products sold, and the costs of initial production in connection with new products. If we are able to successfully increase our sales volumes, we expect our gross margins to increase.

 

Research and development expenses were $118,285 for the quarter ended March 31, 2016, compared to $140,177 for the same period in the prior year, a decrease of $21,892, or 15.6%. The decrease in the quarter ended March 31, 2016 compared to same period in the prior year was primarily due to the increase in our engineering services revenue. As a result of increases in such revenue, a greater portion of our fixed engineering cost is included in cost of goods sold. Quarterly research and development expenses depend on our assessment of new product opportunities and available resources. Research and development expenses were net of reimbursement of related costs of $0 and $0 during the quarters ended March 31, 2016 and 2015, respectively. Research and development expenses were $377,199 for the nine months ended March 31, 2016, compared to $355,782 for the same period in the prior year, an increase of $21,417, or 6.0%. The increase in the nine month period ended March 31, 2016 compared to the same period in the prior year was primarily due to higher stock-based compensation expenses, and by lower reimbursements received from customers for such activities, partially offset by the increase in engineering services revenue as explained above. Research and development expenses were net of reimbursement of related costs of $0 and $23,404 during the nine months ended March 31, 2016 and 2015, respectively.

 

Selling, general and administrative expenses were $407,406 for the quarter ended March 31, 2016, compared to $410,549 for the same period in the prior year, a decrease of $3,143, or 0.8%. The decrease in the quarter ended March 31, 2016 compared to the same period in the prior year was primarily due to the curtailment of operations of our Hong Kong subsidiary, partially offset by higher stock-based compensation expenses and consulting expenses. Selling, general and administrative expenses were $1,179,520 for the nine months ended March 31, 2016, compared to $1,104,466 for the same period in the prior year, an increase of $75,054, or 6.8%. The increase in the nine month period ended March 31, 2016 compared to the same period in the prior year was primarily due to higher stock-based compensation expenses and consulting expenses, partially offset by the curtailment of operations of our Hong Kong subsidiary.

 

No income tax provision was recorded in the first, second or third quarters of fiscal year 2016 or 2015 because of the losses generated in those periods.

 

Liquidity and Capital Resources

 

We have traditionally funded working capital needs through product sales, management of working capital components of our business, and by cash received from public and private offerings of our common stock, warrants to purchase shares of our common stock or convertible notes. We have incurred quarter to quarter operating losses during our efforts to develop current products including Microprecision™ optical elements, micro medical camera assemblies and 3D endoscopes. Our management expects that such operating losses will continue until sales increase to breakeven and profitable levels. Our management also believes that the opportunities represented by these products have the potential to generate sales increases to achieve breakeven and profitable results.

 

Until we achieve and sustain breakeven and profitable results, we will be required to pursue several options to manage cash flow and raise capital, including issuing debt or equity or entering into a strategic alliance. The sale of additional equity or convertible debt securities would result in additional dilution to our current stockholders, and debt financing, if available, may involve restrictive covenants that could restrict our operations or finances. Financing may not be available in amounts or on terms acceptable to us, if at all. If we are unable to secure additional capital, we may be required to curtail our research and development initiatives and take additional measures to reduce costs in order to conserve our cash in amounts sufficient to sustain operations and meet our obligations. If we cannot raise funds on acceptable terms or achieve positive cash flow, we may not be able to continue to develop new products, grow market share, take advantage of future opportunities or respond to competitive pressures or unanticipated requirements, any of which could negatively impact our business, operating results and financial condition, or impact our ability to continue to conduct operations.

 

During the quarter ended March 31, 2016, we incurred a net loss of $222,097 and used cash in operating activities of $225,282. As of March 31, 2016, cash and cash equivalents were $172,269, accounts receivable were $607,976, and current liabilities were $1,318,961. As of June 30, 2015, cash and cash equivalents were $241,051, accounts receivable were $588,042, and current liabilities were $1,374,994.

 

 12 
 

 

On October 19, 2015, we closed agreements with institutional and accredited investors for the sale and purchase of 1,044,776 shares of our common stock at a purchase price of $0.67 per share. We received $700,000 in gross proceeds from the offering. We are using the net proceeds from this placement for general working capital purposes.

 

Capital equipment expenditures during the nine months ended March 31, 2016 and 2015 were $4,554 and $59,973, respectively. Future capital equipment expenditures will be dependent upon future sales and success of on-going research and development efforts.

 

Contractual cash commitments for the fiscal years subsequent to March 31, 2016 are summarized as follows:

 

   2016   2017   Thereafter   Total 
Operating Leases  $5,730   $18,402   $8,400   $32,532 
Capital Leases   2,563    10,250    35,876    48,689 
Totals  $8,293   $28,652   $44,276   $81,221 

 

We have contractual cash commitments related to open purchase orders as of March 31, 2016 of approximately $243,000.

 

Off-Balance Sheet Arrangements

 

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item.

 

Item 4. Controls and Procedures.

 

Management’s Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and our Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures, including internal control over financial reporting, were not effective, as of March 31, 2016, to ensure the information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934, as amended (i) is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are intended to be designed to provide reasonable assurance that such information is accumulated and communicated to our management. Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of March 31, 2016.

 

The following is a description of two material weaknesses in our internal control over financial reporting:

 

Segregation of Duties: As previously disclosed in our Annual Reports on Form 10-K for the fiscal years ended June 30, 2008-2015, our management identified a control deficiency during the 2008 fiscal year because we lacked sufficient staff to segregate accounting duties. We believe the control deficiency resulted primarily because we have the equivalent of one and one-half persons performing all accounting-related on-site duties. As a result, we did not maintain adequate segregation of duties within our critical financial reporting applications, the related modules and financial reporting processes. This control deficiency could result in a misstatement of balance sheet and income statement accounts in our interim or annual consolidated financial statements that would not be detected. Accordingly, management has determined that this control deficiency constitutes a material weakness. During the period beginning with fiscal year 2008 through June 30, 2015, no audit adjustments resulting from this condition were required.

 

To address and remediate the material weakness in internal control over financial reporting described above, beginning with the quarter ended September 30, 2008, we instituted a procedure whereby our Chief Executive Officer, our Chief Financial Officer and other members of our Board of Directors perform a higher level review of the quarterly and annual reports on Form 10-Q and Form 10-K prior to filing.

