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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(MARK
ONE)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarter ended March 31, 2024
OR
☐
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: 001-41034
SYNTEC
OPTICS HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
87-0816957 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
515
Lee Rd.
Rochester,
NY 14606
(Address
of principal executive offices and zip code)
(585)
464-9336
(Registrant’s
telephone number including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.0001 per share |
|
OPTX |
|
The
Nasdaq Capital Market |
Redeemable
warrants, exercisable for shares of common stock at an exercise price of $11.50 per share |
|
OPTXW |
|
The
Nasdaq Capital Market |
Check
whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller
reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of May 22, 2024, there were 36,688,266 shares of Class A common stock, par value $0.0001 per share, issued and outstanding.
SYNTEC
OPTICS HOLDINGS, INC.
FORM
10-Q FOR THE QUARTER ENDED MARCH 31, 2024
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Interim Unaudited Condensed Financial Statements
Syntec
Optics Holdings, Inc.
CONDENSED CONSOLIDATED
BALANCE SHEETS
MARCH 31, 2024 AND DECEMBER
31, 2023
| |
2024 (unaudited) | | |
2023 | |
Assets | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 1,684,308 | | |
| 2,158,245 | |
Accounts Receivable, Net | |
| 5,094,215 | | |
| 6,800,064 | |
Inventory | |
| 6,473,850 | | |
| 5,834,109 | |
Prepaid Expenses and Other Assets | |
| 397,122 | | |
| 359,443 | |
| |
| | | |
| | |
Total Current Assets | |
| 13,649,495 | | |
| 15,151,861 | |
Property and Equipment, Net | |
| 10,585,538 | | |
| 11,101,052 | |
Deferred Income Taxes | |
| 106,992 | | |
| - | |
Intangible Assets, Net | |
| 280,000 | | |
| 295,000 | |
Total Assets | |
$ | 24,622,025 | | |
$ | 26,547,913 | |
| |
| | | |
| | |
Liabilities
and STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts Payable | |
$ | 2,389,071 | | |
$ | 3,042,315 | |
Accrued Expenses | |
| 1,271,965 | | |
| 1,071,257 | |
Federal Income Tax Payable | |
| 247,430 | | |
| 370,206 | |
Deferred Revenue | |
| 20,363 | | |
| - | |
Line of Credit | |
| 5,437,204 | | |
| 6,537,592 | |
Current Maturities of Debt Obligations | |
| 447,702 | | |
| 362,972 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 9,813,735 | | |
| 11,384,342 | |
| |
| | | |
| | |
Long-Term Liabilities | |
| | | |
| | |
Long-Term Debt Obligations | |
| 2,953,691 | | |
| 2,024,939 | |
Deferred Income Taxes | |
| - | | |
| 74,890 | |
| |
| | | |
| | |
Total Long-Term Liabilities | |
| 2,953,691 | | |
| 2,099,829 | |
| |
| | | |
| | |
Total Liabilities | |
| 12,767,426 | | |
| 13,484,171 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 15) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
CL A Common Stock, Par value $.0001 per
share; 121,000,000 authorized; 36,688,266 issued
and outstanding as of March 31, 2024 and December 31, 2023 | |
| 3,669 | | |
| 3,669 | |
Common Stock Value | |
| | | |
| | |
Additional Paid-In Capital | |
| 1,927,204 | | |
| 1,927,204 | |
Retained Earnings
| |
| 9,923,726 | | |
| 11,132,869 | |
| |
| | | |
| | |
Total Stockholders’ Equity | |
| 11,854,599 | | |
| 13,063,742 | |
Total Liabilities and Stockholders’ Equity
| |
$ | 24,622,025 | | |
$ | 26,547,913 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Syntec
Optics Holdings, Inc.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS
ENDED MARCH 31, 2024 AND 2023
| |
2024 | | |
2023 | |
| |
| | |
| |
Net Sales | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
| |
| | | |
| | |
Cost of Goods Sold | |
| 5,548,465 | | |
| 5,172,735 | |
| |
| | | |
| | |
Gross Profit | |
| 707,443 | | |
| 1,711,701 | |
| |
| | | |
| | |
General and Administrative Expenses | |
| 2,114,543 | | |
| 1,517,961 | |
| |
| | | |
| | |
(Loss) Income from Operations | |
| (1,407,100 | ) | |
| 193,740 | |
| |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | |
Interest Expense, Including Amortization of Debt Issuance Costs | |
| (159,867 | ) | |
| (130,021 | ) |
Other Income | |
| 19,349 | | |
| 751 | |
| |
| | | |
| | |
Total Other Expense, Net | |
| (140,518 | ) | |
| (129,270 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
(Benefit) Provision for Income Taxes | |
| (338,475 | ) | |
| 11,448 | |
| |
| | | |
| | |
Net (Loss) Income | |
$ | (1,209,143 | ) | |
$ | 53,022 |
| |
| | | |
| | |
Net (Loss) Income per Common Share | |
| | | |
| | |
Basic and diluted | |
$ | (0.03 | ) | |
$ | 0.00 | |
| |
| | | |
| | |
Weighted Average Number of Common Shares Outstanding | |
| | | |
| | |
Basic and diluted | |
| 36,688,266 | | |
| 31,600,000 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
SYTNEC
Optics Holdings, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2024
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Paid-In | | |
Retained | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balances, December 31, 2023 | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 11,132,869 | | |
$ | 13,063,742 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| (1,209,143 | ) | |
| (1,209,143 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, March 31, 2024 | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 9,923,726 | | |
$ | 11,854,599 | |
SYTNEC OPTICS HOLDINGS, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2023
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Paid-In | | |
Retained | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balances, December 31, 2022 | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,218,501 | | |
$ | 9,459,353 | |
Balance | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,218,501 | | |
$ | 9,459,353 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions | |
| | | |
| - | | |
| - | | |
| (46,106 | ) | |
| (46,106 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| | | |
| - | | |
| - | | |
| 53,022 | | |
| 53,022 | |
Net Income (Loss) | |
| | | |
| - | | |
| - | | |
| 53,022 | | |
| 53,022 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, March 31, 2023 | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,225,417 | | |
$ | 9,466,269 | |
Balance | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,225,417 | | |
$ | 9,466,269 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
Syntec
Optics Holdings, Inc.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS
ENDED MARCH 31, 2024 AND 2023
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities | |
| | | |
| | |
Net (Loss) Income | |
$ | (1,209,143 | ) | |
$ | 53,022 | |
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating
Activities: | |
| | | |
| | |
Depreciation and Amortization | |
| 695,826 | | |
| 723,938 | |
Amortization of Debt Issuance Costs | |
| 1,973 | | |
| 2,712 | |
Change in Allowance for Expected Credit Losses | |
| (24,103 | ) | |
| 51,375 | |
Change in Reserve for Obsolescence | |
| 208,287 | | |
| (334 | ) |
Deferred Income Taxes | |
| (181,882 | ) | |
| (228,415 | ) |
(Increase) Decrease in: | |
| | | |
| | |
Accounts Receivable | |
| 1,729,951 | | |
| (44,131 | ) |
Inventory | |
| (848,028 | ) | |
| (774,344 | ) |
Prepaid Expenses and Other Assets | |
| (37,679 | ) | |
| 18,755 | |
Increase (Decrease) in: | |
| | | |
| | |
Accounts Payables and Accrued Expenses | |
| (522,630 | ) | |
| 548,899 | |
Federal Income Tax Payable | |
| (122,776 | ) | |
| 229,855 | |
Deferred Revenue | |
| 20,363 | | |
| (54,593 | ) |
| |
| | | |
| | |
Net Cash (Used In) Provided By Operating Activities | |
| (289,841 | ) | |
| 526,739 |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchases of Property and Equipment | |
| (95,218 | ) | |
| (226,871 | ) |
| |
| | | |
| | |
Net Cash Used in Investing Activities | |
| (95,218 | ) | |
| (226,871 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Repayments on Line of Credit, Net | |
| (1,100,388 | ) | |
| - | |
Borrowing on Debt Obligations | |
| 1,100,388 | | |
| - | |
Repayments on Debt Obligations | |
| (88,878 | ) | |
| (246,380 | ) |
Distributions | |
| - | | |
| (46,106 | ) |
| |
| | | |
| | |
Net Cash Used in Financing Activities | |
| (88,878 | ) | |
| (292,486 | ) |
| |
| | | |
| | |
Net (Decrease) Increase in Cash | |
| (473,937 | ) | |
| 7,382 | |
| |
| | | |
| | |
Cash- Beginning | |
| 2,158,245 | | |
| 526,182 | |
| |
| | | |
| | |
Cash- Ending | |
$ | 1,684,308 | | |
$ | 533,564 | |
| |
| | | |
| | |
Supplemental Cash Flow Disclosures: | |
| | | |
| | |
| |
| | | |
| | |
Cash Paid for Interest | |
$ | 157,895 | | |
$ | 137,773 | |
| |
| | | |
| | |
Cash Paid for Taxes | |
$ | 85,098 | | |
$ | 10,008 | |
| |
| | | |
| | |
Supplemental Disclosures of Non-Cash Investing Activities: | |
| | | |
| | |
| |
| | | |
| | |
Assets Acquired and Included in Accounts Payable and Accrued Expenses | |
$ | 412,641 | | |
$ | 30,891 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations
Nature
of Business
Syntec
Optics Holdings, Inc. (the “Company” or “Syntec Optics”) is a vertically integrated manufacturer of optics and
photonics components and sub-systems – from opto-mechanicals to optical elements of various geometries, diamond turned optics –
both prototype and production, and optical systems including optics assembly, electro-optics assembly, design, and coating. Sales are
made to customers in the United States and Europe in defense, medical, and consumer end-markets. The Company has one reporting segment
as its operating segments meet the requirements for aggregation.
On
November 7, 2023, a merger transaction between OmniLit Acquisition Corporation (“OLIT”), Syntec Optics, Inc. (“Legacy
Syntec”), and Optics Merger Sub, Inc. (“Merger Sub”) was completed pursuant to which Merger Sub was merged with and
into Legacy Syntec, with Legacy Syntec surviving the merger. As a result of the merger, Legacy Syntec became a wholly owned subsidiary
of New Syntec.
Although
New Syntec was the legal acquirer of Legacy Syntec in the merger, Legacy Syntec is deemed to be the accounting acquirer, and the historical
financial statements of Legacy Syntec became the basis for the historical financial statements of New Syntec upon the closing of the
merger. New Syntec together with its wholly owned subsidiary, Syntec Optics, Inc., is referred to hereinafter as the “Company.”
Furthermore,
the historical financial statements of Legacy Syntec became the historical financial statements of the Company upon the consummation
of the merger. As a result, the financial statements included in this Quarterly Report reflect (i) the historical operating results of
Legacy Syntec prior to the merger; (ii) the combined results of OLIT and Legacy Syntec following the close of the merger; (iii) the assets
and liabilities of Legacy Syntec at their historical cost and (iv) the Legacy Syntec’s equity structure for all periods presented,
as affected by the recapitalization presentation after completion of the merger.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 2 — Summary of Significant Accounting Policies
The Company has provided a discussion of significant accounting policies, estimates and judgements in its 2023 Annual Report. There have
been no changes to the Company’s significant accounting policies since December 31, 2023.
Basis
of Presentation
The
accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in United States
(“U.S.”) dollars and pursuant to the rules and regulations of the United States Securities and Exchange Commission
(“SEC”), the instructions to Form 10-Q and the provisions of Regulation S-X pertaining to interim financial statements.
Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with
accounting principles generally accepted in the U.S. have been condensed or omitted. The interim unaudited condensed consolidated
financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and
notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management,
these interim unaudited condensed consolidated financial statements include all adjustments and accruals of a normal and recurring
nature necessary to fairly state the results of the interim periods presented. The results for interim periods are not necessarily
indicative of results to be expected for the full year or for any future periods.
Principles
of Consolidation
The
accompanying interim unaudited condensed consolidated financial statements include the accounts of Syntec Optics Holdings, Inc. and
its wholly owned subsidiary, Syntec Optics. The interim unaudited condensed consolidated financial statements also include the
accounts of ELR Associates, LLC (ELR), a variable interest entity wherein the Company is the primary beneficiary. Syntec
Optic’s variable interest in ELR is the result of providing a guaranty of payment for ELR’s mortgage on the
manufacturing facility used exclusively by Syntec Optics. All significant intercompany accounts and transactions have been
eliminated in consolidation.
