LightPath Technologies Announces Financial Results for the Fourth Quarter and Fiscal 2013

LightPath Technologies Announces Financial Results for the Fourth Quarter and
                                 Fiscal 2013

Company Achieves Record Profit for the Year

PR Newswire

ORLANDO, Fla., Sept. 5, 2013

ORLANDO, Fla., Sept. 5, 2013 /PRNewswire/ --LightPath Technologies, Inc.
(NASDAQ: LPTH) ("LightPath", the "Company" or "we"), a global manufacturer,
distributor and integrator of proprietary optical components and high-level
assemblies, announced today its financial results for the fourth quarter and
fiscal year ended June 30, 2013.

(Logo: http://photos.prnewswire.com/prnh/20130122/FL45558LOGO)

Fourth Quarter Highlights:

  oRevenue for the fourth quarter of fiscal 2013 increased 1% to $3.13
    million compared to $3.10 million for the fourth quarter of fiscal 2012.
    Revenue for our precision molded optics products increased 18% from the
    fourth quarter of fiscal 2012.
  oGross margin for the quarter increased to 45% as compared to 40% for the
    fourth quarter of fiscal 2012.
  oEBITDA increased nearly 24% to $471,000 in the fourth quarter of fiscal
    2013 compared to $381,000 in the fourth quarter of fiscal 2012.
  oCash on hand as of June 30, 2013 was $1.57 million as compared to $1.40
    million on March 31, 2013.
  oOperating income was $206,000 for the fourth quarter compared to $111,000
    in the fourth quarter of fiscal 2012.
  oNet loss was $244,000 or $0.02 per common share, basic and diluted, for
    the fourth quarter compared to net income of $196,000 or $0.02, basic and
    diluted, for the fourth quarter of fiscal 2012.

Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "I
am pleased to report continued improvement in the Company's operating results,
driven by strong demand for our optics across a broad base of our market
segments. Gross margin improved to 44% in fiscal 2013 due to the cost
reductions we implemented and higher unit volume sales which increased our
overhead leverage. The combination of increased sales volume and lower costs
resulted in fourth quarter operating income of $206,000. EBITDA, which
excludes the effect of non-cash expenses associated with the mark-to-market
adjustments related to our warrants issued in June 2012, increased by nearly
24% to $471,000 and we had positive operating cash flow of $622,000 for the
fourth quarter. For the year, we demonstrated strong operating leverage with
increases in both EBITDA and sales, resulting in LightPath's first profitable
fiscal year!"

"The Company's operating results for fiscal 2013 and fiscal 2012 as reported
under generally accepted accounting principles (GAAP) include the effect of
quarterly mark-to-market adjustments related to warrants that were issued in
connection with our private placement in June of 2012. We believe the
comparisons of ongoing operations excluding the effects of the non-cash
expenses associated with such warrants are also helpful for investors to
better understand the financial results of our business operations. After
adjusting for this warrant expense, non-GAAP net income for the fourth
quarter of fiscal 2013 was $259,000, or $0.02 per share compared to $92,500,
or $0.01 per share for the fourth quarter of fiscal 2012. Non-GAAP net income
for fiscal 2013 was $230,000, or $0.02 per share compared to a net loss of
$968,000, or ($0.10) per share in fiscal year 2012. We believe this non-GAAP
measure reflects the strength of the fourth quarter and represents an
inflection point for the Company to build on as we go forward."

Mr. Gaynor added, "Demand for LightPath's aspheric lenses has increased in
both its domestic and Asian sales regions. End product markets driving the
increased demand for aspheric lenses include laser tools, telecommunications,
digital projectors, industrial equipment, weapon sights and green lasers.
LightPath anticipates this increase in demand will phase in over the next two
quarters and provide potential incremental revenue growth in excess of 15% on
an annualized basis. It is significant to note that the product demand we are
seeing is broad based across several of our larger market segments. It is not
limited to any specific industry, market or geographic location."