 

 13 
 

 

We believe that the step outlined above strengthens our internal control over financial reporting and mitigates the material weakness described above. As part of our assessment of internal control over financial reporting for the fiscal year ended June 30, 2015, our management has evaluated this additional control and has determined that it is operating effectively.

 

Inventory Valuation: As previously disclosed in our Annual Reports on Form 10-K for the fiscal years ended June 30, 2009-2015, we reported a material weakness with respect to the valuation of our inventories. Specifically, the amounts used to value our inventory at June 30, 2009 with respect to overhead rates and purchased items were often inconsistent with the supporting documentation, due to year-to-year changes in overhead rates and costs of purchased items that were not properly reflected in inventory valuation. Accordingly, management had determined that this control deficiency constituted a material weakness as of June 30, 2009. One audit adjustment of approximately $58,000 to our audited financial statements as of June 30, 2011 was necessary as a result of this condition.

 

Changes in Internal Control over Financial Reporting

 

There was no change in our internal control over financial reporting that occurred during the first quarter of our fiscal year covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

To address and remediate the material weakness in internal control over financial reporting described above, beginning in the quarter ended September 30, 2009 and continuing through the quarter ended March 31, 2016, we implemented processes to improve our inventory controls and documentation surrounding inventory valuation for overhead rates, and performed procedures to ensure that the pricing of inventory items was consistent with the supporting documentation. We believe that the step outlined above strengthens our internal control over financial reporting and mitigates the material weakness described above.

 

We intend to continue to remediate material weaknesses and enhance our internal controls but cannot guarantee that our efforts will result in remediation of our material weaknesses or that new issues will not be exposed in this process.

 

 14 
 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

Our Company, on occasion, may be involved in legal matters arising in the ordinary course of our business. While management believes that such matters are currently insignificant, matters arising in the ordinary course of business for which we are or could become involved in litigation may have a material adverse effect on our business, financial condition or results of operations. We are not aware of any pending or threatened litigation against us or our officers and directors in their capacity as such that could have a material impact on our operations or finances.

 

Item 1A. Risk Factors.

 

There have been no material changes from the risk factors previously disclosed in our annual report on Form 10-K for the fiscal year ended June 30, 2015, as filed with the Securities and Exchange Commission on October 13, 2015.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

On February 18, 2016, we issued 105,000 shares of common stock valued at $0.46 per share for services rendered to us.

 

We relied on the Section 4(a)(2) exemption from securities registration under the federal securities laws for transactions not involving any public offering. No advertising or general solicitation was employed in offering the securities. The securities were issued to accredited investors and a limited number of non-accredited investors. The securities were offered for investment purposes only and not for the purpose of resale or distribution, and the transfers thereof were appropriately restricted by us.

 

Item 3. Defaults Upon Senior Securities.

 

We did not default upon senior securities during the quarter ended March 31, 2016.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

 15 
 

 

Item 6. Exhibits.

 

Exhibit   Description
     
2.1   Asset Purchase Agreement between the Company and Optometrics Corporation, dated January 18, 2008 (included as Exhibit 2.1 to the Form 8-K filed January 25, 2008 and incorporated herein by reference).
     
3.1   Articles of Organization of Precision Optics Corporation, Inc., as amended (included as Exhibit 3.1 to the Form SB-2 filed March 16, 2007 and incorporated herein by reference).
     
3.2   Bylaws of Precision Optics Corporation, Inc. (included as Exhibit 3.2 to the Form S-1 filed December 18, 2008 and incorporated herein by reference).
     
3.3   Articles of Amendment to the Articles of Organization of Precision Optics Corporation, Inc., dated November 25, 2008 and effective December 11, 2008 (included as Exhibit 3.1 to the Form 8-K filed December 11, 2008 and incorporated herein by reference).
     
3.4   Amended and Restated Bylaws of Precision Optics Corporation, Inc. (included as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed July 11, 2014 and incorporated herein by reference).
     
4.1   Registration Rights Agreement by and among the Company and each investor named therein, dated February 1, 2007 (included as Exhibit 4.1 to the Form 8-K filed February 2, 2007 and incorporated herein by reference).
     
4.2   Form of Warrant to Purchase Shares of Common Stock (included as Exhibit 4.2 to the Form 8-K filed February 2, 2007 and incorporated herein by reference).
     
4.3   Registration Rights Agreement by and among the Company and each investor named therein, dated June 25, 2008 (included as Exhibit 4.1 to the Form 8-K filed June 27, 2008 and incorporated herein by reference).
     
4.4   Form of Warrant to Purchase Shares of Common Stock, dated June 25, 2008 (included as Exhibit 4.2 to the Form 8-K filed June 27, 2008 and incorporated herein by reference).
     
4.5   Form of 10% Senior Secured Convertible Note, dated June 25, 2008 (included as Exhibit 4.3 to the Form 8-K filed June 27, 2008 and incorporated herein by reference).
     
4.6   Form of Warrant to Purchase Shares of Common Stock, dated September 28, 2012 (included as Exhibit 4.1 to the Form 8-K filed October 2, 2012 and incorporated herein by reference).
     
4.7   Registration Rights Agreement by and among the Company and each investor named therein, dated September 28, 2012 (included as Exhibit 4.2 to the Form 8-K filed October 2, 2012 and incorporated herein by reference).
     
4.8   Warrant to Purchase Shares of Common Stock issued to Loewen, Ondaatje, McCutcheon USA LTD, dated September 28, 2012 (included as Exhibit 4.3 to the Form 8-K filed October 2, 2012 and incorporated herein by reference).

 

 16 
 

 

4.9   Form of Warrant to Purchase Shares of Common Stock (Special Situations Settlement), dated February 12, 2013 (included as Exhibit 4.1 to the Form 8-K filed February 13, 2013 and incorporated herein by reference).
     
4.10   Registration Rights Agreement by and among the Company, Special Situations Fund III QP, L.P. and Special Situations Private Equity Fund, L.P., dated February 12, 2013 (included as Exhibit 4.2 to the Form 8-K filed February 13, 2013 and incorporated herein by reference).
     
4.11   Form of Warrant to Purchase Shares of Common Stock (Pitlor and Schumsky Settlement), dated February 12, 2013 (included as Exhibit 4.3 to the Form 8-K filed February 13, 2013 and incorporated herein by reference).
     