Recently
Adopted Accounting Pronouncements
In
June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit
Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update requires
financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of
expected credit losses is based on relevant information about past events, including historical experience, current conditions, and
reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued
clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is
effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption
permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its
interim unaudited condensed consolidated financial statements.
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated
information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to
enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December
31, 2025. The Company is currently evaluating the timing and impacts of adoption of this ASU.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
3 — Revenue Recognition
The
Company recognizes revenue in accordance with Accounting Standard Codification 606, Revenue from Contracts with Customers (ASC 606),
which provides a five-step model for recognizing revenue from contracts with customers as follows:
|
● |
Identify
the contract with a customer |
|
● |
Identify
the performance obligations in the contract |
|
● |
Determine
the transaction price |
|
● |
Allocate
the transaction price to the performance obligations in the contract |
|
● |
Recognize
revenue when or as performance obligations are satisfied |
The
Company’s revenue is primarily derived from three categories of products and services, (i) the production and assembly of molded
plastic optics parts including polymer and glass parts, opto-mechanicals, thin film coating, diamond turned optics and optical systems
including electro-optics assembly, (“Products”) (ii) the manufacture of custom tooling used to manufacture molded products,
and (“Custom Tooling”) (iii) non-recurring engineering services (“Non-Recurring Engineering’). The Company’s
products are marketed and sold primarily to end-user commercial customers throughout the United States and Europe. Sales of products
and services are subject to economic conditions and may fluctuate based on changes in the industry, trade policies and financial markets.
The
Company assesses the contract term as the period in which the parties to the contract have presently enforceable rights and obligations.
Certain customer contracts may provide for either party to terminate the contract upon written notice.
Nature
of Products and Services
Revenue
from the sale of molded plastic, polymer and glass parts, opto-mechanicals, thin film coating, diamond turned optic and optical systems
is recognized upon transfer of control to the customer, which is typically upon shipment. These sales do not meet the criteria for revenue
to be recognized over time. The Company has elected to treat shipping and handling activities related to contracts with customers as
costs to fulfill the promise to transfer the associated equipment and parts and not as a separate performance obligation.
In
general, the Company recognizes revenue from tooling contracts upon delivery and acceptance by the customer, which signifies successful
completion of the contract.
Revenue
from non-recurring engineering services is recognized upon completion of the negotiated services. These sales do not meet the criteria
for revenue to be recognized over time. Non-recurring engineering services are one-off items that are unique to programs such as expedite
fees or set-up fees which are billed upon completion of the task with payment terms of 30 - 60 days from date of invoice.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Revenue Recognition
(Continued)
Transaction
Price
The
transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods and services
to the customer. Revenue is recorded based on the transaction price, which includes fixed consideration. The Company’s contracts
do not include variable consideration.
Contract
Balances
The
timing of revenue recognition generally aligns with the right to invoice the customer. The Company records accounts receivable when it
has the unconditional right to issue an invoice and receive payment, regardless of whether revenue has been recognized. The balance in
accounts receivable at January 1, 2024 and 2023 was $6,800,064 and $5,925,724, respectively. Deferred revenue is recognized on the consolidated
balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Deferred revenue is recognized
as revenue on the consolidated statements of operations when the Company satisfies its performance obligation to the customer. Balances
in deferred revenue at January 1, 2024 and 2023 were $-0- and $348,095, respectively. Revenue recognized during the three months ended
March 31, 2024 and 2023 from amounts included in deferred revenue at the beginning of the period was $-0- and $241,500, respectively.
The Company does not have any contract assets.
Costs
to Obtain a Contract
The
Company did not incur costs of obtaining contracts expected to benefit longer than one year. As a result, there are no capitalized contract
acquisition costs as of March 31, 2024 or December 31, 2023.
Warranties
The
buyer shall have thirty (30) days from the date of shipment to inspect and either accept or reject. If goods are rejected, written notice
of rejection and the specific reasons therefore must be sent to the Company within such thirty (30) day period after receipt. Failure
to reject goods or to notify the Company of errors, shortages, or other non-compliance with the agreement within such thirty (30) day
period shall constitute irrevocable acceptance of goods and admission that they fully comply with the agreement.
Disaggregated
Revenues
The
following table disaggregates revenue by revenue recognition methodologies as outlined above for the three months ended March 31:
Schedule
of Disaggregated Revenues
| |
2024 | | |
2023 | |
Products | |
$ | 6,250,703 | | |
$ | 6,477,052 | |
Custom Tooling | |
| 4,205 | | |
| 337,380 | |
Non-Recurring Engineering | |
| 1,000 | | |
| 70,004 | |
| |
| | | |
| | |
Total | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
Syntec
Optics’ management periodically reviews its revenues by its consumer, communication, medical, and defense end-markets. The purpose
of this analysis is to determine its end market mix and identify trends. The following table disaggregates revenue as outlined above
for the three months ended March 31:
| |
2024 | | |
2023 | |
Consumer | |
$ | 1,237,985 | | |
$ | 1,683,233 | |
Communication | |
| 2,057,262 | | |
| 373,718 | |
Defense | |
| 1,193,315 | | |
| 2,377,892 | |
Medical | |
| 1,767,346 | | |
| 2,449,593 | |
| |
| | | |
| | |
Total | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
4 — Inventory
Inventory
consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Inventory
| |
2024 | | |
2023 | |
| |
| | |
| |
Raw
Materials | |
$ | 743,214 | | |
$ | 1,144,322 | |
Work-in-Process | |
| 6,009,454 | | |
| 4,818,156 | |
Finished
Goods | |
| 246,089 | | |
| 188,251 | |
Inventory gross | |
| 6,998,757 | | |
| 6,150,729 | |
Less:
Reserve for Obsolescence | |
| 524,907 | | |
| 316,620 | |
| |
| | | |
| | |
Inventory | |
$ | 6,473,850 | | |
$ | 5,834,109 | |
Note
5 — Property and Equipment
Property and equipment
consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Property and Equipment
| |
2024 | | |
2023 | |
| |
| | |
| |
Machinery
and Equipment | |
$ | 32,878,126 | | |
$ | 32,466,641 | |
Building
and Leasehold Improvements | |
| 5,096,436 | | |
| 5,096,436 | |
Land | |
| 130,000 | | |
| 130,000 | |
Office
Furniture and Equipment | |
| 2,306,822 | | |
| 2,292,995 | |
Tooling | |
| 103,310 | | |
| 103,310 | |
Vehicles | |
| 24,059 | | |
| 24,059 | |
Assets
Not Placed in Service | |
| - | | |
| 260,000 | |
Property
and Equipment, Gross | |
| 40,538,753 | | |
| 40,373,441 | |
Less: Accumulated
Depreciation | |
| 29,953,215 | | |
| 29,272,389 | |
| |
| | | |
| | |
Property
and Equipment, Net | |
$ | 10,585,538 | | |
$ | 11,101,052 | |
Depreciation expenses
were approximately $680,800 and
$723,900 for
the three months ended March 31, 2024 and 2023, respectively.
Note
6 — Intangible Assets
Intangible assets consist of the following at March 31, 2024
and December 31, 2023:
Schedule
of Intangible Assets
| |
2024 | | |
2023 | |
| |
| | |
| |
Licenses | |
$ | 300,000 | | |
$ | 300,000 | |
Total
identifiable intangible assets | |
| 300,000 | | |
| 300,000 | |
Less: Accumulated
Amortization | |
| 20,000 | | |
| 5,000 | |
| |
| | | |
| | |
Intangible
Assets, Net | |
$ | 280,000 | | |
$ | 295,000 | |
Amortization expense for acquired finite-lived intangibles
was $15,000 and $-0- for the three months ended March 31, 2024 and 2023, respectively. Expected future amortization expense of acquired finite-lived
intangible assets as of March 31, 2024, is as follows:
Schedule
of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets
| |
| | |
December
31, 2024 | |
$ | 45,000 | |
2025 | |
| 60,000 | |
2026 | |
| 60,000 | |
2027 | |
| 60,000 | |
2028 | |
| 55,000 | |
| |
| | |
Total | |
$ | 280,000 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
7 — Line of Credit
The
Company has a line of credit available in the amount of $10,000,000 with M&T Bank. Borrowings may be made against the line of credit
as Secured Overnight Financing Rate (SOFR) Loans. The weighted average rate on outstanding borrowings as of March 31, 2024 was 7.63%.
As of March 31, 2024 and December 31, 2023, the Company had $5,437,204 and $6,537,592, respectively, outstanding under the line of credit
facility.
The
line of credit and term notes contain customary covenants and restrictions on the Company’s ability to engage in certain activities
and financial covenants requiring the Company to maintain certain financial ratios. At March 31, 2024 the Company was in compliance with
these financial covenants.
Note
8 — Long-Term Debt
Long-term
debt consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Long Term Debt Maturities
| |
2024 | | |
2023 | |
| |
| | |
| |
The
Company entered into a $863,607 mortgage note payable with M&T Bank, requiring monthly installments of $7,389, including interest
at a fixed rate of 6.13%. The note matures in February 2029. | |
$ | 863,607 | | |
$ | - | |
| |
| | | |
| | |
The
Company entered into a $236,781 term note payable with M&T Bank, requiring monthly principal installments of $3,385, plus interest
at a fixed rate of 6.05%. The note matures in March 2029. | |
| 236,781 | | |
| - | |
| |
| | | |
| | |
The
Company entered into a $1,775,000 term note payable with M&T Bank, requiring monthly principal installments of $34,886 plus interest
at a fixed rate of 6.59%. The note matures in November 2028. | |
| 1,646,252 | | |
| 1,722,626 | |
| |
| | | |
| | |
The
Company entered into a $1,064,000 term note payable with the U.S. Small Business Administration, requiring monthly installments of
$6,652, including fees and interest at a fixed rate of 2.22%. The note matures in June 2036. The note is secured by certain
assets of the Company and a personal guaranty of the Company’s stockholder. | |
| 705,937 | | |
| 718,441 | |
| |
| | | |
| | |
Total
Long-Term Debt | |
| 3,452,577 | | |
| 2,441,067 | |
| |
| | | |
| | |
Less:
Unamortized Debt Issuance Costs | |
| 51,184 | | |
| 53,156 | |
| |
| | | |
| | |
Long-Term
Debt, Less Unamortized Debt Issuance Costs | |
| 3,401,393 | | |
| 2,387,911 | |
| |
| | | |
| | |
Less:
Current Maturities | |
| 447,702 | | |
| 362,972 | |
| |
| | | |
| | |
Long-Term
Debt | |
$ | 2,953,691 | | |
$ | 2,024,939 | |
At
March 31, 2024, the future debt maturities are as follows:
Schedule
of Long Term Future Debt Maturities
| |
| | |
December
31, 2024 (remainder of year) | |
$ | 332,621 | |
2025 | |
| 468,282 | |
2026 | |
| 497,717 | |
2027 | |
| 529,099 | |
2028 | |
| 490,202 | |
Thereafter | |
| 1,134,656 | |
| |
| | |
Total | |
$ | 3,452,577 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
9 — Retirement Plan
The
Company maintains a 401(k) retirement plan covering eligible employees of the Company and its affiliate. Under
the plan, participants may defer a percentage of their annual compensation, with Syntec Optics matching 50% of employee
contributions not to exceed 6% of annual compensation. Total contributions for the Company for the three months ended March
31, 2024 and 2023 were approximately $45,000
and $48,000,
respectively.
Note
10 — Income Taxes
The income tax provision for interim periods is determined
using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period.
Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative
adjustment is made.
The effective income
tax rate was 21.9%
and 19.3%
for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 and
March 31, 2023 does not include any discrete tax benefits.
Note
11 — Warrants
Each
warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional
shares will be issued upon exercise of the warrants. The Company may elect to redeem the warrants subject to certain conditions, in whole
and not in part, at a price of $0.01 per warrant if (i) 30 days’ prior written notice of redemption is provided to the holders,
and (ii) the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance
of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On
the Closing Date, there were 14,107,989 warrants issued and outstanding. The warrants are not precluded from equity classification
and are accounted for as such on the date of issuance, and each balance sheet date thereafter. There was no activity of public warrants
for the three months ended March 31, 2024 or 2023.