"Optics is a strategic technology that is critical in many manufacturing
processes, as well as a key component in end products," continued Mr. Gaynor.
"We believe that the optical market is at the beginning of a multi-year growth
cycle driven by four major market themes: expansion of cloud computing;
digital technology used for video distribution; expansion of wireless
broadband; and, machine to machine connection. Cloud computing is causing a
shift in enterprise technology with increased spending for
Software-as-a-Service ("SaaS") and Infrastructure-as-a-Service ("IaaS")
capital investments. Delivery of applications and technology using SaaS and
IaaS requires larger and faster network bandwidth. The explosion of mobile
devices, which includes smartphones and tablet devices, is also requiring the
expansion of network bandwidth as users are receiving and transferring larger
amounts of data via their mobile devices. The number of mobile devices will
exceed the global population by 2016 and is estimated to be at 1.4 devices per
person. Individuals are also streaming more video on their mobile devices or
through their smart TVs. This type of video distribution through digital
technology, which is estimated to become 70% of all network traffic by 2016,
is creating a huge demand for larger and faster bandwidth. Finally, machine
to machine connection technology allows wireless and wired systems to
communicate with other devices of the same type. This type of networking
often requires bandwidth in order for the machines to communicate with each
other. All of these themes require the expansion of bandwidth, and thus, the
growth of optical communication networks. LightPath produces products, such
as our precision molded optics products, that can be used as a component in
optical communication networks. These themes combined with the excellent
value proposition that we bring to our customers with competitive prices and
superior quality are the reasons we believe we are experiencing this increase
in demand for our precision molded optics products and why we have confidence
in our continued growth going forward."

Financial Results for Three Months Ended June 30, 2013

Revenue for the fourth quarter of fiscal 2013 totaled approximately $3.13
million compared to approximately $3.10 million for the fourth quarter of
fiscal 2012, an increase of 1%. This increase was primarily attributable to
growth in revenue from sales of the Company's telecommunications products,
including our precision molded optics products, which overcame the effect in
the fourth quarter of fiscal 2012 of a large purchase order from a customer in
connection with the Defense Advanced Research Projects Agency's Low Cost
Thermal Imaging Manufacturing Program. Revenue for our precision molded optics
increased 18% compared to the fourth quarter of fiscal 2012. Growth in sales
for the next several quarters is expected to be derived primarily from the
precision molded lenses product line, particularly low cost lenses being sold
in Asia and from infrared products.

The gross margin percentage in the fourth quarter of fiscal 2013 was 45%, up
from 40% in the fourth quarter of fiscal 2012. Total manufacturing costs of
$1.72 million decreased by approximately $154,000 in the fourth quarter of
fiscal 2013 compared to the same period of the prior fiscal year due to
improved productivity associated with higher unit volumes and the impact of
cost reduction efforts. During the fourth quarter of fiscal 2013, total costs
and expenses increased by approximately $84,000 compared to the same period of
the prior year.

Selling, general and administrative expenses were $948,000 for the fourth
quarter of fiscal 2013. Total operating income for the fourth quarter of
fiscal 2013 was approximately $206,000 compared to $111,000 for the same
period in fiscal 2012.

In the fourth quarter of fiscal 2013, the Company recognized non-cash expense
of approximately $503,000 related to the change in the fair value of
derivative warrants issued in connection with a private placement of
securities in June 2012. The warrants have a five year life and this fair
value will be re-measured each reporting period until the warrants are
exercised or expire.

Net loss for the fourth quarter of fiscal 2013 was $244,000 (including the
$503,000 non-cash expense for the change in value of the warrant liability) or
$0.02 per basic and diluted common share, compared with net income of $196,000
or $0.02 per basic and diluted common share for the same period in fiscal
2012. Non-GAAP net income for the fourth quarter of fiscal 2013 was $259,000,
or $0.02 per share compared to $92,500, or $0.01 per share in the fourth
quarter of fiscal 2012. Weighted-average basic shares outstanding increased to
12,956,390 in the fourth quarter of fiscal 2013 from 10,384,899 in the fourth
quarter of fiscal 2012. This increase is primarily due to the issuance of
shares of common stock in connection with the June 2012 private placement,
shares issued for the payment of interest on the Company's convertible
debentures, shares issued in connection with the conversion of debentures,
including incentive shares and shares issued for the employee stock purchase
plan.