10.1   Precision Optics Corporation, Inc. 1997 Incentive Plan, as amended and restated (included as Exhibit 10.1 to the Form 10-QSB filed November 13, 2003 and incorporated herein by reference).
     
10.2   Precision Optics Corporation, Inc. 2006 Equity Incentive Plan (included as Exhibit 99.1 to the Form 8-K filed December 4, 2006 and incorporated herein by reference).
     
10.3   Purchase Agreement by and among the Company and each investor named therein, dated February 1, 2007 (included as Exhibit 10.1 to the Form 8-K filed February 2, 2007 and incorporated herein by reference).
     
10.4   Form of Incentive Stock Option Certificate (included as Exhibit 10.1 to the Form 10-QSB filed February 14, 2007 and incorporated herein by reference).
     
10.5   Form of Nonstatutory Stock Option Certificate (included as Exhibit 10.2 to the Form 10-QSB filed February 14, 2007 and incorporated herein by reference).
     
10.6   Purchase Agreement by and among the Company and each investor named therein, dated June 25, 2008 (included as Exhibit 10.1 to the Form 8-K filed June 27, 2008 and incorporated herein by reference).
     
10.7   Pledge and Security Agreement by and among the Company and each investor named therein, dated June 25, 2008 (included as Exhibit 10.2 to the Form 8-K filed June 27, 2008 and incorporated herein by reference).
     
10.8   Consulting Agreement between the Company and Jack P. Dreimiller, dated August 15, 2008 (included as Exhibit 10.1 to the Form 8-K filed August 18, 2008 and incorporated herein by reference).
     
10.9   Side Letter Agreement between the Company and the investors signatory to the Purchase Agreement, dated November 25, 2008 (included as Exhibit 10.1 to the Form 8-K filed December 11, 2008 and incorporated herein by reference).
     
10.10   Side Letter Agreement between the Company and the holders signatory to the 10% Senior Secured Convertible Note, dated December 11, 2008 (included as Exhibit 10.15 to the Form S-1 filed December 18, 2008 and incorporated herein by reference).

 

 17 
 

 

10.11   Side Letter Agreement between the Company and the holders signatory to the 10% Senior Secured Convertible Note, dated April 2, 2009 (included as Exhibit 10.16 to the Form S-1/A filed April 6, 2009 and incorporated herein by reference).
     
10.12   Compensation Agreement with Richard E. Forkey, dated December 3, 2010 (included as Exhibit 10.11 to the Form 8-K filed December 6, 2010 and incorporated herein by reference).
     
10.13   Compensation Agreement with Joseph N. Forkey, dated December 3, 2010 (included as Exhibit 10.12 to the Form 8-K filed December 6, 2010 and incorporated herein by reference).
     
10.14   Compensation Agreement with Joel R. Pitlor, dated December 3, 2010 (included as Exhibit 10.13 to the Form 8-K filed December 6, 2010 and incorporated herein by reference).
     
10.15   Asset Purchase Agreement between the Company and Intuitive Surgical Operations, Inc., dated July 27, 2011 (included as Exhibit 10.1 to the Form 8-K filed August 3, 2011 and incorporated herein by reference).
     
10.16   Amendment to Pledge and Security Agreement by and among the Company and each investor named therein, dated July 27, 2011 (included as Exhibit 10.2 to the Form 8-K filed August 3, 2011 and incorporated herein by reference).
     
10.17   Demand Note in the amount of $10,000, dated July 13, 2011, issued by the Company to Dr. Joseph N. Forkey (included as Exhibit 10.22 to the Form 10-K filed September 28, 2011, and incorporated herein by reference.)
     
10.18   Precision Optics Corporation, Inc. 2011 Equity Incentive Plan, dated October 13, 2011 (included as Exhibit 10.2 to Form S-8 filed October 14, 2011, and incorporated herein by reference.)
     
10.19   Precision Optics Corporation, Inc. 2011 Deferred Compensation Plan, dated October 13, 2011 (included as Exhibit 10.3 to Form S-8 filed October 14, 2011, and incorporated herein by reference.)
     
10.20   Side Letter Agreement to the Compensation Agreement with Richard E. Forkey, dated October 14, 2011 (included as Exhibit 10.4 to the Form 8-K filed October 19, 2011 and incorporated herein by reference).
     
10.21   Side Letter Agreement to the Compensation Agreement with Joseph N. Forkey, dated October 14, 2011 (included as Exhibit 10.5 to the Form 8-K filed October 19, 2011 and incorporated herein by reference).
     
10.22   Side Letter Agreement to the Compensation Agreement with Joel N. Pitlor, dated October 14, 2011 (included as Exhibit 10.6 to the Form 8-K filed October 19, 2011 and incorporated herein by reference).

 

 18 
 

 

10.23   Endorsement to 10% Senior Secured Convertible Note by the Company, dated October 31, 2011, and accepted by Special Situations Private Equity Fund, L.P. (included as Exhibit 10.2 to the Form 8-K filed November 3, 2011 and incorporated herein by reference).
     
10.24   Endorsement to 10% Senior Secured Convertible Note by the Company, dated October 31, 2011, and accepted by Special Situations Fund III QP, L.P. (included as Exhibit 10.3 to the Form 8-K filed November 3, 2011 and incorporated herein by reference).
     
10.25   Endorsement to 10% Senior Secured Convertible Note by the Company, dated July 31, 2012, and accepted by Arnold Schumsky (included as Exhibit 10.27 to the Form 10-K filed October 15, 2012, and incorporated herein by reference.)
     
10.26   Endorsement to 10% Senior Secured Convertible Note by the Company, dated August 31, 2012, and accepted by Arnold Schumsky (included as Exhibit 10.28 to the Form 10-K filed October 15, 2012, and incorporated herein by reference.)
     
10.27   Notice of Repayment of 10% Senior Secured Convertible Note in Full by the Company, dated September 28, 2012, and accepted by Arnold Schumsky (included as Exhibit 10.29 to the Form 10-K filed October 15, 2012, and incorporated herein by reference.)
     
10.28   Purchase Agreement by and among the Company and each investor named therein, dated September 28, 2012 (included as Exhibit 10.1 to the Form 8-K filed October 2, 2012 and incorporated herein by reference).
     