The
measurements of the warrants after the detachment of the warrants from the Units are classified as Level 1 due to the use of an observable
market quote in an active market under the ticker OPTXW. For periods subsequent to the detachment of the warrants from the Units, the
close price of the warrant price was used as the fair value of the warrants as of each relevant date.
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2024 to March 31, 2024:
Schedule
of Warrant
| |
Common
Stock Warrants | |
| |
| |
Warrants
outstanding, January 1, 2024 | |
| 14,107,989 | |
Warrants
exercised | |
| - | |
Assumed
in merger | |
| 14,107,989 | |
Exercised
subsequent to merger | |
| - | |
Warrants
outstanding, March 31, 2024 | |
| 14,107,989 | |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2023 to March 31, 2023:
| |
Common
Stock Warrants | |
| |
| |
**Warrants
outstanding, January 1, 2023 | |
| - | |
Assumed
in merger | |
| 14,107,989 | |
Exercised
subsequent to merger | |
| - | |
Warrants
outstanding, March 31, 2023 | |
| 14,107,989 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
12 — Common Stock
The
Company is authorized to issue up to 121,000,000 shares
of common stock with $0.0001 par
value. Common stockholders are entitled to dividends if and when declared by the Board of Directors. As of March 31, 2024 and
December 31, 2023, there were 36,688,266 shares
issued and outstanding and no dividends on common stock had been declared by the Company.
As
of March 31, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance as follows:
Schedule
of Reserved shares of common stock
| |
2024 | | |
2023 | |
| |
| | |
| |
Common
stock outstanding | |
| 36,688,266 | | |
| 36,688,266 | |
Warrants
outstanding | |
| 14,107,989 | | |
| 14,107,989 | |
Contingent
earnout shares | |
| 26,000,000 | | |
| 26,000,000 | |
Shares
available for future issuance (1) | |
| 4,773,971 | | |
| 4,773,971 | |
Total | |
| 81,570,226 | | |
| 81,570,226 | |
Note
13 — Stock-based Compensation
In
connection with the merger, shareholders and board members approved the 2023 Equity Incentive Plan (the “2023 Incentive Plan”).
Up to 2,773,972 shares of the Syntec Optics common stock (“Common Stock”) will initially be reserved for issuance
under the 2023 Incentive Plan, and additional shares will become available for issuance under the 2023 Incentive Plan each year as described
below under “Aggregate Share Limit.” Our Board of Directors and stockholders have approved the 2023 Incentive Plan at the
annual meeting held on October 31, 2023.
The
Company will issue up to 2,000,000 shares of common stock (the “Performance-based-Earnout”) to members of the management
team of the Company from time to time, to the extent determined by the Board of Directors in its sole discretion.
As
of March 31, 2024, there were 4,773,971 shares of unissued authorized and available for future awards under the plans.
Note
14 — Income (Loss) Per Share
The
following table sets forth the information needed to compute basic and diluted (loss) earnings per share for the three months ended March
31, 2024 and 2023:
Schedule
of Basic And Diluted (loss) Earnings Per Share
| |
2024 | | |
2023 | |
Basic
and diluted net income (loss) per share | |
| | | |
| | |
Numerator: | |
| | | |
| | |
Net
income (loss) | |
$ | (1,209,143 | ) | |
$ | 53,022 | |
| |
| | | |
| | |
Denominator | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 36,688,266 | | |
| 31,600,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.03 | ) | |
$ | 0.00 | |
Note
15 — Commitments and Contingencies
The
Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject
to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these
matters will not have a material adverse effect on the Company’s financial position or results of operations.
Note
16 — Significant Customers
For
the three months ended March 31, 2024, the Company generated 53% of revenues from three customers. These three customers are in different
end-markets utilizing diverse manufacturing capabilities from the Company. The outstanding accounts receivable due from these customers
were approximately $3,134,000 as of March 31, 2024.
For
the three months ended March 31, 2023, the Company generated 44% of revenues from two customers. These two customers are in different
end-markets utilizing diverse manufacturing capabilities from the Company. The outstanding accounts receivable due from these customers
were approximately $3,550,000 as of March 31, 2023.
Note
17 — Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the interim balance sheet date up to the date that the accompanying
interim unaudited condensed consolidated financial statements were issued. Based upon the review, the Company did not identify any subsequent
events that would have required adjustment or disclosure in the interim unaudited condensed consolidated financial statements.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
information in this Management’s Discussion and Analysis should be read in conjunction with the accompanying unaudited condensed
financial statements and notes.
Cautionary
Note Regarding Forward-Looking Statements
This
report includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,”
“estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,”
“could,” “target,” “potential,” “is likely,” “will,” “expect”
and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts
contained in this report, including among others, our strategy, future operations, future financial position, future revenue, projected
costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. Our actual results and financial
condition may differ materially from those express or implied in such forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
For
a further list and description of various risks, relevant factors and uncertainties that could cause future results or events to differ
materially from those expressed or implied in our forward-looking statements, see the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” sections in this report, our Annual Report on Form 10-K
for the fiscal year ended December 31, 2021, and our other filings with the Securities and Exchange Commission (the “SEC”).
All forward-looking statements in this report are made only as of the date hereof or as indicated and represent our views as of the date
of this report. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible
for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the
result of new information, future events or otherwise, except as required by law.
Overview
Syntec
Optics is vertically integrated from design and component manufacturing for lens system assembly to imaging module integration for
system solutions. Making our own tools, molding, and nanomachining allows close interaction and recut ability, enabling special
techniques to hold tolerances up to sub-micron level. Syntec has assembled a world class design for manufacturability team to
augment its production team with deep expertise to fully leverage our vertical integration from component making to optics and
electronics assembly. Syntec Optics has steadily developed variety of other complementary manufacturing techniques to provide a wide
suite of horizontal capabilities including thin films deposition coatings, glass molding, polymer molding, tool-making, mechanicals
manufacturing, and nanomachining.
Syntec
became a leader in the industry by pioneering polymer-based optics and then subsequently adding glass optics and optics made from other
materials including crystals and metals. Polymer-based optics provide numerous advantages compared to incumbent glass-based optics. Polymer-based
optics are smaller, lower weight, lower cost, and offer very high-performance optical solutions. For all these reasons, Syntec is able
to deliver products to our clients that are lighter, smaller, and suitable for cutting edge technology products, including the newly evolving
silicon photonics industry.
Our
designs and assembly processes are developed in-house in the United States. In 2016, Syntec Optics expanded its manufacturing facility
to nearly 90,000 square-feet, allowing us to increase our production capacity and offer additional advanced manufacturing processes under
one roof which provide us the ability to increase sales to existing customers and increase penetration of our end-markets. Our facility
provides a streamlined, partially autonomous production process for our current customers, which comprises optical assembly, electro-optics
assembly, polymer optics molding, glass optics molding, opto-mechanical assembly, nanomachining and thin films coating. Our facility
also provides availability to expand the number of advanced manufacturing processes to handle increased volumes of existing and new customer
orders.
Syntec
Optics focuses on four end markets of defense, medical, consumer, and communications all with several mission-critical applications with
strong tailwinds.
In 2023,
Syntec Optics launched low weight night vision optics and further, announced hybrid light-weight magnifier and thermal clip on in the
defense end market. Also, in 2023, Syntec Optics announced biomedical mirrors for sensing in the medical end market. Rounding out
new product launches for 2023, in the communication end market, Syntec Optics launched microlens arrays and low earth satellite optics.
The
Business Combination
On
November 7, 2023, or the Closing Date, we consummated the Business Combination. Pursuant to the Business Combination Agreement, Merger
Sub merged with and into Legacy Syntec, with Legacy Syntec surviving the merger and becoming a wholly-owned direct subsidiary of OmniLit.
Thereafter, Merger Sub ceased to exist and OmniLit was renamed Syntec Optics Holdings, Inc. Legacy Syntec is deemed the accounting acquirer,
which means that Legacy Syntec’s financial statements for previous periods will be disclosed in our future periodic reports filed
with the SEC. Following the Business Combination, our business is the business of Legacy Syntec.
The
Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, OmniLit was treated as the acquired
company for financial statement reporting purposes.
Key
Factors Affecting Our Operating Results
Our
financial position and results of operations depend to a significant extent on the following factors:
End
Market Consumers
The
demand for our products ultimately depends on demand from customers in our current end markets. We generate sales through (1) Tier 1
suppliers and (2) through OEMs.
An
increasing proportion of our sales has been and is expected to continue to be derived from sales to defense. biomedical and industrial/consumer
OEMs, driven by continued efforts to develop and expand sales to OEMs with whom we have longstanding relationships. Future OEM sales
will be subject to risks and uncertainties, including the number of defense, biomedical and industrial/consumer products these OEMs manufacture
and sell, which in turn may be driven by the expectations these OEMs have around end market demand.
Demand
from end markets is impacted by a number of factors, including travel restrictions (global pandemics or geo-political conflicts), fuel
costs and energy demands (including an increasing trend towards the use of green energy), as well as overall macro-economic conditions.
Sales of our optics and photonics enabled components and sub-components have also benefited from the increased global conflict, the United
States dynamic relationships with other world powers that may have a conflicting view with western-style democracy, the movement towards
reshoring of advanced manufacturing, biomedical components and sub-components needed to support physicians in their battle against global
pandemics, and the increased global demand for high-fidelity data communications on all corners of the globe.
Syntec
Optics plans to further add bolt-on acquisitions for inorganic growth in the fragmented photonics industry by expanding our portfolio of our existing, U.S.-based, advanced
manufacturing processes of making thin-film coated glass, crystal, or polymer components and their housings, which are ultimately assembled
into high performance hybrid electro-optics sub-systems. By doing so, Syntec Optics plans to grow to the new end markets of communications
and sensing. Syntec Optics entered the communications end market in 2023. Syntec Optics is currently engaged as a supplier for a U.S.
Department of Commerce’s National Institute of Standards and Technology (NIST) funded research and development project for the
sensing end market. The communication end market is characterized by the use of optics and photonics for data transmittal and reception
of information, including, for example, satellite communications and other associated applications. The sensing end-market is characterized
by the use of optics and photonics to detect scattered light or light with an altered refractive index due to the presence of a medium
within a wide range of potential applications, including, for example, disease detection and other associated applications.
Supply
We
currently rely on strategically selected electronics, highly engineered polymers and aluminum manufacturers located in the United States
to manufacture our highly specialized optic and photonics enabled components and sub-components, and we intend to continue to rely on
these suppliers going forward. Our close working relationships with our Unites States based suppliers, reflected in our ability to (x)
increase our purchase order volumes (qualifying us for related volume-based discounts) and (y) order and receive delivery of raw materials
in anticipation of required demand, has helped us moderate increased supply-related costs associated with inflation and to avoid potential
shipment delays. To mitigate against potential adverse production events, we opted to build our inventory of key raw materials. In connection
with these stockpiling activities, we experienced an increase in prepaid inventory compared to prior periods as suppliers required upfront
deposits in response to supply chain disruptions.
As
a result of the active steps we have taken to manage our inventory levels, we have not been subject to the shortages or price impacts
that have been present for manufacturers of optic and photonic enabled components or sub-components.
Product
and Customer Mix
Our
sales consist of sales of highly specialized optic and photonic enabled components and sub-components. These products are sold to different
customer types (e.g., OEMs and Tier 1 manufacturers) and at different prices and involve varying levels of costs. In any particular period,
changes in the mix and volume of particular products sold and the prices of those products relative to other products will impact our
average selling price and our cost of goods sold. The price of our products may also increase as a result of increases in the cost of
components due to inflation, labor and raw materials. The Company generated 53% of revenues for the three months ended March 31, 2024
from three customers and 44% of revenues for the three months ended March 31, 2023 from three customers. In addition, revenues from these
larger customers may fluctuate from time to time based on these customers’ business needs and customer experience, the timing of
which may be affected by market conditions or other factors outside of our control. These customers have a broad product purchase mix
across various departments of Syntec Optics. Syntec Optics supplies several mission critical components and sub-components to these customers
that are not tied to a single application, customer initiative, or purchase order. We expect sales to increase as we further advance
our full-system design expertise and product offerings and customers increasingly demand more sophisticated systems, rather than drop-in
replacements. In addition to the impacts attributable to the general sales mix across our products, our results of operations are impacted
by the relative margins of products sold. As we continue to introduce new products at varying price points, our overall gross margin
may vary from period to period as a result of changes in product and customer mix.