Financial Results for Year Ended June 30, 2013

Revenue for fiscal year 2013 was approximately $11.78 million compared to
approximately $11.28 million for fiscal 2012, an increase of 4%. This increase
was primarily attributable to revenue from precision molded lenses for the
telecommunications and laser tool markets and custom optics. The number of
units of precision molded optics sold increased by 35% due to the Company's
increased production capability and the pursuit of low-cost, high-volume lens
business. We expect continued growth in sales of our precisions molded optics
product line. Infrared products, that are now being designed and will be
introduced in fiscal 2014, are also expected to accelerate the Company's
growth more meaningfully beginning in fiscal 2014 and continuing into fiscal
2015.

Gross margin percentage for fiscal 2013 was 44% compared to 36% in fiscal
2012. Total manufacturing costs of $6.61 million were approximately $642,000
lower in fiscal 2013 compared to fiscal 2012.

This decrease in manufacturing costs resulted from an increase in direct costs
of $31,000 for materials, labor and outside services due to higher revenues
offset by a decrease of $219,000 in labor costs, a decrease of $304,000 in
tooling costs, a decrease of $92,000 in freight costs and a decrease of
$55,000 in supplies. Direct costs, which include material, labor and services,
were 24% of revenue in fiscal 2013, as compared to 25% of revenue in fiscal
2012.

During fiscal 2013, total costs and expenses increased $6,000 to approximately
$4.97 million from approximately $4.96 million for fiscal 2012. As a result,
total operating income for fiscal year 2013 increased to approximately
$210,000 as compared to an operating loss of $924,000 for fiscal year 2012.

In fiscal 2013, the Company recognized expenses of approximately $15,000
related to the change in the fair value of derivative warrants issued in
connection with the June 2012 private placement. The warrants have a five year
life and this fair value will be re-measured each reporting period until the
warrants are exercised or expire.

Net income for fiscal 2013 was approximately $215,000 or $0.02 per basic and
diluted common share, compared with a net loss of approximately ($865,000) or
($0.09) per basic and diluted common share for fiscal 2012. Non-GAAP net
income for fiscal 2013 was $230,000, or $0.02 per share compared to a net loss
of $968,000, or $0.01 per share for fiscal 2012. Weighted-average basic shares
outstanding increased to 12,102,124 in fiscal 2013 compared to 9,861,596 in
fiscal 2012, which is primarily due to the issuance of shares of common stock
in the June 2012 private placement, shares issued as payment of interest due
on the Company's convertible debentures, shares issued in connection with the
conversion of the convertible debentures, including incentive shares, and
shares issued under our employee stock purchase plan.

Cash and cash equivalents totaled approximately $1.57 million as of June 30,
2013. The current ratio as of June 30, 2013 was 3.75:1 compared to 3.59:1 as
of June 30, 2012. Total stockholders' equity as of June 30, 2013 totaled
approximately $5.43 million compared to $4.00 million as of June 30, 2012.

As of June 30, 2013, the Company's 12-month backlog was $4.14 million compared
to $4.89 million as of June 30, 2012. The change is backlog does not include
three large orders totaling over $700,000 which had been expected in the
fourth quarter of fiscal 2013 but were delayed until the first quarter of
fiscal 2014.

Investor Conference Call and Webcast Details:

LightPath will host an audio conference call and webcast on Thursday,
September 5, at 4:30 p.m. EDT to discuss the Company's financial and
operational performance for the fourth quarter of fiscal 2013.

Conference Call Details
Date: Thursday, September 5, 2013
Time: 4:30 p.m. (EDT)
Dial-in Number: 1-800-860-2442
International Dial-in Number: 1-412-858-4600
Webcast: http://www.videonewswire.com/event.asp?id=95565

It is recommended that participants dial-in approximately 5 to 10 minutes
prior to the start of the call. A transcript archive of the conference call
will be available for viewing or download from the Company's web site shortly
after the call is concluded.

About LightPath Technologies

LightPath manufactures optical products including precision molded aspheric
optics, GRADIUM® glass products, proprietary collimator assemblies, laser
components utilizing proprietary automation technology, higher-level
assemblies and packing solutions. The Company's products are used in various
markets, including industrial, medical, defense, test and measurement and
telecommunications. LightPath has a patent portfolio that has been granted or
licensed to it in these fields. For more information visit www.lightpath.com.