10.29   Settlement Agreement by and among the Company, Special Situations Fund III QP, L.P. and Special Situations Private Equity Fund, L.P., dated February 12, 2013 (included as Exhibit 10.1 to the Form 8-K filed February 13, 2013 and incorporated herein by reference).
     
10.30   Settlement Agreement by and between the Company and Joel Pitlor, dated February 12, 2013 (included as Exhibit 10.2 to the Form 8-K filed February 13, 2013 and incorporated herein by reference).
     
10.31   Settlement Agreement by and between the Company and Arnold Schumsky, dated February 12, 2013 (included as Exhibit 10.3 to the Form 8-K filed February 13, 2013 and incorporated herein by reference).
     
10.32   Form of Purchase Agreement by and among the Company and investor (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 7, 2014 and incorporated herein by reference).
     
10.33   Form of Registration Rights Agreement by and among the Company and investor (included as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed July 7, 2014 and incorporated herein by reference).
     
10.34   Precision Optics Corporation, Inc. Amended 2011 Equity Incentive Plan, dated October 14, 2011, as amended on April 16, 2015 (included as Exhibit 10.1 to the Company’s Registration Statement on Form S-8 filed April 20, 2015, and incorporated herein by reference).
     
10.35   Form of Purchase Agreement by and among the Company and investor (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed October 23, 2015 and incorporated herein by reference).

 

 19 
 

 

10.36   Form of Registration Rights Agreement by and among the Company and investors (included as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 23, 2015 and incorporated herein by reference).
     
14.1   Precision Optics Corporation, Inc. Corporate Code of Ethics and Conduct (included as Exhibit 14.1 to the Form 10-K filed September 28, 2008 and incorporated herein by reference).
     
31.1*   Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2*   Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1*   Certification of Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS*   XBRL Instance Document.
101.SCH*   XBRL Taxonomy Extension Schema.
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*   XBRL Taxonomy Extension Definition Linkbase.
101.LAB*   XBRL Taxonomy Extension Label Linkbase.
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase.

 

* Filed herewith.

 

 20 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  PRECISION OPTICS CORPORATION, INC.
     
Date: May 16, 2016 By: /s/ Joseph N. Forkey
    Joseph N. Forkey
   

Chief Executive Officer

(Principal Executive Officer)

     
     
Date: May 16, 2016 By: /s/ Jack P. Dreimiller
    Jack P. Dreimiller
   

Chief Financial Officer 

(Principal Financial Officer and Principal Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 21 

 

 EX-31.1 2 precision_10q-ex3101.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Joseph N. Forkey, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Precision Optics Corporation, Inc. for the quarter ended March 31, 2016;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  By: /s/ Joseph N. Forkey
Date: May 16, 2016   Joseph N. Forkey
    Chief Executive Officer
    (Principal Executive Officer)

 

 EX-31.2 3 precision_10q-ex3102.htm CERTIFICATION

Exhibit 31.2

   

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Jack P. Dreimiller, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Precision Optics Corporation, Inc. for the quarter ended March 31, 2016;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  By: /s/ Jack P. Dreimiller
Date: May 16, 2016   Jack P. Dreimiller
   

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

 

 EX-32.1 4 precision_10q-ex3201.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION OF OFFICERS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officers of Precision Optics Corporation, Inc., a Massachusetts corporation (the “Company”), do hereby certify, to such officers’ knowledge, that:

 

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: May 16, 2016 By: /s/ Joseph N. Forkey
    Joseph N. Forkey
    Chief Executive Officer
    (Principal Executive Officer)
     
Date: May 16, 2016 By: /s/ Jack P. Dreimiller
    Jack P. Dreimiller
    Chief Financial Officer
    (Principal Financial Officer and Principal Accounting Officer)

 

 