Production
Capacity
All
of our design, advanced manufacturing and assembly currently takes place at our nearly 90,000 square foot headquarters and manufacturing
facility located in Rochester, New York. We currently operate optical, opto-mechanical and electro-optical assembly lines in addition
to molding, nanomachining, testing and thin-film production lines. Consistent with our operating history, we plan to continue to automate
additional aspects of our advanced manufacturing operations. Our existing facility has the capacity to add additional production lines
and construct and operate pilot production lines for new components and sub-components, all designed to maximize the capacity of our
manufacturing facility. Although our automation efforts are expected to reduce our costs of goods, we may not fully recognize the anticipated
savings when planned and could experience additional costs or disruptions to our production activities.
Competition
We
compete with traditional glass optic manufacturers and electro-optic manufacturers, who primarily either import their products or components
or manufacture products under a private label. As we continue to expand into new markets, develop new products and move towards production
of our polymer based and glass-polymer based optic hybrids and photonics enabled components and sub-components, we will experience competition
with a wider range of companies. These competitors may have greater resources than we do and may be able to devote greater resources
to the development of their current and future technologies. Our competitors may be able to source materials and components at lower
costs, which may require us to evaluate measures to reduce our own costs, lower the price of our products or increase sales volumes in
order to maintain our expected levels of profitability.
Research
and Development
Our
research and development are primarily focused on the advanced manufacturing of polymer and glass-polymer based optic and photonics enabled
components and sub-components. The next stage in our technical development is to construct our products to optimize performance, lower
weight and increase longevity to meet and exceed industry standards for our target end markets. Ongoing testing and optimizing of more
complicated systems and sub-systems for our existing end markets will assist us in increasing penetration in our current end markets
and expanding into targeted end markets.
Components
of Results of Operations
Net
Sales
Net
sales are primarily generated from the sale of our optics and photonics enabled components and sub-components to OEMs.
Cost
of Goods Sold
Cost
of goods sold includes the cost of raw materials and other components of our optic and photonic enabled components and sub-components,
labor, overhead, utilities, and depreciation and amortization.
Gross
Profit
Gross
profit, calculated as net sales less cost of goods sold, may vary between periods and is primarily affected by various factors including
average selling prices, product costs, product mix, customer mix and production volumes.
Operating
Expenses
General
and Administrative
General
and administrative costs include personnel-related expenses attributable to our executive, finance, human resources, and information
technology organizations, certain facility costs, and fees for professional services.
Total
Other Income (Expense)
Other
income (expense) consists primarily of interest expense and debt issuance costs.
Results of Operations
Comparisons
for the Three months ended March 31, 2024 and March 31, 2023
The
following table sets forth our results of operations for the three months ended March 31, 2024 and 2023. This
data should be read together with our financial statements and related notes included elsewhere in this Quarterly Report, and is qualified
in its entirety by reference to such financial statements and related notes.
| |
Three
Months Ended March 31, | |
| |
2024 | | |
%
Net Sales | | |
2023 | | |
%
Net Sales | |
| |
(in
thousands) | |
Net
Sales | |
$ | 6,255,908 | | |
| 100 | % | |
| 6,884,436 | | |
| 100 | % |
Cost
of Goods Sold | |
| 5,548,465 | | |
| 89 | % | |
| 5,172,735 | | |
| 75 | % |
Gross
profit | |
| 707,443 | | |
| 11 | % | |
| 1,711,701 | | |
| 25 | % |
General
and administrative | |
| 2,114,543 | | |
| 34 | % | |
| 1,517,961 | | |
| 22 | % |
(Loss) Income
From Operations | |
| (1,407,100 | ) | |
| (22 | %) | |
| 193,740 | | |
| 3 | % |
Other
Income (Expense), Net | |
| | | |
| | | |
| | | |
| | |
Other
Income | |
| 19,349 | | |
| 0 | % | |
| 751 | | |
| 0 | % |
Interest
Income (Expense) | |
| (159,867 | ) | |
| (3 | %) | |
| (130,021 | ) | |
| (2 | %) |
Total
Other (Expense) Income, Net | |
| (140,518 | ) | |
| (2 | %) | |
| (129,270 | ) | |
| (2 | %) |
(Loss) Income
Before Taxes | |
| -1,547,618 | | |
| (25 | %) | |
| 64,470 | | |
| 1 | % |
(Benefit From) Income
Tax | |
| (338,475 | ) | |
| (5 | %) | |
| 11,448 | | |
| 0 | % |
Net
(Loss) Income | |
$ | (1,209,143 | ) | |
| (19 | %) | |
$ | 53,022 | | |
| 1 | % |
Net
Sales
Net
sales decreased by $0.6 million, or 9.1%, to $6.3 million for the three months ended March 31, 2024, as compared to $6.9 million for
the three months ended March 31, 2023. This decrease was primarily due to a decrease of $2.3 million spread across the medical,
consumer and defense end markets offset by an increase of $1.7 million in the communications end market.
Cost
of Goods Sold
Cost
of revenue increased by $0.3 million, or 7.3%, to $5.5 million for the three months ended March 31, 2024, as compared to $5.2 million
for the three months ended March 31, 2023. This increase was primarily due to increases in $0.2 million of payroll costs and $0.1 million
of subcontractor costs.
Gross
Profit
Gross
profit decreased by $1.0 million, or 58.7%, to $0.7 million for the three months ended March 31, 2024, as compared to $1.7 million for
the three months ended March 31, 2023. This decrease was primarily due to the decrease in revenue and the increase in
cost of goods sold.
General
and Administrative Expenses
General
and administrative expenses increased by $0.6 million, or 39.3%, to $2.1 million for the three months ended March 31, 2024, as compared
to $1.5 million for the three months ended March 31, 2023. This increase was primarily due to an approximately $0.2 million increase
in professional fees, and $0.2 million in advertising expenses and increase of $0.1 million in insurance, and $0.1 million in research
and development expenses.
Total
Other Income (Loss)
Other
income (expense) increased by $0.01 million, or 8.7%, to ($0.14) million for the three months ended March 31, 2024, as compared to other
income (expense) of ($0.13) million for the three months ended March 31, 2023. This increase was primarily due to interest expense due
to increased rates for the debt facilities.
Income
Tax Expense (Benefit from)
Income
tax expense (benefit) decreased by ($0.3) million, or 3,056.7%, to ($0.3) million for the three months ended March 31, 2024, as compared
to $0.01 million for the three months ended March 31, 2023. This increase was primarily due to the increase in net loss.
Net
Income (Loss)
Net
income decreased by $1.3 million, or 2,380.4%, to ($1.2) million for the three months ended March 31, 2024, as compared to $0.05 million
for the three months ended March 31, 2023. This decrease was primarily due to a decrease in sales of $0.6 million, an increase
in cost of goods sold of $0.3 million, and an increase in general and administrative expenses of $0.6 million offset by an increase of benefit from income tax of $0.3 million.
Critical
Accounting Estimates
Our
condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United
States. The preparation of these condensed consolidated financial statements requires us to make judgments and estimates that affect
the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in our financial
statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are 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. Our actual results may differ from these estimates under different assumptions or conditions.
On a recurring basis, we evaluate our judgments and estimates in light of changes in circumstances, facts, and experience. The effects
of material revisions in an estimate, if any, will be reflected in the consolidated financial statements prospectively from the date
of the change in the estimate.
We
believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our
financial statements.
Inventory
Valuation
We
periodically review physical inventory for excess, obsolete, and potentially impaired items and reserves. Any such inventory is written
down to net realizable value. The reserve estimate for excess and obsolete inventory is dependent on expected future use and requires
management judgement.
Warrants
We
account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific
terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC
815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition
of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including
whether the warrants are indexed to our own ordinary share, among other conditions for equity classification. This assessment, which
requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end
date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in-capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification,
the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.
Income
Taxes
We
account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted
rates. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date.
We
recognize the financial statement effect of an uncertain income tax position when it is more likely than not, based on the technical
merits, that the position will be sustained upon examination. Recognized income tax positions are measured at the largest amount that
is greater than 50% likely to be realized. A valuation allowance is recorded to reduce deferred income tax assets to an amount, which
in the opinion of management is more likely than not to be realized.
Management
judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance
recorded against our deferred tax assets. We consider factors such as the cumulative income or loss in recent years; reversal of deferred
tax liabilities; projected future taxable income exclusive of temporary differences; the character of the income tax asset, including
income tax positions; tax planning strategies and the period over which we expect the deferred tax assets to be recovered in the determination
of the valuation allowance. In the event that actual results differ from these estimates, or we adjust our estimates in the future, we
may need to adjust our valuation allowance, which could materially impact our financial position and results of operations.
Non-GAAP
Financial Measures
This
Quarterly Report includes a non-generally accepted account principles within the United States (“U.S. GAAP”) measure that
we use to supplement our results presented in accordance with U.S. GAAP. EBITDA is defined as earnings before interest and other income,
tax and depreciation and amortization. Adjusted EBITDA is calculated as EBITDA adjusted for non-recurring items, and business combination
expenses. Adjusted EBITDA is a performance measure that we believe is useful to investors and analysts because it illustrates the underlying
financial and business trends relating to our core, recurring results of operations and enhances comparability between periods.
Adjusted
EBITDA is not a recognized measure under U.S. GAAP and is not intended to be a substitute for any U.S. GAAP financial measure and, as
calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within
the same industry. Investors should exercise caution in comparing our non-GAAP measure to any similarly titled measure used by other
companies. This non-GAAP measure excludes certain items required by U.S. GAAP and should not be considered as an alternative to information
reported in accordance with U.S. GAAP.
Adjusted
EBITDA
We
define adjusted EBITDA, a non-GAAP financial measure, as net earnings (loss) before interest and other expenses, net, income tax expense,
depreciation and amortization, as adjusted to exclude non-recurring items. We utilize adjusted EBITDA as an internal performance measure
in the management of our operations because we believe the exclusion of these non-cash and non-recurring charges allow for a more relevant
comparison of our results of operations to other companies in our industry and is in accordance with the Non-GAAP Financial Measures
Compliance & Disclosure Interpretations (Reference Question 102.03).
The
table below presents our adjusted EBITDA, reconciled to net income for the three months ended March 31, 2024 and 2023.
NON-GAAP
RECONCILIATION OF ADJUSTED EBITDA
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
| |
2024 | | |
2023 | |
Net (Loss) Income | |
$ | (1,209,143 | ) | |
$ | 53,022 | |
Depreciation & Amortization | |
| 697,799 | | |
| 726,650 | |
Interest Expenses | |
| 157,894 | | |
| 127,309 | |
Taxes | |
| (338,475 | ) | |
| 11,448 | |
Non-Recurring Items | |
| | | |
| | |
Non-Recurring Transaction Fees | |
| 25,265 | | |
| - | |
Non-Recurring Contributions, Management Fees & Expenses | |
| - | | |
| 81,258 | |
Adjusted EBITDA | |
$ | (666,660 | ) | |
$ | 999,687 | |
Liquidity
and Capital Resources
Liquidity
describes the ability of a company to generate sufficient cash flows to meet the cash requirements of its business operations, including
working capital needs, debt service, acquisitions, contractual obligations and other commitments. We assess liquidity in terms of our
cash flows from operations and their sufficiency to fund our operating and investing activities. As of March 31, 2024, our principal
sources of liquidity were cash totaling $1.7 million and a line of credit with $4.6 million available.