LightPath prepares its financial statements in accordance with generally
accepted accounting principles for the United States (GAAP). The discussions
of the Company's results as presented in this release include use of non-GAAP
measures "EBITDA" and "gross margin," As well as an adjusted Non-GAAP net
income. Gross margin is determined by deducting the cost of sales from
operating revenue. Cost of sales includes manufacturing direct and indirect
labor, materials, services, fixed costs for rent, utilities and depreciation,
and variable overhead. Gross margin should not be considered an alternative to
operating income or net income, which is determined in accordance with GAAP.
The Company believes that gross margin, although a non-GAAP financial measure,
is useful and meaningful to investors as a basis for making investment
decisions. It provides investors with information that demonstrates the
Company's cost structure and provides funds for our total costs and expenses.
The Company uses gross margin in measuring the performance of its business and
has historically analyzed and reported gross margin information publicly.
Other companies may calculate gross margin in a different manner.

EBITDA is a non-GAAP financial measure used by management, lenders and certain
investors as a supplemental measure in the evaluation of some aspects of a
corporation's financial position and core operating performance. Investors
sometimes use EBITDA as it allows for some level of comparability of
profitability trends between those businesses differing as to capital
structure and capital intensity by removing the impacts of depreciation,
amortization, loss on extinguishment of debt, change in fair value of warrants
and interest expense. EBITDA also does not include changes in major working
capital items such as receivables, inventory and payables, which can also
indicate a significant need for, or source of, cash. Since decisions regarding
capital investment and financing and changes in working capital components can
have a significant impact on cash flow, EBITDA is not a good indicator of a
business's cash flows. The Company uses EBITDA for evaluating the relative
underlying performance of its core operations and for planning purposes. The
Company calculates EBITDA by adjusting net loss to exclude net interest
expense, income tax expense or benefit, depreciation and amortization, thus
the term "Earnings Before Interest, Taxes, Depreciation and Amortization" and
the acronym "EBITDA." EBITDA calculations can be found at the end of the
tables that follow.

Non-GAAP net income excludes the non-cash impact form mark-to-market
adjustments related to the Company's warrants issued in connection with the
Company's private placement in June of 2012. The Company believes that this
non-GAAP measure is helpful in understanding the Company's underlying
operating results. Non-GAAP net income is not in accordance with, or an
alternative to GAAP net income (net loss) and may not be comparable to
information provided by other companies.

This news release includes statements that constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements regarding our
ability to expand our presence in certain markets, future sales growth,
continuing reductions in cash usage and implementation of new distribution
channels. This information may involve risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements. Factors that could cause or contribute to such differences
include, but are not limited to, factors detailed by LightPath Technologies,
Inc. in its public filings with the Securities and Exchange Commission. Except
as required under the federal securities laws and the rules and regulations of
the Securities and Exchange Commission, we do not have any intention or
obligation to update publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.

Contacts:
Jim Gaynor, President & CEO    Dorothy Cipolla,
                                           CFO
LightPath Technologies, Inc.    LightPath Technologies, Inc.
                                           407-382-4003
407-382-4003 x305
                                           
jgaynor@lightpath.com       dcipolla@lightpath.com
www.lightpath.com           www.lightpath.com
Jordan Darrow
Darrow Associates, Inc.
631-367-1866
jdarrow@darrowir.com
www.darrowir.com



LIGHTPATH TECHNOLOGIES, INC.
Consolidated Balance Sheets
                                                 June 30,        June 30,
Assets                                           2013            2012
Current assets:
   Cash and cash equivalents                   $ 1,565,215     $ 2,354,087
   Trade accounts receivable, net of allowance   2,126,907       2,133,079
   of $20,617 and $18,214
   Inventories, net                              1,770,681       1,513,384
   Other receivables                             353,530         41,000
   Prepaid interest expense                      —               7,250
   Prepaid expenses and other assets             262,236         201,459
                Total current assets             6,078,569       6,250,259
   Property and equipment, net                  2,235,781       1,920,950
   Intangible assets, net                       35,397          68,265
   Debt costs, net                               —               3,882
   Other assets                                  27,737          27,737
                 Total assets            $ 8,377,484     $ 8,271,093
Liabilities and Stockholders' Equity
Current liabilities:
   Accounts payable                           $ 1,065,651     $ 1,129,708
   Accrued liabilities                          110,628         183,910
   Accrued payroll and benefits                  440,462         386,234
   Deferred revenue                              1,966           37,750
   Capital lease obligation, current portion     3,602           3,602
                Total current liabilities        1,622,309       1,741,204
Capital lease obligation, less current portion   3,302           6,903
Deferred rent                                    220,216         345,726
Warrant liability                                1,102,021       1,087,296
8% convertible debentures to related parties     —               1,012,500
8% convertible debentures                        —               75,000
            Total liabilities              2,947,848       4,268,629
Stockholders' equity:
   Preferred stock: Series D, $.01 par value,
   voting;
      5,000,000 shares authorized; none issued   —               —
      and outstanding
   Common stock: ClassA, $.01 par value,
   voting;
      40,000,000 shares authorized; 12,958,239
      and 11,711,952
      shares issued and outstanding,             129,582         117,120
      respectively
   Additional paid-in capital                    209,645,126     208,410,216
   Accumulated other comprehensive income        52,736          88,258
   Accumulated deficit                           (204,397,808)   (204,613,130)
                Total stockholders' equity       5,429,636       4,002,464
                Total liabilities and          $ 8,377,484     $ 8,271,093
                stockholders' equity