A signed original of this written statement required by Section 906 has been provided to Precision Optics Corporation, Inc. and will be retained by Precision Optics Corporation, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares
 9 Months Ended
Mar. 31, 2016
May. 15, 2016
Document And Entity Information    
Entity Registrant Name PRECISION OPTICS CORPORATION, INC.  
Entity Central Index Key 0000867840  
Document Type 10-Q  
Document Period End Date Mar. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   7,539,582
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2016
Jun. 30, 2015
Current Assets:    
Cash and Cash Equivalents $ 172,269 $ 241,051
Accounts Receivable, net 607,976 588,042
Inventories, net 1,053,302 1,073,256
Prepaid Expenses 100,194 65,182
Total Current Assets 1,933,741 1,967,531
Property and Equipment:    
Machinery and Equipment 2,479,471 2,431,127
Leasehold Improvements 553,596 553,596
Furniture and Fixtures 148,303 148,303
Vehicles 19,674 19,674
Total 3,201,044 3,152,700
Less: Accumulated Depreciation and Amortization (3,115,345) (3,096,993)
Net Property and Equipment 85,699 55,707
Patents, net 22,874 18,644
TOTAL ASSETS 2,042,314 2,041,882
Current Liabilities:    
Current Portion of Capital Lease Obligation 7,728 0
Accounts Payable 1,025,422 912,150
Customer Advances 23,010 118,800
Accrued Employee Compensation 176,130 222,222
Accrued Professional Services 54,471 60,735
Accrued Warranty Expense 25,000 25,000
Other Accrued Liabilities 7,200 36,087
Total Current Liabilities 1,318,961 1,374,994
Capital Lease Obligation, net of current portion 33,968 0
Stockholders' Equity:    
Common Stock, $0.01 par value - Authorized - 50,000,000 shares; Issued and Outstanding - 7,539,582 shares at March 31, 2016 and 6,389,806 shares at June 30, 2015 75,396 63,898
Additional Paid-in Capital 44,128,796 43,232,500
Accumulated Deficit (43,514,807) (42,629,510)
Total Stockholders' Equity 689,385 666,888
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,042,314 $ 2,041,882
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2016
Jun. 30, 2015
STOCKHOLDERS' EQUITY    
Common Stock par value $ 0.01 $ 0.01
Common Stock shares authorized 50,000,000 50,000,000
Common Stock shares issued 7,539,582 6,389,806
Common Stock shares outstanding 7,539,582 6,389,806
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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Income Statement [Abstract]        
Revenues $ 1,140,825 $ 1,141,892 $ 2,954,024 $ 2,949,154
Cost of Goods Sold 867,292 828,963 2,331,131 2,361,575
Gross Profit 273,533 312,929 622,893 587,579
Research and Development Expenses, net 118,285 140,177 377,199 355,782
Selling, General and Edministrative Expenses 407,406 410,549 1,179,520 1,104,466
Gain on Sale of Assets (8,480) (691) (26,948) (17,901)
Total Operating Expenses 517,211 550,035 1,529,771 1,442,347
Operating Loss (243,678) (237,106) (906,878) (854,768)
Interest Expense (469) 0 (469) 0
Other Income 22,050 39,222 22,050 39,222
Net Loss $ (222,097) $ (197,884) $ (885,297) $ (815,546)
Loss Per Share:        
Basic $ (0.03) $ (0.03) $ (0.13) $ (0.13)
Diluted $ (0.03) $ (0.03) $ (0.13) $ (0.13)
Weighted Average Common Shares Outstanding:        
Basic 7,484,197 6,334,757 7,033,090 6,241,438
Diluted 7,484,197 6,334,757 7,033,090 6,241,438
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows from Operating Activities:    
Net Loss $ (885,297) $ (815,546)
Adjustments To Reconcile Net Loss to Net Cash Used in Operating Activities -    
Depreciation and Amortization 18,352 14,962
Gain on Sale of Assets (26,948) (17,901)
Stock-based Compensation Expense 194,133 42,750
Non-cash Consulting Expense 55,050 38,625
Non-cash Gain on Settlement of Liabilities by Issuing Common Stock (22,050) (39,222)
Changes in Operating Assets and Liabilities -    
Accounts Receivable, net (19,934) (11,424)
Inventories 19,954 (259,864)
Prepaid Expenses (35,012) 21,096
Accounts Payable 113,272 165,514
Customer Advances (95,790) 74,400
Accrued Expenses (65,943) 61,770
Net Cash Used in Operating Activities (750,213) (724,840)
Cash Flows from Investing Activities:    
Additional Patent Costs (4,230) (10,972)
Purchases of Property and Equipment (4,554) (59,973)
Proceeds from Sale of Assets 26,948 17,901
Net Cash Provided by (Used in) Investing Activities 18,164 (53,044)
Cash Flows from Financing Activities:    
Payment of Capital Lease Obligation (2,094) 0
Gross Proceeds from Private Placement of Common Stock 700,000 980,291
Private Placement Expenses Incurred (34,639) (121,512)
Net Cash Provided by Financing Activities 663,267 858,779
Net Increase (Decrease) in Cash and Cash Equivalents (68,782) 80,895
Cash and Cash Equivalents, Beginning of Period 241,051 202,380
Cash and Cash Equivalents, End of Period 172,269 283,275
Supplemental Disclosure of Cash Flow Information:    
Cash Paid for Income Taxes 912 912
Supplemental disclosure of non-cash investing and financing activities    
Issuance of Common Stock to Consultants 48,300 93,793
Acquisition of Manufacturing Equipment Under Capital Lease $ 43,790 $ 0
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Operations

 

The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

 

These consolidated financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the third quarter and nine months of the Company’s fiscal year 2016. These consolidated financial statements do not include all disclosures associated with annual consolidated financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s consolidated financial statements for the year ended June 30, 2015 together with the Report of Independent Registered Public Accounting Firm filed under cover of the Company’s 2015 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on October 13, 2015.

 

Use of Estimates

 

The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Income (Loss) Per Share

 

Basic income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period, plus the number of potentially dilutive securities outstanding during the period such as stock options and warrants. For the three and nine months ended March 31, 2016 and 2015, the effect of such securities was antidilutive and not included in the diluted calculation because of the net loss generated in these periods.

 

The following is the calculation of loss per share for the three and nine months ended March 31, 2016 and 2015:

 

   Three Months
Ended March 31		   Nine Months
Ended March 31		 
   2016   2015   2016   2015 
Net Income Loss – Basic and Diluted  $(222,097)  $(197,884)  $(885,297)  $(815,546)
                     
Basic Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
Potentially Dilutive Securities   –    –    –    – 
Diluted Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
                     
Loss Per Share                    
Basic  $(0.03)  $(0.03)  $(0.13)  $(0.13)
Diluted  $(0.03)  $(0.03)  $(0.13)  $(0.13)

 

The number of shares issuable upon the exercise of outstanding stock options and warrants that were excluded from the computation as their effect was antidilutive was approximately 4,168,000 and 3,794,000 for the three months ended March 31, 2016 and 2015, respectively, and approximately 4,168,000 and 3,794,000 for the nine months ended March 31, 2016 and 2015, respectively.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

In assessing the likelihood of utilization of existing deferred tax assets, management has considered historical results of operations and the current operating environment. Based on this evaluation, a full valuation reserve has been provided for the deferred tax assets.
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2. INVENTORIES
 9 Months Ended
Mar. 31, 2016
Inventory Disclosure [Abstract]  
INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out) or market and consisted of the following:

 

   March 31,
2016		   June 30,
2015		 
Raw Materials  $466,062   $485,266 
Work-In-Progress   351,702    388,503 
Finished Goods   235,538    199,487 
Total Inventories  $1,053,302   $1,073,256 

    
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3. CAPITAL LEASE OBLIGATION
 9 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
CAPITAL LEASE OBLIGATION

During the quarter ended March 31, 2016, the Company entered into a five-year capital lease obligation for the acquisition of manufacturing equipment totaling $51,252. At March 31, 2016, future minimum lease payments under the capital lease obligation are as follows:

 

Fiscal Year   Amount  
2016   $ 2,563  
2017     10,250  
2018     10,250  
2019     10,250  
2020     10,250  
2021     5,126  
Total Minimum Payments   $ 48,689  
Amount Representing Interest     6,993  
Present Value of Minimum Lease Payments     41,696  
Less – current portion     7,728  
    $ 33,968  

 
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
4. STOCK-BASED COMPENSATION
 9 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION

Stock-based compensation costs recognized during the quarters ended March 31, 2016 and 2015 amounted to $51,705 and $2,625 respectively, and the costs were included in the accompanying consolidated statements of operations in: selling, general and administrative expenses (2016 - $33,721; 2015 - $0), research and development expenses (2016 - $9,316; 2015 - $2,625) and cost of goods sold (2016 - $8,668; 2015 - $0). Stock-based compensation costs recognized during  the nine month periods ended March 31, 2016 and 2015 amounted to $194,133 and $42,750, respectively, and were included in the accompanying consolidated statements of operations in: selling, general and administrative expenses (2016 - $94,099; 2015 - $27,000), research and development expenses (2016 - $48,023, 2015 - $15,750) and cost of goods sold (2016 - $52,011, 2015 - $0). No compensation has been capitalized because such amounts would have been immaterial.