Significant
factors affecting the management of our ongoing cash requirements are the adequacy of available bank lines of credit and our ability
to attract long-term capital with satisfactory terms. The sources of our liquidity are subject to all of the risks of our business and
could be adversely affected by, among other factors, risks associated with events outside of our control, such as economic consequences
of global pandemics and geopolitical conflicts, monetary policy changes in the U.S. and other countries and their impact on the global
financial markets, supply chain disruptions and electronics and other material shortages, a decrease in demand for our products, our
ability to integrate current and future acquisitions, deterioration in certain financial ratios, availability of borrowings under our
revolving credit facility, and other market changes in general. See “Risks Relating to Syntec Optics’ Financial Position
and Capital Requirements” included in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Cash
Flow — Three months ended March 31, 2024 and 2023
| |
Three
Months Ended | |
| |
March
31, | |
| |
2024 | | |
2023 | |
Net
Cash (Used in) Provided by Operating Activities | |
$ | (289,841 | ) | |
$ | 526,739 | |
Net
Cash Used in Investing Activities | |
| (95,218 | ) | |
| (226,871 | ) |
Net
Cash Used in Financing Activities | |
| (88,878 | ) | |
| (292,486 | ) |
Operating
Activities
Net
cash used in operating activities was $0.2 million for the three months ended March 31, 2024, as compared to net cash provided by operating
activities of $0.5 million for the three months ended March 31, 2023. The primary drivers for the year-over-year change include a decrease
to accounts receivable of $1.7 million, and an increase to net loss of $1.2 million.
Investing
Activities
Net
cash used in investing activities was $0.1 million for the three months ended March 31, 2024, as compared to net cash used in investing
activities of $0.2 million for the three months ended March 31, 2023. The net cash used in investing activities decreased primarily
due to a decrease in capital expenditures of $0.1 million.
Financing
Activities
Net
cash used in financing activities was $0.1 million for the three months ended March 31, 2024, and was primarily due to payment of term
loans. Net cash used in financing activities was $0.3 million for the three months ended March 31, 2023, and was primarily due to payment
of term loans.
ITEM
3. Quantitative and Qualitative Disclosures about Market Risk
Our
primary market risk exposure is interest rate sensitivity. During the three months ended March 31, 2024, there have been no material
changes to the information included under Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,”
in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
required by Rule 13a-15 under the Exchange Act, we have carried out an evaluation of the effectiveness of our disclosure controls and
procedures as of the end of the period covered by this Report. This evaluation was carried out under the supervision and with the participation
of our management, including our Chief Executive Officer and Chief Financial Officer.
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information
required to be disclosed in our company’s reports filed under the Exchange Act is accumulated and communicated to management, including
our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. In designing and evaluating
the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated,
cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any, within a company have been detected. Based on the evaluation of our
disclosure controls and procedures as of March 31, 2024, our Chief Executive Officer and our Chief Financial Officer concluded that,
as of such date, our disclosure controls and procedures were not effective due to the following identified material weaknesses:
|
1. |
We
lack documentation of formal internal control process and controls including lack of review of journal entries. |
|
2. |
We
lack necessary corporate accounting resources to maintain adequate segregation of duties. |
|
3. |
We
lack timely reconciliation controls in the areas of accounts payable, accrued legal expenses, and inventory. |
|
4. |
We
lack controls related to proper cut-off of costs of goods sold and other income from business interruption claim. |
|
5. |
We
lack control related to identification and disclosure of related party transactions. |
|
6. |
We
lack control related to proper fair value methodology utilized for valuation of complex financial instrument in connection with contingent
earnout arrangement. |
|
7. |
We
lack the necessary information technology (“IT”) general controls infrastructure in the areas of user access and program
change-management due to insufficient documentation and training, and inadequate IT risk assessment process. Additionally, we lack
controls around the review of SOC-1 reports and lack of cyber security related controls. |
The
Company is instituting controls and procedures that we expect will improve the effectiveness of the Company’s disclosure controls
and procedures.
Management’s
Report on Internal Control over Financial Reporting
This
Report does not include a report of management’s assessment regarding internal control over financial reporting or an attestation
report of the Company’s registered public accounting firm due to a transition period established by rules of the SEC for newly
public companies. Additionally, our auditors will not be required to formally opine on the effectiveness of our internal control over
financial reporting pursuant to Section 404 until we are no longer an “emerging growth company” as defined in the JOBS Act.
Changes
in Internal Control over Financial Reporting
Other
than the material weaknesses and remediation efforts mentioned above, there were no changes in our internal controls over financial reporting
that occurred during the quarter ended March 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
We
may be subject to legal proceedings, investigations and claims incidental to the conduct of our business from time to time. We are not
currently a party to any material litigation or other legal proceedings brought against us. We are also not aware of any legal proceeding,
investigation or claim, or other legal exposure that has a more than remote possibility of having a material adverse effect on our business,
financial condition or results of operations.
Item
1A. Risk Factors
The
Company’s risk factors are described in Part I, Item 1A, “Risk Factors”, of the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2023. The risks described in our Annual Report on Form
10-K for the fiscal year ended December 31, 2023 are not the only risks we face. Additional risks and uncertainties not currently known
to us or that we currently deem to be immaterial also may materially adversely affect our business, financial position, or future results
of operations. The risk factors should be read together with, the risk factors described in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item
3. Defaults Upon Senior Securities
None
Item
4. Mine Safety Disclosures
Not
Applicable
Item
5. Other Information
None
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
101.INS |
|
Inline
XBRL Instance Document |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Filed
herewith. |
|
|
** |
Furnished. |
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
OMNILIT
ACQUISITION CORP. |
|
|
|
Date:
May 23, 2024 |
By: |
/s/
Al Kapoor |
|
Name:
|
Al
Kapoor |
|
Title: |
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
May 23, 2024 |
By: |
/s/
Robert O. Nelson II |
|
Name: |
Robert
O. Nelson II |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Accounting Officer and Financial Officer) |
EXHIBIT
31.1
CERTIFICATION
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Al Kapoor, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Syntec Optics Holdings, Inc.; |
|
|
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 unaudited condensed 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(s) 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)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; and |
|
|
|
|
b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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(s) 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. |
Date:
May 23, 2024
|
By: |
/s/
Al Kapoor |
|
Name: |
Al
Kapoor |
|
Title: |
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Robert O Nelson II, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Syntec Optics Holdings, Inc.; |
|
|
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 unaudited condensed 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(s) 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)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; and |
|
|
|
|
b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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(s) 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. |
Date:
May 23, 2024
|
By: |
/s/
Robert O Nelson II |
|
Name:
|
Robert
O. Nelson II |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Accounting Officer and Financial Officer) |
EXHIBIT
32.1
CERTIFICATION
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Syntec Optics Holdings, Inc. (the “Company”) on Form 10-Q for the quarterly period
ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Joseph J. Mohr, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
Dated:
May 23, 2024
|
By: |
/s/
Al Kapoor |
|
Name:
|
Al
Kapoor |
|
Title: |
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
32.2
CERTIFICATION
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Syntec Optics Holdings, Inc. (the “Company”) on Form 10-Q for the quarterly period
ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Robert O Nelson II, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act
of
2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
Dated:
May 23, 2024
|
By: |
/s/
Robert O Nelson II |
|
Name:
|
Robert
O. Nelson II |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Accounting Officer and Financial Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 22, 2024 |
Document Type |
10-Q
|
|
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|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41034
|
|
Entity Registrant Name |
SYNTEC
OPTICS HOLDINGS, INC.
|
|
Entity Central Index Key |
0001866816
|
|
Entity Tax Identification Number |
87-0816957
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
515
Lee Rd.
|
|
Entity Address, City or Town |
Rochester
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
14606
|
|
City Area Code |
(585)
|
|
Local Phone Number |
464-9336
|
|
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Yes
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true
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|
|
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|
36,688,266
|
Common stock, par value $0.0001 per share |
|
|
Title of 12(b) Security |
Common
stock, par value $0.0001 per share
|
|
Trading Symbol |
OPTX
|
|
Security Exchange Name |
NASDAQ
|
|
Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share |
|
|
Title of 12(b) Security |
Redeemable
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash |
$ 1,684,308
|
$ 2,158,245
|
Accounts Receivable, Net |
5,094,215
|
6,800,064
|
Inventory |
6,473,850
|
5,834,109
|
Prepaid Expenses and Other Assets |
397,122
|
359,443
|
Total Current Assets |
13,649,495
|
15,151,861
|
Property and Equipment, Net |
10,585,538
|
11,101,052
|
Deferred Income Taxes |
106,992
|
|
Intangible Assets, Net |
280,000
|
295,000
|
Total Assets |
24,622,025
|
26,547,913
|
Current Liabilities |
|
|
Accounts Payable |
2,389,071
|
3,042,315
|
Accrued Expenses |
1,271,965
|
1,071,257
|
Federal Income Tax Payable |
247,430
|
370,206
|
Deferred Revenue |
20,363
|
|
Line of Credit |
5,437,204
|
6,537,592
|
Current Maturities of Debt Obligations |
447,702
|
362,972
|
Total Current Liabilities |
9,813,735
|
11,384,342
|
Long-Term Liabilities |
|
|
Long-Term Debt Obligations |
2,953,691
|
2,024,939
|
Deferred Income Taxes |
|
74,890
|
Total Long-Term Liabilities |
2,953,691
|
2,099,829
|
Total Liabilities |
12,767,426
|
13,484,171
|
Commitments and Contingencies (Note 15) |
|
|
Stockholders’ Equity |
|
|
Additional Paid-In Capital |
1,927,204
|
1,927,204
|
Retained Earnings |
9,923,726
|
11,132,869
|
Total Stockholders’ Equity |
11,854,599
|
13,063,742
|
Total Liabilities and Stockholders’ Equity |
24,622,025
|
26,547,913
|
Common Class A [Member] |
|
|
Stockholders’ Equity |
|
|
Common Stock Value |
$ 3,669
|
$ 3,669
|
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Common stock, par value |
$ 0.0001
|
|
Common stock, shares authorized |
121,000,000
|
|
Common stock, shares outstanding |
36,688,266
|
|
Common Class A [Member] |
|
|
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$ 0.0001
|
$ 0.0001
|
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121,000,000
|
121,000,000
|
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36,688,266
|
36,688,266
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36,688,266
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36,688,266
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- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Net Sales |
$ 6,255,908
|
$ 6,884,436
|
Cost of Goods Sold |
5,548,465
|
5,172,735
|
Gross Profit |
707,443
|
1,711,701
|
General and Administrative Expenses |
2,114,543
|
1,517,961
|
(Loss) Income from Operations |
(1,407,100)
|
193,740
|
Other Income (Expense) |
|
|
Interest Expense, Including Amortization of Debt Issuance Costs |
(159,867)
|
(130,021)
|
Other Income |
19,349
|
751
|
Total Other Expense, Net |
(140,518)
|
(129,270)
|
(Loss) Income Before (Benefit) Provision for Income Taxes |
(1,547,618)
|
64,470
|
(Benefit) Provision for Income Taxes |
(338,475)
|
11,448
|
Net (Loss) Income |
$ (1,209,143)
|
$ 53,022
|
Basic net income (loss) per share |
$ (0.03)
|
$ 0.00
|
Diluted net income (loss) per share |
$ (0.03)
|
$ 0.00
|
Weighted Average number of common shares outstanding - Basic |
36,688,266
|
31,600,000
|
Weighted Average number of common shares outstanding - Diluted |
36,688,266
|
31,600,000
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.1.1.u2
Condensed Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 3,160
|
$ 237,692
|
$ 9,218,501
|
$ 9,459,353
|
Balance, shares at Dec. 31, 2022 |
31,600,000
|
|
|
|
Net Income (Loss) |
|
|
53,022
|
53,022
|
Distributions |
|
|
(46,106)
|
(46,106)
|
Balance at Mar. 31, 2023 |
$ 3,160
|
237,692
|
9,225,417
|
9,466,269
|
Balance, shares at Mar. 31, 2023 |
31,600,000
|
|
|
|
Balance at Dec. 31, 2023 |
$ 3,669
|
1,927,204
|
11,132,869
|
13,063,742
|
Balance, shares at Dec. 31, 2023 |
36,688,266
|
|
|
|
Net Income (Loss) |
|
|
(1,209,143)
|
(1,209,143)
|
Balance at Mar. 31, 2024 |
$ 3,669
|
$ 1,927,204
|
$ 9,923,726
|
$ 11,854,599
|
Balance, shares at Mar. 31, 2024 |
36,688,266
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash Flows From Operating Activities |
|
|
Net (Loss) Income |
$ (1,209,143)
|
$ 53,022
|
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities: |
|
|
Depreciation and Amortization |
695,826
|
723,938
|
Amortization of Debt Issuance Costs |
1,973
|
2,712
|
Change in Allowance for Expected Credit Losses |
(24,103)
|
51,375
|
Change in Reserve for Obsolescence |
208,287
|
(334)
|
Deferred Income Taxes |
(181,882)
|
(228,415)
|
(Increase) Decrease in: |
|
|
Accounts Receivable |
1,729,951
|
(44,131)
|
Inventory |
(848,028)
|
(774,344)
|
Prepaid Expenses and Other Assets |
(37,679)
|
18,755
|
Increase (Decrease) in: |
|
|
Accounts Payables and Accrued Expenses |
(522,630)
|
548,899
|
Federal Income Tax Payable |
(122,776)
|
229,855
|
Deferred Revenue |
20,363
|
(54,593)
|
Net Cash (Used In) Provided By Operating Activities |
(289,841)
|
526,739
|
Cash Flows From Investing Activities |
|
|
Purchases of Property and Equipment |
(95,218)
|
(226,871)
|
Net Cash Used in Investing Activities |
(95,218)
|
(226,871)
|
Cash Flows From Financing Activities |
|
|
Repayments on Line of Credit, Net |
(1,100,388)
|
|
Borrowing on Debt Obligations |
1,100,388
|
|
Repayments on Debt Obligations |
(88,878)
|
(246,380)
|
Distributions |
|
(46,106)
|
Net Cash Used in Financing Activities |
(88,878)
|
(292,486)
|
Net (Decrease) Increase in Cash |
(473,937)
|
7,382
|
Cash- Beginning |
2,158,245
|
526,182
|
Cash- Ending |
1,684,308
|
533,564
|
Supplemental Cash Flow Disclosures: |
|
|
Cash Paid for Interest |
157,895
|
137,773
|
Cash Paid for Taxes |
85,098
|
10,008
|
Supplemental Disclosures of Non-Cash Investing Activities: |
|
|
Assets Acquired and Included in Accounts Payable and Accrued Expenses |
$ 412,641
|
$ 30,891
|
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v3.24.1.1.u2
Description of Organization and Business Operations
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
Nature
of Business
Syntec
Optics Holdings, Inc. (the “Company” or “Syntec Optics”) is a vertically integrated manufacturer of optics and
photonics components and sub-systems – from opto-mechanicals to optical elements of various geometries, diamond turned optics –
both prototype and production, and optical systems including optics assembly, electro-optics assembly, design, and coating. Sales are
made to customers in the United States and Europe in defense, medical, and consumer end-markets. The Company has one reporting segment
as its operating segments meet the requirements for aggregation.