LIGHTPATH TECHNOLOGIES, INC.
Consolidated Statements of Operations and Comprehensive Income
                          (unaudited)
                         Three months ended            Year ended
                         June 30,                      June 30,
                         2013             2012         2013         2012
Product sales, net       $   3,128,986  $           $            $ 
                                          3,104,120   11,783,539  11,284,869
Cost of sales           1,721,184        1,875,505    6,608,288    7,250,098
       Gross margin      1,407,802        1,228,615    5,175,251    4,034,771
Operating expenses:
 Selling, general and    948,038          859,798      3,990,927    3,880,667
 administrative
 New product development 245,631          249,641      939,025      1,045,535
 Amortization of         8,217            8,217        32,868       32,868
 intangibles
 Loss on disposal of     —                —            2,273        —
 property and equipment
       Total costs and   1,201,886        1,117,656    4,965,093    4,959,070
       expenses
       Operating income  205,916          110,959      210,158      (924,299)
       (loss)
Other income (expense):
 Interest expense        (428)            (21,809)     (96,435)     (88,729)
 Interest expense - debt —                (850)        (3,882)      (3,298)
 costs
 Change in fair value of (502,827)        103,364      (14,725)     103,364
 warrant liability
 Other income (expense), 53,574           4,200        120,206      48,095
 net
 Total other income      (449,681)        84,905       5,164        59,432
 (expense), net
    Net income (loss)    $              $          $          $ 
                         (243,765)       195,864     215,322     (864,867)
Income (loss) per common $           $       $       $    
share (basic)            (0.02)          0.02        0.02        (0.09)
Number of shares used in 12,956,390       10,384,899   12,102,124   9,861,596
per share calculation
 (basic)
Income (loss) per common $           $       $       $    
share (diluted)         (0.02)          0.02        0.02        (0.09)
Number of shares used in 13,824,454       11,311,701   12,959,218   9,861,596
per share calculation
 (diluted)
Foreign currency         (36,016)         16,531       (35,522)     37,665
translation adjustment
    Comprehensive       $              $          $          $ 
    income (loss)        (279,781)       212,395     179,800     (827,202)