 

The following tables summarize stock option activity for the nine months ended March 31, 2016:

 

    Options Outstanding  
    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Contractual Life		  
Outstanding at June 30, 2015     1,079,079     $    1.43       8.46 years  
Grants     60,000       0.48          
Cancellations     (3,800)     $ 3.00          
Outstanding at March 31, 2016     1,135,279     $ 1.37       7.83 years  

   

Information related to the stock options outstanding as of March 31, 2016 is as follows:

 

Range of Exercise Prices   Number of Shares   Weighted-Average Remaining Contractual Life (years)   Weighted-Average Exercise Price   Exercisable Number of Shares   Exercisable Weighted-Average Exercise Price 
$0.48    60,000    10.00   $         0.48    20,000   $         0.48 
$0.73    316,000    9.14   $0.73    165,000   $0.73 
$0.73    330,000    9.14   $0.73    132,915   $0.73 
$0.90    35,000    8.28   $0.90    23,334   $0.90 
$0.90    30,000    8.28   $0.90    30,000   $0.90 
$1.20    207,800    5.92   $1.20    207,800   $1.20 
$0.90    9,000    7.76   $0.90    9,000   $0.90 
$0.85    9,000    6.76   $0.85    9,000   $0.85 
$0.55    44,000    5.92   $0.55    44,000   $0.55 
$0.27    40,000    5.29   $0.27    40,000   $0.27 
$1.35    1,200    3.65   $1.35    1,200   $1.35 
$1.25    1,200    2.65   $1.25    1,200   $1.25 
$6.25    1,600    0.66   $6.25    1,600   $6.25 
$7.75    1,200    1.66   $7.75    1,200   $7.75 
$13.75    49,279    0.11   $13.75    49,279   $13.75 
$0.27–$13.75    1,135,279    7.83   $1.37    735,528   $1.73 

 

The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of March 31, 2016 was $8,400.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
5. SALE OF STOCK
 9 Months Ended
Mar. 31, 2016
Equity [Abstract]  
SALE OF STOCK

On October 19, 2015, the Company entered into agreements with accredited investors for the sale and purchase of 1,044,776 shares of the Company’s common stock, $0.01 par value at a purchase price of $0.67 per share. The Company received $700,000 in gross proceeds from the offering. The Company has used the net proceeds from this placement for general working capital purposes.

 

In conjunction with the placement, the Company also entered into a registration rights agreement with the investors, whereby the Company is obligated to file a registration statement with the Securities Exchange Commission on or before 90 calendar days after October 19, 2015 to register the resale by the investors of the 1,044,776 shares of the Company’s common stock purchased in the placement. The registration statement was filed on January 19, 2016 and became effective on February 1, 2016.

 

In conjunction with the offering, certain anti-dilution provisions of the warrants issued in conjunction with the Company’s June 25, 2008 and September 28, 2012 financing transactions were triggered. As a result, the number of existing June 25, 2008 warrants increased from 493,398 to 517,222 and the related exercise price of the warrants decreased from $1.03 to $0.98 per share. Also, as a result of the offering, the number of existing September 28, 2012 warrants increased from 2,189,724 to 2,293,013 and 217,322 to 222,559, respectively, and the related exercise price decreased from $1.11 to $1.06 and from $0.85 to $0.83, respectively.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
6. SALE OF ASSETS
 9 Months Ended
Mar. 31, 2016
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]  
SALE OF ASSETS During the nine months ended March 31, 2016, the Company sold equipment that was previously written off for proceeds totaling $26,948, and recorded a gain of $26,948, which is included within operating expenses in the accompanying consolidated statements of operations.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
7. OTHER INCOME
 9 Months Ended
Mar. 31, 2016
Other Income and Expenses [Abstract]  
7. OTHER INCOME

Other income in the amount of $22,050 and $39,222 for the quarter and nine months ended March 31, 2016 and 2015, respectively, represents non-cash gains on the settlement of liabilities for services rendered to the Company, by issuing 105,000 shares and 82,222 shares of common stock in February 2016 and January 2015, respectively. The non-cash gain is the difference between the recorded amount of the liabilities and the value of the stock when issued.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Principles of Consolidation and Operations

Principles of Consolidation and Operations

 

The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

 

These consolidated financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the third quarter and nine months of the Company’s fiscal year 2016. These consolidated financial statements do not include all disclosures associated with annual consolidated financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s consolidated financial statements for the year ended June 30, 2015 together with the Report of Independent Registered Public Accounting Firm filed under cover of the Company’s 2015 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on October 13, 2015.
Use of Estimates

Use of Estimates

 

The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Income (Loss) per Share

Income (Loss) Per Share

 

Basic income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period, plus the number of potentially dilutive securities outstanding during the period such as stock options and warrants. For the three and nine months ended March 31, 2016 and 2015, the effect of such securities was antidilutive and not included in the diluted calculation because of the net loss generated in these periods.

 

The following is the calculation of loss per share for the three and nine months ended March 31, 2016 and 2015:

 

   Three Months
Ended March 31		   Nine Months
Ended March 31		 
   2016   2015   2016   2015 
Net Income Loss – Basic and Diluted  $(222,097)  $(197,884)  $(885,297)  $(815,546)
                     
Basic Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
Potentially Dilutive Securities   –    –    –    – 
Diluted Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
                     
Loss Per Share                    
Basic  $(0.03)  $(0.03)  $(0.13)  $(0.13)
Diluted  $(0.03)  $(0.03)  $(0.13)  $(0.13)

 

The number of shares issuable upon the exercise of outstanding stock options and warrants that were excluded from the computation as their effect was antidilutive was approximately 4,168,000 and 3,794,000 for the three months ended March 31, 2016 and 2015, respectively, and approximately 4,168,000 and 3,794,000 for the nine months ended March 31, 2016 and 2015, respectively.
Income Taxes