On
November 7, 2023, a merger transaction between OmniLit Acquisition Corporation (“OLIT”), Syntec Optics, Inc. (“Legacy
Syntec”), and Optics Merger Sub, Inc. (“Merger Sub”) was completed pursuant to which Merger Sub was merged with and
into Legacy Syntec, with Legacy Syntec surviving the merger. As a result of the merger, Legacy Syntec became a wholly owned subsidiary
of New Syntec.
Although
New Syntec was the legal acquirer of Legacy Syntec in the merger, Legacy Syntec is deemed to be the accounting acquirer, and the historical
financial statements of Legacy Syntec became the basis for the historical financial statements of New Syntec upon the closing of the
merger. New Syntec together with its wholly owned subsidiary, Syntec Optics, Inc., is referred to hereinafter as the “Company.”
Furthermore,
the historical financial statements of Legacy Syntec became the historical financial statements of the Company upon the consummation
of the merger. As a result, the financial statements included in this Quarterly Report reflect (i) the historical operating results of
Legacy Syntec prior to the merger; (ii) the combined results of OLIT and Legacy Syntec following the close of the merger; (iii) the assets
and liabilities of Legacy Syntec at their historical cost and (iv) the Legacy Syntec’s equity structure for all periods presented,
as affected by the recapitalization presentation after completion of the merger.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.1.1.u2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 — Summary of Significant Accounting Policies
The Company has provided a discussion of significant accounting policies, estimates and judgements in its 2023 Annual Report. There have
been no changes to the Company’s significant accounting policies since December 31, 2023.
Basis
of Presentation
The
accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in United States
(“U.S.”) dollars and pursuant to the rules and regulations of the United States Securities and Exchange Commission
(“SEC”), the instructions to Form 10-Q and the provisions of Regulation S-X pertaining to interim financial statements.
Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with
accounting principles generally accepted in the U.S. have been condensed or omitted. The interim unaudited condensed consolidated
financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and
notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management,
these interim unaudited condensed consolidated financial statements include all adjustments and accruals of a normal and recurring
nature necessary to fairly state the results of the interim periods presented. The results for interim periods are not necessarily
indicative of results to be expected for the full year or for any future periods.
Principles
of Consolidation
The
accompanying interim unaudited condensed consolidated financial statements include the accounts of Syntec Optics Holdings, Inc. and
its wholly owned subsidiary, Syntec Optics. The interim unaudited condensed consolidated financial statements also include the
accounts of ELR Associates, LLC (ELR), a variable interest entity wherein the Company is the primary beneficiary. Syntec
Optic’s variable interest in ELR is the result of providing a guaranty of payment for ELR’s mortgage on the
manufacturing facility used exclusively by Syntec Optics. All significant intercompany accounts and transactions have been
eliminated in consolidation.
Recently
Adopted Accounting Pronouncements
In
June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit
Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update requires
financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of
expected credit losses is based on relevant information about past events, including historical experience, current conditions, and
reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued
clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is
effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption
permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its
interim unaudited condensed consolidated financial statements.
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated
information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to
enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December
31, 2025. The Company is currently evaluating the timing and impacts of adoption of this ASU.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.1.1.u2
Revenue Recognition
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Note
3 — Revenue Recognition
The
Company recognizes revenue in accordance with Accounting Standard Codification 606, Revenue from Contracts with Customers (ASC 606),
which provides a five-step model for recognizing revenue from contracts with customers as follows:
|
● |
Identify
the contract with a customer |
|
● |
Identify
the performance obligations in the contract |
|
● |
Determine
the transaction price |
|
● |
Allocate
the transaction price to the performance obligations in the contract |
|
● |
Recognize
revenue when or as performance obligations are satisfied |
The
Company’s revenue is primarily derived from three categories of products and services, (i) the production and assembly of molded
plastic optics parts including polymer and glass parts, opto-mechanicals, thin film coating, diamond turned optics and optical systems
including electro-optics assembly, (“Products”) (ii) the manufacture of custom tooling used to manufacture molded products,
and (“Custom Tooling”) (iii) non-recurring engineering services (“Non-Recurring Engineering’). The Company’s
products are marketed and sold primarily to end-user commercial customers throughout the United States and Europe. Sales of products
and services are subject to economic conditions and may fluctuate based on changes in the industry, trade policies and financial markets.
The
Company assesses the contract term as the period in which the parties to the contract have presently enforceable rights and obligations.
Certain customer contracts may provide for either party to terminate the contract upon written notice.
Nature
of Products and Services
Revenue
from the sale of molded plastic, polymer and glass parts, opto-mechanicals, thin film coating, diamond turned optic and optical systems
is recognized upon transfer of control to the customer, which is typically upon shipment. These sales do not meet the criteria for revenue
to be recognized over time. The Company has elected to treat shipping and handling activities related to contracts with customers as
costs to fulfill the promise to transfer the associated equipment and parts and not as a separate performance obligation.
In
general, the Company recognizes revenue from tooling contracts upon delivery and acceptance by the customer, which signifies successful
completion of the contract.
Revenue
from non-recurring engineering services is recognized upon completion of the negotiated services. These sales do not meet the criteria
for revenue to be recognized over time. Non-recurring engineering services are one-off items that are unique to programs such as expedite
fees or set-up fees which are billed upon completion of the task with payment terms of 30 - 60 days from date of invoice.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 — Revenue Recognition
(Continued)
Transaction
Price
The
transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods and services
to the customer. Revenue is recorded based on the transaction price, which includes fixed consideration. The Company’s contracts
do not include variable consideration.
Contract
Balances
The
timing of revenue recognition generally aligns with the right to invoice the customer. The Company records accounts receivable when it
has the unconditional right to issue an invoice and receive payment, regardless of whether revenue has been recognized. The balance in
accounts receivable at January 1, 2024 and 2023 was $6,800,064 and $5,925,724, respectively. Deferred revenue is recognized on the consolidated
balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Deferred revenue is recognized
as revenue on the consolidated statements of operations when the Company satisfies its performance obligation to the customer. Balances
in deferred revenue at January 1, 2024 and 2023 were $-0- and $348,095, respectively. Revenue recognized during the three months ended
March 31, 2024 and 2023 from amounts included in deferred revenue at the beginning of the period was $-0- and $241,500, respectively.
The Company does not have any contract assets.
Costs
to Obtain a Contract
The
Company did not incur costs of obtaining contracts expected to benefit longer than one year. As a result, there are no capitalized contract
acquisition costs as of March 31, 2024 or December 31, 2023.
Warranties
The
buyer shall have thirty (30) days from the date of shipment to inspect and either accept or reject. If goods are rejected, written notice
of rejection and the specific reasons therefore must be sent to the Company within such thirty (30) day period after receipt. Failure
to reject goods or to notify the Company of errors, shortages, or other non-compliance with the agreement within such thirty (30) day
period shall constitute irrevocable acceptance of goods and admission that they fully comply with the agreement.
Disaggregated
Revenues
The
following table disaggregates revenue by revenue recognition methodologies as outlined above for the three months ended March 31:
Schedule
of Disaggregated Revenues
| |
2024 | | |
2023 | |
Products | |
$ | 6,250,703 | | |
$ | 6,477,052 | |
Custom Tooling | |
| 4,205 | | |
| 337,380 | |
Non-Recurring Engineering | |
| 1,000 | | |
| 70,004 | |
| |
| | | |
| | |
Total | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
Syntec
Optics’ management periodically reviews its revenues by its consumer, communication, medical, and defense end-markets. The purpose
of this analysis is to determine its end market mix and identify trends. The following table disaggregates revenue as outlined above
for the three months ended March 31:
| |
2024 | | |
2023 | |
Consumer | |
$ | 1,237,985 | | |
$ | 1,683,233 | |
Communication | |
| 2,057,262 | | |
| 373,718 | |
Defense | |
| 1,193,315 | | |
| 2,377,892 | |
Medical | |
| 1,767,346 | | |
| 2,449,593 | |
| |
| | | |
| | |
Total | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.1.1.u2
Inventory
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventory |
Note
4 — Inventory
Inventory
consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Inventory
| |
2024 | | |
2023 | |
| |
| | |
| |
Raw
Materials | |
$ | 743,214 | | |
$ | 1,144,322 | |
Work-in-Process | |
| 6,009,454 | | |
| 4,818,156 | |
Finished
Goods | |
| 246,089 | | |
| 188,251 | |
Inventory gross | |
| 6,998,757 | | |
| 6,150,729 | |
Less:
Reserve for Obsolescence | |
| 524,907 | | |
| 316,620 | |
| |
| | | |
| | |
Inventory | |
$ | 6,473,850 | | |
$ | 5,834,109 | |
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v3.24.1.1.u2
Property and Equipment
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
5 — Property and Equipment
Property and equipment
consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Property and Equipment
| |
2024 | | |
2023 | |
| |
| | |
| |
Machinery
and Equipment | |
$ | 32,878,126 | | |
$ | 32,466,641 | |
Building
and Leasehold Improvements | |
| 5,096,436 | | |
| 5,096,436 | |
Land | |
| 130,000 | | |
| 130,000 | |
Office
Furniture and Equipment | |
| 2,306,822 | | |
| 2,292,995 | |
Tooling | |
| 103,310 | | |
| 103,310 | |
Vehicles | |
| 24,059 | | |
| 24,059 | |
Assets
Not Placed in Service | |
| - | | |
| 260,000 | |
Property
and Equipment, Gross | |
| 40,538,753 | | |
| 40,373,441 | |
Less: Accumulated
Depreciation | |
| 29,953,215 | | |
| 29,272,389 | |
| |
| | | |
| | |
Property
and Equipment, Net | |
$ | 10,585,538 | | |
$ | 11,101,052 | |
Depreciation expenses
were approximately $680,800 and
$723,900 for
the three months ended March 31, 2024 and 2023, respectively.