LIGHTPATH TECHNOLOGIES, INC.
Consolidated Statements of Cash Flows
                                                  Year ended
                                                  June 30,
                                                  2013           2012
Cash flows from operating activities
Net income (loss)                                 $  215,322    $ (864,867)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
 Depreciation and amortization              813,234        1,124,038
 Interest from amortization of debt costs   3,882          3,298
 Warrants issued to consultant                   —              7,500
 Loss on disposal of property and equipment 2,273          —
 Stock based compensation                   268,307        272,044
 Change in provision for doubtful accounts  2,403          10,969
receivable
 Change in fair value of warrant liability  14,725         (103,364)
 Deferred rent                              (125,510)      (118,536)
Changes in operating assets and liabilities:
Trade accounts receivables                        3,769          (311,004)
Other receivables                                 (312,530)      (10,057)
Inventories                                       (257,297)      109,253
 Prepaid expenses and other assets             46,473         82,671
 Accounts payable and accrued liabilities      (83,111)       166,039
 Deferred revenue                              (35,784)       37,750
 Net cash provided by operating  556,156        405,734
activities
Cash flows from investing activities
 Purchase of property and equipment            (1,097,470)    (628,593)
Cash flows from financing activities
Proceeds from exercise of stock options           2,612          —
Proceeds from sale of common stock, net of costs  —              1,596,786
Proceeds from sale of common stock from employee  8,981          13,595
stock purchase plan
Costs associated with settlement of debentures    (40,028)       —
Repayments of debentures                          (180,000)      —
 Payments on capital lease obligation          (3,601)        —
 Net cash provided by (used in)   (212,036)      1,610,381
financing activities
Effect of exchange rate on cash and cash          (35,522)       37,665
equivalents
Increase (decrease) in cash and cash equivalents  (788,872)      1,425,187
Cash and cash equivalents, beginning of period    2,354,087      928,900
Cash and cash equivalents, end of period          $1,565,215     $2,354,087
                                                                 -
Supplemental disclosure of cash flow information:
 Interest paid in cash                        $    1,874  $    1,670
 Income taxes paid                            $    2,350  $    4,174
Supplemental disclosure of non-cash investing &
financing activities:
 Prepaid interest on convertible debentures  $   87,000   $   87,000
through the issuance of common stock
 Issuance of common stock through the        $  907,500    —
conversion of 8% debentures
 Fair value of warrants issued to            $   13,000   $   15,000
consultant







LIGHTPATH TECHNOLOGIES, INC.
Consolidated Statement of Stockholders' Equity
Years ended June 30, 2013 and 2012
                                              Accumulated
             Class A             Additional   Other                       Total
             Common Stock        Paid-in      Comprehensive Accumulated   Stockholders'
             Shares     Amount   Capital      Income        Deficit       Equity
Balance at              $       $          $          $           $     
June 30,     9,713,099  97,131  207,636,440 50,593        (203,748,263) 4,035,901
2011
Issuance of
common stock
for:
 Vested
 restricted  -          -        -            -             -             -
 stock units
 Employee
 stock       13,169     132      13,463       —             —             13,595
 purchase
 plan
 Interest
 payment on  41,832     418      86,582       —             —             87,000
 convertible
 debentures
Warrant
issued for   —          —        15,000       —             —             15,000
consulting
services
Stock based
compensation
on stock
 options and
 restricted  —          —        272,044      —             —             272,044
 stock units
Sale of
common stock
and          1,943,852  19,439   386,687      —             —             406,126
warrants,
net
Net loss     —          —        —            —             (864,867)     (864,867)
Foreign
currency     —          —        —            37,665        —             37,665
translation
adjustment
Balance at              $        $          $          $           $     
June 30,     11,711,952 117,120 208,410,216  88,258        (204,613,130) 4,002,464
2012
Issuance of
common stock
for:
 Employee
 stock       10,567     106      8,875        —             —             8,981
 purchase
 plan
 Exercise of
 employee    2,511      25       2,587        —             —             2,612
 stock
 options
 Conversion
 of
 debentures, 1,148,738  11,487   855,985      —             —             867,472
 net of
 costs
 Interest
 payment on  84,471     844      86,156       —             —             87,000
 convertible
 debentures
Warrant
issued for   —          —        13,000       —             —             13,000
consulting
services
Stock based
compensation
on stock
 options and
 restricted  —          —        268,307      —             —             268,307
 stock units
Net income   —          —        —            —             215,322       215,322
Foreign
currency     —          —        —            (35,522)      —             (35,522)
translation
adjustment
Balance at              $        $          $          $           $    
June 30,     12,958,239 129,582 209,645,126 52,736        (204,397,808) 5,429,636
2013







LIGHTPATH TECHNOLOGIES, INC.
EBITDA
                            (Unaudited)              (Unaudited)
                            Three months ended       Year ended
                            June 30,                 June 30,
                            2013         2012        2013          2012
Net income (loss)           $ (243,765)  $ 195,864  $  215,322  $ (864,867)
Depreciation and            211,900      266,317     813,234       1,124,038
amortization
Change in fair value of     502,827      (103,364)   14,725        (103,364)
warrant liability
Interest expense            428          22,659      100,317       92,027
 EBITDA                  $ 471,390   $ 381,476  $ 1,143,598   $ 247,834





SOURCE LightPath Technologies, Inc.

Website: http://www.lightpath.com
 
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