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

In assessing the likelihood of utilization of existing deferred tax assets, management has considered historical results of operations and the current operating environment. Based on this evaluation, a full valuation reserve has been provided for the deferred tax assets.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Calculation of loss per share
   Three Months
Ended March 31		   Nine Months
Ended March 31		 
   2016   2015   2016   2015 
Net Income Loss – Basic and Diluted  $(222,097)  $(197,884)  $(885,297)  $(815,546)
                     
Basic Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
Potentially Dilutive Securities   –    –    –    – 
Diluted Weighted Average Shares Outstanding   7,484,197    6,334,757    7,033,090    6,241,438 
                     
Loss Per Share                    
Basic  $(0.03)  $(0.03)  $(0.13)  $(0.13)
Diluted  $(0.03)  $(0.03)  $(0.13)  $(0.13)
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
2. INVENTORIES (Tables)
 9 Months Ended
Mar. 31, 2016
Inventory Disclosure [Abstract]  
Schedule of inventory
   March 31,
2016		   June 30,
2015		 
Raw Materials  $466,062   $485,266 
Work-In-Progress   351,702    388,503 
Finished Goods   235,538    199,487 
Total Inventories  $1,053,302   $1,073,256 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
3. CAPITAL LEASE OBLIGATION (Tables)
 9 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Future minimum capital lease payments
Fiscal Year   Amount  
2016   $ 2,563  
2017     10,250  
2018     10,250  
2019     10,250  
2020     10,250  
2021     5,126  
Total Minimum Payments   $ 48,689  
Amount Representing Interest     6,993  
Present Value of Minimum Lease Payments     41,696  
Less – current portion     7,728  
    $ 33,968  
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
4. STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock option activity
    Options Outstanding  
    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Contractual Life		  
Outstanding at June 30, 2015     1,079,079     $    1.43       8.46 years  
Grants     60,000       0.48          
Cancellations     (3,800)     $ 3.00          
Outstanding at March 31, 2016     1,135,279     $ 1.37       7.83 years  
Stock options outstanding by exercise price ranges
Range of Exercise Prices   Number of Shares   Weighted-Average Remaining Contractual Life (years)   Weighted-Average Exercise Price   Exercisable Number of Shares   Exercisable Weighted-Average Exercise Price 
$0.48    60,000    10.00   $  0.48    20,000   $  0.48 
$0.73    316,000    9.14   $0.73    165,000   $0.73 
$0.73    330,000    9.14   $0.73    132,915   $0.73 
$0.90    35,000    8.28   $0.90    23,334   $0.90 
$0.90    30,000    8.28   $0.90    30,000   $0.90 
$1.20    207,800    5.92   $1.20    207,800   $1.20 
$0.90    9,000    7.76   $0.90    9,000   $0.90 
$0.85    9,000    6.76   $0.85    9,000   $0.85 
$0.55    44,000    5.92   $0.55    44,000   $0.55 
$0.27    40,000    5.29   $0.27    40,000   $0.27 
$1.35    1,200    3.65   $1.35    1,200   $1.35 
$1.25    1,200    2.65   $1.25    1,200   $1.25 
$6.25    1,600    0.66   $6.25    1,600   $6.25 
$7.75    1,200    1.66   $7.75    1,200   $7.75 
$13.75    49,279    0.11   $13.75    49,279   $13.75 
$0.27–$13.75    1,135,279    7.83   $1.37    735,528   $1.73 
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Loss per share) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Accounting Policies [Abstract]        
Net Income Loss - Basic and Diluted $ (222,097) $ (197,884) $ (885,297) $ (815,546)
Basic Weighted Average Shares Outstanding 7,484,197 6,334,757 7,033,090 6,241,438
Potentially Dilutive Securities 0 0 0 0
Diluted Weighted Average Shares Outstanding 7,484,197 6,334,757 7,033,090 6,241,438
Loss Per Share        
Basic $ (0.03) $ (0.03) $ (0.13) $ (0.13)
Diluted $ (0.03) $ (0.03) $ (0.13) $ (0.13)
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Accounting Policies [Abstract]        
Outstanding stock options and warrants that were excluded from the computation as their effect was antidilutive 4,168,000 3,794,000 4,168,000 3,794,000
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
2. INVENTORIES (Details) - USD ($)
Mar. 31, 2016
Jun. 30, 2015
Inventory Disclosure [Abstract]    
Raw materials $ 466,062 $ 485,266
Work-in-progress 351,702 388,503
Finished goods 235,538 199,487
Total inventories $ 1,053,302 $ 1,073,256
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
3. CAPITAL LEASE OBLIGATION (Details)
Mar. 31, 2016
USD ($)
Debt Disclosure [Abstract]  
2016 $ 2,563
2017 10,250
2018 10,250
2019 10,250
2020 10,250
2021 5,126
Total Minimum Payments 48,689
Amount Representing Interest 6,993
Present Value of Minimum Lease Payments 41,696
Less – current portion 7,728
Minimum lease commitment, noncurrent 33,968
Capital lease obligation $ 51,252
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
4. STOCK-BASED COMPENSATION (Details-stock option activity) - Stock Options - $ / shares
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2016
Jun. 30, 2015
Number of Shares      
Options outstanding, beginning balance   1,079,079  
Options granted   60,000  
Options cancellations   (3,800)  
Options outstanding, ending balance 1,135,279 1,135,279 1,079,079
Weighted Average Exercise Price      
Weighted average exercise price, options outstanding, beginning balance   $ 1.43  
Weighted average exercise price, options outstanding, granted   0.48  
Weighted average exercise price, option cancellations   3.00  
Weighted average exercise price, options outstanding, ending balance $ 1.37 $ 1.37 $ 1.43
Weighted Average Contractual Life 7 years 9 months 29 days 7 years 9 months 29 days 8 years 5 months 16 days
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
4. STOCK-BASED COMPENSATION (Details - Exercise price) - $ / shares
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2016
Jun. 30, 2015
Stock Options      
Range of exercise prices $0.27-$13.75    
Number of shares outstanding 1,135,279 1,135,279 1,079,079
Weighted average contractual life 7 years 9 months 29 days 7 years 9 months 29 days 8 years 5 months 16 days
Weighted average exercise price $ 1.37 $ 1.37 $ 1.43
Exercisable number of shares 735,528 735,528  
Exercisable weighted average exercise price $ 1.73 $ 1.73  