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v3.24.1.1.u2
Intangible Assets
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
Note
6 — Intangible Assets
Intangible assets consist of the following at March 31, 2024
and December 31, 2023:
Schedule
of Intangible Assets
| |
2024 | | |
2023 | |
| |
| | |
| |
Licenses | |
$ | 300,000 | | |
$ | 300,000 | |
Total
identifiable intangible assets | |
| 300,000 | | |
| 300,000 | |
Less: Accumulated
Amortization | |
| 20,000 | | |
| 5,000 | |
| |
| | | |
| | |
Intangible
Assets, Net | |
$ | 280,000 | | |
$ | 295,000 | |
Amortization expense for acquired finite-lived intangibles
was $15,000 and $-0- for the three months ended March 31, 2024 and 2023, respectively. Expected future amortization expense of acquired finite-lived
intangible assets as of March 31, 2024, is as follows:
Schedule
of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets
| |
| | |
December
31, 2024 | |
$ | 45,000 | |
2025 | |
| 60,000 | |
2026 | |
| 60,000 | |
2027 | |
| 60,000 | |
2028 | |
| 55,000 | |
| |
| | |
Total | |
$ | 280,000 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.1.1.u2
Line of Credit
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Line of Credit |
Note
7 — Line of Credit
The
Company has a line of credit available in the amount of $10,000,000 with M&T Bank. Borrowings may be made against the line of credit
as Secured Overnight Financing Rate (SOFR) Loans. The weighted average rate on outstanding borrowings as of March 31, 2024 was 7.63%.
As of March 31, 2024 and December 31, 2023, the Company had $5,437,204 and $6,537,592, respectively, outstanding under the line of credit
facility.
The
line of credit and term notes contain customary covenants and restrictions on the Company’s ability to engage in certain activities
and financial covenants requiring the Company to maintain certain financial ratios. At March 31, 2024 the Company was in compliance with
these financial covenants.
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v3.24.1.1.u2
Long-Term Debt
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
Note
8 — Long-Term Debt
Long-term
debt consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Long Term Debt Maturities
| |
2024 | | |
2023 | |
| |
| | |
| |
The
Company entered into a $863,607 mortgage note payable with M&T Bank, requiring monthly installments of $7,389, including interest
at a fixed rate of 6.13%. The note matures in February 2029. | |
$ | 863,607 | | |
$ | - | |
| |
| | | |
| | |
The
Company entered into a $236,781 term note payable with M&T Bank, requiring monthly principal installments of $3,385, plus interest
at a fixed rate of 6.05%. The note matures in March 2029. | |
| 236,781 | | |
| - | |
| |
| | | |
| | |
The
Company entered into a $1,775,000 term note payable with M&T Bank, requiring monthly principal installments of $34,886 plus interest
at a fixed rate of 6.59%. The note matures in November 2028. | |
| 1,646,252 | | |
| 1,722,626 | |
| |
| | | |
| | |
The
Company entered into a $1,064,000 term note payable with the U.S. Small Business Administration, requiring monthly installments of
$6,652, including fees and interest at a fixed rate of 2.22%. The note matures in June 2036. The note is secured by certain
assets of the Company and a personal guaranty of the Company’s stockholder. | |
| 705,937 | | |
| 718,441 | |
| |
| | | |
| | |
Total
Long-Term Debt | |
| 3,452,577 | | |
| 2,441,067 | |
| |
| | | |
| | |
Less:
Unamortized Debt Issuance Costs | |
| 51,184 | | |
| 53,156 | |
| |
| | | |
| | |
Long-Term
Debt, Less Unamortized Debt Issuance Costs | |
| 3,401,393 | | |
| 2,387,911 | |
| |
| | | |
| | |
Less:
Current Maturities | |
| 447,702 | | |
| 362,972 | |
| |
| | | |
| | |
Long-Term
Debt | |
$ | 2,953,691 | | |
$ | 2,024,939 | |
At
March 31, 2024, the future debt maturities are as follows:
Schedule
of Long Term Future Debt Maturities
| |
| | |
December
31, 2024 (remainder of year) | |
$ | 332,621 | |
2025 | |
| 468,282 | |
2026 | |
| 497,717 | |
2027 | |
| 529,099 | |
2028 | |
| 490,202 | |
Thereafter | |
| 1,134,656 | |
| |
| | |
Total | |
$ | 3,452,577 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.24.1.1.u2
Retirement Plan
|
3 Months Ended |
Mar. 31, 2024 |
Retirement Benefits [Abstract] |
|
Retirement Plan |
Note
9 — Retirement Plan
The
Company maintains a 401(k) retirement plan covering eligible employees of the Company and its affiliate. Under
the plan, participants may defer a percentage of their annual compensation, with Syntec Optics matching 50% of employee
contributions not to exceed 6% of annual compensation. Total contributions for the Company for the three months ended March
31, 2024 and 2023 were approximately $45,000
and $48,000,
respectively.
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Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
10 — Income Taxes
The income tax provision for interim periods is determined
using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period.
Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative
adjustment is made.
The effective income
tax rate was 21.9%
and 19.3%
for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 and
March 31, 2023 does not include any discrete tax benefits.
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v3.24.1.1.u2
Warrants
|
3 Months Ended |
Mar. 31, 2024 |
Warrants |
|
Warrants |
Note
11 — Warrants
Each
warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional
shares will be issued upon exercise of the warrants. The Company may elect to redeem the warrants subject to certain conditions, in whole
and not in part, at a price of $0.01 per warrant if (i) 30 days’ prior written notice of redemption is provided to the holders,
and (ii) the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance
of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On
the Closing Date, there were 14,107,989 warrants issued and outstanding. The warrants are not precluded from equity classification
and are accounted for as such on the date of issuance, and each balance sheet date thereafter. There was no activity of public warrants
for the three months ended March 31, 2024 or 2023.
The
measurements of the warrants after the detachment of the warrants from the Units are classified as Level 1 due to the use of an observable
market quote in an active market under the ticker OPTXW. For periods subsequent to the detachment of the warrants from the Units, the
close price of the warrant price was used as the fair value of the warrants as of each relevant date.
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2024 to March 31, 2024:
Schedule
of Warrant
| |
Common
Stock Warrants | |
| |
| |
Warrants
outstanding, January 1, 2024 | |
| 14,107,989 | |
Warrants
exercised | |
| - | |
Assumed
in merger | |
| 14,107,989 | |
Exercised
subsequent to merger | |
| - | |
Warrants
outstanding, March 31, 2024 | |
| 14,107,989 | |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2023 to March 31, 2023:
| |
Common
Stock Warrants | |
| |
| |
**Warrants
outstanding, January 1, 2023 | |
| - | |
Assumed
in merger | |
| 14,107,989 | |
Exercised
subsequent to merger | |
| - | |
Warrants
outstanding, March 31, 2023 | |
| 14,107,989 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.1.1.u2
Common Stock
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Common Stock |
Note
12 — Common Stock
The
Company is authorized to issue up to 121,000,000 shares
of common stock with $0.0001 par
value. Common stockholders are entitled to dividends if and when declared by the Board of Directors. As of March 31, 2024 and
December 31, 2023, there were 36,688,266 shares
issued and outstanding and no dividends on common stock had been declared by the Company.
As
of March 31, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance as follows:
Schedule
of Reserved shares of common stock
| |
2024 | | |
2023 | |
| |
| | |
| |
Common
stock outstanding | |
| 36,688,266 | | |
| 36,688,266 | |
Warrants
outstanding | |
| 14,107,989 | | |
| 14,107,989 | |
Contingent
earnout shares | |
| 26,000,000 | | |
| 26,000,000 | |
Shares
available for future issuance (1) | |
| 4,773,971 | | |
| 4,773,971 | |
Total | |
| 81,570,226 | | |
| 81,570,226 | |
(1) | | Refer to Stock Incentive Plan amendment at Note 14 |
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v3.24.1.1.u2
Stock-based Compensation
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-based Compensation |
Note
13 — Stock-based Compensation
In
connection with the merger, shareholders and board members approved the 2023 Equity Incentive Plan (the “2023 Incentive Plan”).
Up to 2,773,972 shares of the Syntec Optics common stock (“Common Stock”) will initially be reserved for issuance
under the 2023 Incentive Plan, and additional shares will become available for issuance under the 2023 Incentive Plan each year as described
below under “Aggregate Share Limit.” Our Board of Directors and stockholders have approved the 2023 Incentive Plan at the
annual meeting held on October 31, 2023.
The
Company will issue up to 2,000,000 shares of common stock (the “Performance-based-Earnout”) to members of the management
team of the Company from time to time, to the extent determined by the Board of Directors in its sole discretion.
As
of March 31, 2024, there were 4,773,971 shares of unissued authorized and available for future awards under the plans.
|
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Income (Loss) Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Income (Loss) Per Share |
Note
14 — Income (Loss) Per Share
The
following table sets forth the information needed to compute basic and diluted (loss) earnings per share for the three months ended March
31, 2024 and 2023:
Schedule
of Basic And Diluted (loss) Earnings Per Share
| |
2024 | | |
2023 | |
Basic
and diluted net income (loss) per share | |
| | | |
| | |
Numerator: | |
| | | |
| | |
Net
income (loss) | |
$ | (1,209,143 | ) | |
$ | 53,022 | |
| |
| | | |
| | |
Denominator | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 36,688,266 | | |
| 31,600,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.03 | ) | |
$ | 0.00 | |
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v3.24.1.1.u2
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
15 — Commitments and Contingencies
The
Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject
to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these
matters will not have a material adverse effect on the Company’s financial position or results of operations.
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v3.24.1.1.u2
Significant Customers
|
3 Months Ended |
Mar. 31, 2024 |
Risks and Uncertainties [Abstract] |
|
Significant Customers |
Note
16 — Significant Customers
For
the three months ended March 31, 2024, the Company generated 53% of revenues from three customers. These three customers are in different
end-markets utilizing diverse manufacturing capabilities from the Company. The outstanding accounts receivable due from these customers
were approximately $3,134,000 as of March 31, 2024.
For
the three months ended March 31, 2023, the Company generated 44% of revenues from two customers. These two customers are in different
end-markets utilizing diverse manufacturing capabilities from the Company. The outstanding accounts receivable due from these customers
were approximately $3,550,000 as of March 31, 2023.
|
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v3.24.1.1.u2
Subsequent Events
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
17 — Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the interim balance sheet date up to the date that the accompanying
interim unaudited condensed consolidated financial statements were issued. Based upon the review, the Company did not identify any subsequent
events that would have required adjustment or disclosure in the interim unaudited condensed consolidated financial statements.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company in United States
(“U.S.”) dollars and pursuant to the rules and regulations of the United States Securities and Exchange Commission
(“SEC”), the instructions to Form 10-Q and the provisions of Regulation S-X pertaining to interim financial statements.
Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with
accounting principles generally accepted in the U.S. have been condensed or omitted. The interim unaudited condensed consolidated
financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and
notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management,
these interim unaudited condensed consolidated financial statements include all adjustments and accruals of a normal and recurring
nature necessary to fairly state the results of the interim periods presented. The results for interim periods are not necessarily
indicative of results to be expected for the full year or for any future periods.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying interim unaudited condensed consolidated financial statements include the accounts of Syntec Optics Holdings, Inc. and
its wholly owned subsidiary, Syntec Optics. The interim unaudited condensed consolidated financial statements also include the
accounts of ELR Associates, LLC (ELR), a variable interest entity wherein the Company is the primary beneficiary. Syntec
Optic’s variable interest in ELR is the result of providing a guaranty of payment for ELR’s mortgage on the
manufacturing facility used exclusively by Syntec Optics. All significant intercompany accounts and transactions have been
eliminated in consolidation.
|
Recently Adopted Accounting Pronouncements |
Recently
Adopted Accounting Pronouncements
In
June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit
Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update requires
financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of
expected credit losses is based on relevant information about past events, including historical experience, current conditions, and
reasonable and supportable forecasts that affect the collectability of the reported amount. Since June 2016, the FASB issued
clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is
effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption
permitted. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its
interim unaudited condensed consolidated financial statements.