Option 1      
Range of exercise prices 0.48    
Number of shares outstanding 60,000 60,000  
Weighted average contractual life 10 years    
Weighted average exercise price $ .48 $ .48  
Exercisable number of shares 20,000 20,000  
Exercisable weighted average exercise price $ .48 $ .48  
Option 2      
Range of exercise prices 0.73    
Number of shares outstanding 316,000 316,000  
Weighted average contractual life 9 years 1 month 21 days    
Weighted average exercise price $ .73 $ .73  
Exercisable number of shares 165,000 165,000  
Exercisable weighted average exercise price $ 0.73 $ 0.73  
Option 3      
Range of exercise prices 0.73    
Number of shares outstanding 330,000 330,000  
Weighted average contractual life 9 years 1 month 21 days    
Weighted average exercise price $ .73 $ .73  
Exercisable number of shares 132,915 132,915  
Exercisable weighted average exercise price $ .73 $ .73  
Option 4      
Range of exercise prices 0.90    
Number of shares outstanding 35,000 35,000  
Weighted average contractual life 8 years 3 months 11 days    
Weighted average exercise price $ .90 $ .90  
Exercisable number of shares 23,334 23,334  
Exercisable weighted average exercise price $ 0.90 $ 0.90  
Option 5      
Range of exercise prices 0.90    
Number of shares outstanding 30,000 30,000  
Weighted average contractual life 8 years 3 months 11 days    
Weighted average exercise price $ .90 $ .90  
Exercisable number of shares 30,000 30,000  
Exercisable weighted average exercise price $ .90 $ .90  
Option 6      
Range of exercise prices 1.20    
Number of shares outstanding 207,800 207,800  
Weighted average contractual life 5 years 11 months 1 day    
Weighted average exercise price $ 1.20 $ 1.20  
Exercisable number of shares 207,800 207,800  
Exercisable weighted average exercise price $ 1.20 $ 1.20  
Option 7      
Range of exercise prices 0.90    
Number of shares outstanding 9,000 9,000  
Weighted average contractual life 7 years 9 months 4 days    
Weighted average exercise price $ .90 $ .90  
Exercisable number of shares 9,000 9,000  
Exercisable weighted average exercise price $ .90 $ .90  
Option 8      
Range of exercise prices 0.85    
Number of shares outstanding 9,000 9,000  
Weighted average contractual life 6 years 9 months 4 days    
Weighted average exercise price $ .85 $ .85  
Exercisable number of shares 9,000 9,000  
Exercisable weighted average exercise price $ .85 $ .85  
Option 9      
Range of exercise prices 0.55    
Number of shares outstanding 44,000 44,000  
Weighted average contractual life 5 years 11 months 1 day    
Weighted average exercise price $ .55 $ .55  
Exercisable number of shares 44,000 44,000  
Exercisable weighted average exercise price $ .55 $ .55  
Option 10      
Range of exercise prices 0.27    
Number of shares outstanding 40,000 40,000  
Weighted average contractual life 5 years 3 months 15 days    
Weighted average exercise price $ 0.27 $ 0.27  
Exercisable number of shares 40,000 40,000  
Exercisable weighted average exercise price $ .27 $ .27  
Option 11      
Range of exercise prices 1.35    
Number of shares outstanding 1,200 1,200  
Weighted average contractual life 3 years 7 months 24 days    
Weighted average exercise price $ 1.35 $ 1.35  
Exercisable number of shares 1,200 1,200  
Exercisable weighted average exercise price $ 1.35 $ 1.35  
Option 12      
Range of exercise prices 1.25    
Number of shares outstanding 1,200 1,200  
Weighted average contractual life 2 years 7 months 24 days    
Weighted average exercise price $ 1.25 $ 1.25  
Exercisable number of shares 1,200 1,200  
Exercisable weighted average exercise price $ 1.25 $ 1.25  
Option 13      
Range of exercise prices 6.25    
Number of shares outstanding 1,600 1,600  
Weighted average contractual life 7 months 28 days    
Weighted average exercise price $ 6.25 $ 6.25  
Exercisable number of shares 1,600 1,600  
Exercisable weighted average exercise price $ 6.25 $ 6.25  
Option 14      
Range of exercise prices 7.75    
Number of shares outstanding 1,200 1,200  
Weighted average contractual life 1 year 7 months 28 days    
Weighted average exercise price $ 7.75 $ 7.75  
Exercisable number of shares 1,200 1,200  
Exercisable weighted average exercise price $ 7.75 $ 7.75  
Option 15      
Range of exercise prices 13.75    
Number of shares outstanding 49,279 49,279  
Weighted average contractual life 1 month 10 days    
Weighted average exercise price $ 13.75 $ 13.75  
Exercisable number of shares 49,279 49,279  
Exercisable weighted average exercise price $ 13.75 $ 13.75  
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
4. STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Stock-based compensation costs $ 51,705 $ 2,625 $ 194,133 $ 42,750
Aggregate intrinsic value of "in the money" outstanding 8,400   8,400  
Aggregate intrinsic value of "in the money" exercisable 8,400   8,400  
Selling, General and Administrative Expenses        
Stock-based compensation costs 33,721 0 94,099 27,000
Research and Development Expenses        
Stock-based compensation costs 9,316 2,625 48,023 15,750
Cost of Goods Sold        
Stock-based compensation costs $ 8,668 $ 0 $ 52,011 $ 0
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.4.0.3
5. SALE OF STOCK (Details Narrative)
 9 Months Ended
Mar. 31, 2016
USD ($)
$ / shares
shares
Stock issued new shares 1,044,776
Proceeds from sale of stock | $ $ 700,000
June 25, 2008 Warrants  
Warrants outstanding 517,222
Warrant exercise price | $ / shares $ .98
September 28, 2012 Warrants  
Warrants outstanding 2,293,013
Warrant exercise price | $ / shares $ 1.06
September 28, 2012 Warrants 2  
Warrants outstanding 222,559
Warrant exercise price | $ / shares $ .83
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.4.0.3
6. SALE OF ASSETS (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]        
Proceeds from sale of assets     $ 26,948 $ 17,901
Gain on sale of assets $ 8,480 $ 691 $ 26,948 $ 17,901
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
7. OTHER INCOME (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Other Income and Expenses [Abstract]        
Gains on settlement of liabilities $ 22,050 $ 39,222 $ 22,050 $ 39,222
Stock issued for settlement of liabilities, shares issued 105,000 82,222    
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