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated
information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to
enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December
31, 2025. The Company is currently evaluating the timing and impacts of adoption of this ASU.
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.1.1.u2
Revenue Recognition (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregated Revenues |
The
following table disaggregates revenue by revenue recognition methodologies as outlined above for the three months ended March 31:
Schedule
of Disaggregated Revenues
| |
2024 | | |
2023 | |
Products | |
$ | 6,250,703 | | |
$ | 6,477,052 | |
Custom Tooling | |
| 4,205 | | |
| 337,380 | |
Non-Recurring Engineering | |
| 1,000 | | |
| 70,004 | |
| |
| | | |
| | |
Total | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
Syntec
Optics’ management periodically reviews its revenues by its consumer, communication, medical, and defense end-markets. The purpose
of this analysis is to determine its end market mix and identify trends. The following table disaggregates revenue as outlined above
for the three months ended March 31:
| |
2024 | | |
2023 | |
Consumer | |
$ | 1,237,985 | | |
$ | 1,683,233 | |
Communication | |
| 2,057,262 | | |
| 373,718 | |
Defense | |
| 1,193,315 | | |
| 2,377,892 | |
Medical | |
| 1,767,346 | | |
| 2,449,593 | |
| |
| | | |
| | |
Total | |
$ | 6,255,908 | | |
$ | 6,884,436 | |
|
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v3.24.1.1.u2
Inventory (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventory
consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Inventory
| |
2024 | | |
2023 | |
| |
| | |
| |
Raw
Materials | |
$ | 743,214 | | |
$ | 1,144,322 | |
Work-in-Process | |
| 6,009,454 | | |
| 4,818,156 | |
Finished
Goods | |
| 246,089 | | |
| 188,251 | |
Inventory gross | |
| 6,998,757 | | |
| 6,150,729 | |
Less:
Reserve for Obsolescence | |
| 524,907 | | |
| 316,620 | |
| |
| | | |
| | |
Inventory | |
$ | 6,473,850 | | |
$ | 5,834,109 | |
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v3.24.1.1.u2
Property and Equipment (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property and equipment
consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Property and Equipment
| |
2024 | | |
2023 | |
| |
| | |
| |
Machinery
and Equipment | |
$ | 32,878,126 | | |
$ | 32,466,641 | |
Building
and Leasehold Improvements | |
| 5,096,436 | | |
| 5,096,436 | |
Land | |
| 130,000 | | |
| 130,000 | |
Office
Furniture and Equipment | |
| 2,306,822 | | |
| 2,292,995 | |
Tooling | |
| 103,310 | | |
| 103,310 | |
Vehicles | |
| 24,059 | | |
| 24,059 | |
Assets
Not Placed in Service | |
| - | | |
| 260,000 | |
Property
and Equipment, Gross | |
| 40,538,753 | | |
| 40,373,441 | |
Less: Accumulated
Depreciation | |
| 29,953,215 | | |
| 29,272,389 | |
| |
| | | |
| | |
Property
and Equipment, Net | |
$ | 10,585,538 | | |
$ | 11,101,052 | |
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v3.24.1.1.u2
Intangible Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets |
Intangible assets consist of the following at March 31, 2024
and December 31, 2023:
Schedule
of Intangible Assets
| |
2024 | | |
2023 | |
| |
| | |
| |
Licenses | |
$ | 300,000 | | |
$ | 300,000 | |
Total
identifiable intangible assets | |
| 300,000 | | |
| 300,000 | |
Less: Accumulated
Amortization | |
| 20,000 | | |
| 5,000 | |
| |
| | | |
| | |
Intangible
Assets, Net | |
$ | 280,000 | | |
$ | 295,000 | |
|
Schedule of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets |
Schedule
of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets
| |
| | |
December
31, 2024 | |
$ | 45,000 | |
2025 | |
| 60,000 | |
2026 | |
| 60,000 | |
2027 | |
| 60,000 | |
2028 | |
| 55,000 | |
| |
| | |
Total | |
$ | 280,000 | |
|
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v3.24.1.1.u2
Long-Term Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long Term Debt Maturities |
Long-term
debt consists of the following at March 31, 2024 and December 31, 2023:
Schedule
of Long Term Debt Maturities
| |
2024 | | |
2023 | |
| |
| | |
| |
The
Company entered into a $863,607 mortgage note payable with M&T Bank, requiring monthly installments of $7,389, including interest
at a fixed rate of 6.13%. The note matures in February 2029. | |
$ | 863,607 | | |
$ | - | |
| |
| | | |
| | |
The
Company entered into a $236,781 term note payable with M&T Bank, requiring monthly principal installments of $3,385, plus interest
at a fixed rate of 6.05%. The note matures in March 2029. | |
| 236,781 | | |
| - | |
| |
| | | |
| | |
The
Company entered into a $1,775,000 term note payable with M&T Bank, requiring monthly principal installments of $34,886 plus interest
at a fixed rate of 6.59%. The note matures in November 2028. | |
| 1,646,252 | | |
| 1,722,626 | |
| |
| | | |
| | |
The
Company entered into a $1,064,000 term note payable with the U.S. Small Business Administration, requiring monthly installments of
$6,652, including fees and interest at a fixed rate of 2.22%. The note matures in June 2036. The note is secured by certain
assets of the Company and a personal guaranty of the Company’s stockholder. | |
| 705,937 | | |
| 718,441 | |
| |
| | | |
| | |
Total
Long-Term Debt | |
| 3,452,577 | | |
| 2,441,067 | |
| |
| | | |
| | |
Less:
Unamortized Debt Issuance Costs | |
| 51,184 | | |
| 53,156 | |
| |
| | | |
| | |
Long-Term
Debt, Less Unamortized Debt Issuance Costs | |
| 3,401,393 | | |
| 2,387,911 | |
| |
| | | |
| | |
Less:
Current Maturities | |
| 447,702 | | |
| 362,972 | |
| |
| | | |
| | |
Long-Term
Debt | |
$ | 2,953,691 | | |
$ | 2,024,939 | |
|
Schedule of Long Term Future Debt Maturities |
At
March 31, 2024, the future debt maturities are as follows:
Schedule
of Long Term Future Debt Maturities
| |
| | |
December
31, 2024 (remainder of year) | |
$ | 332,621 | |
2025 | |
| 468,282 | |
2026 | |
| 497,717 | |
2027 | |
| 529,099 | |
2028 | |
| 490,202 | |
Thereafter | |
| 1,134,656 | |
| |
| | |
Total | |
$ | 3,452,577 | |
|
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v3.24.1.1.u2
Warrants (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Warrants |
|
Schedule of Warrant |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2024 to March 31, 2024:
Schedule
of Warrant
| |
Common
Stock Warrants | |
| |
| |
Warrants
outstanding, January 1, 2024 | |
| 14,107,989 | |
Warrants
exercised | |
| - | |
Assumed
in merger | |
| 14,107,989 | |
Exercised
subsequent to merger | |
| - | |
Warrants
outstanding, March 31, 2024 | |
| 14,107,989 | |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2023 to March 31, 2023:
| |
Common
Stock Warrants | |
| |
| |
**Warrants
outstanding, January 1, 2023 | |
| - | |
Assumed
in merger | |
| 14,107,989 | |
Exercised
subsequent to merger | |
| - | |
Warrants
outstanding, March 31, 2023 | |
| 14,107,989 | |
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v3.24.1.1.u2
Common Stock (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Schedule of Reserved shares of common stock |
As
of March 31, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance as follows:
Schedule
of Reserved shares of common stock
| |
2024 | | |
2023 | |
| |
| | |
| |
Common
stock outstanding | |
| 36,688,266 | | |
| 36,688,266 | |
Warrants
outstanding | |
| 14,107,989 | | |
| 14,107,989 | |
Contingent
earnout shares | |
| 26,000,000 | | |
| 26,000,000 | |
Shares
available for future issuance (1) | |
| 4,773,971 | | |
| 4,773,971 | |
Total | |
| 81,570,226 | | |
| 81,570,226 | |
(1) | | Refer to Stock Incentive Plan amendment at Note 14 |
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v3.24.1.1.u2
Income (Loss) Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Basic And Diluted (loss) Earnings Per Share |
The
following table sets forth the information needed to compute basic and diluted (loss) earnings per share for the three months ended March
31, 2024 and 2023:
Schedule
of Basic And Diluted (loss) Earnings Per Share
| |
2024 | | |
2023 | |
Basic
and diluted net income (loss) per share | |
| | | |
| | |
Numerator: | |
| | | |
| | |
Net
income (loss) | |
$ | (1,209,143 | ) | |
$ | 53,022 | |
| |
| | | |
| | |
Denominator | |
| | | |
| | |
Weighted-average
shares outstanding | |
| 36,688,266 | | |
| 31,600,000 | |
Basic
and diluted net income (loss) per share | |
$ | (0.03 | ) | |
$ | 0.00 | |
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v3.24.1.1.u2
Schedule of Disaggregated Revenues (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Total |
$ 6,255,908
|
$ 6,884,436
|
Consumer [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
1,237,985
|
1,683,233
|
Communication [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
2,057,262
|
373,718
|
Defense [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
1,193,315
|
2,377,892
|
Medical [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
1,767,346
|
2,449,593
|
Products [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
6,250,703
|
6,477,052
|
Custom Tooling [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
4,205
|
337,380
|
Non-Recurring Engineering [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total |
$ 1,000
|
$ 70,004
|
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v3.24.1.1.u2
Revenue Recognition (Details Narrative) - USD ($)
|
Mar. 31, 2024 |
Jan. 01, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Jan. 01, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
|
|
|
Accounts receivable net |
$ 5,094,215
|
$ 6,800,064
|
$ 6,800,064
|
|
$ 5,925,724
|
Deferred revenue |
0
|
$ 0
|
|
$ 241,500
|
$ 348,095
|
Capitalized contract cost |
$ 0
|
|
$ 0
|
|
|
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v3.24.1.1.u2
Schedule of Inventory (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw Materials |
$ 743,214
|
$ 1,144,322
|
Work-in-Process |
6,009,454
|
4,818,156
|
Finished Goods |
246,089
|
188,251
|
Inventory gross |
6,998,757
|
6,150,729
|
Less: Reserve for Obsolescence |
524,907
|
316,620
|
Inventory |
$ 6,473,850
|
$ 5,834,109
|
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v3.24.1.1.u2
Schedule of Property and Equipment (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
$ 40,538,753
|
$ 40,373,441
|
Less: Accumulated Depreciation |
29,953,215
|
29,272,389
|
Property and Equipment, Net |
10,585,538
|
11,101,052
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
32,878,126
|
32,466,641
|
Land, Buildings and Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
5,096,436
|
5,096,436
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
130,000
|
130,000
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
2,306,822
|
2,292,995
|
Tooling [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
103,310
|
103,310
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
24,059
|
24,059
|
Assets Not Placed in Service [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
|
$ 260,000
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.1.1.u2
Schedule of Intangible Assets (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Licenses |
$ 300,000
|
$ 300,000
|
Total identifiable intangible assets |
300,000
|
300,000
|
Less: Accumulated Amortization |
20,000
|
5,000
|
Intangible Assets, Net |
$ 280,000
|
$ 295,000
|
X |
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v3.24.1.1.u2
Schedule of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
December 31, 2024 |
$ 45,000
|
|
2025 |
60,000
|
|
2026 |
60,000
|
|
2027 |
60,000
|
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2028 |
55,000
|
|
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$ 280,000
|
$ 295,000
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Schedule of Long Term Debt Maturities (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
$ 3,452,577
|
$ 2,441,067
|
Less: Unamortized Debt Issuance Costs |
51,184
|
53,156
|
Long-Term Debt, Less Unamortized Debt Issuance Costs |
3,401,393
|
2,387,911
|
Less: Current Maturities |
447,702
|
362,972
|
Long-Term Debt |
2,953,691
|
2,024,939
|
M&T Bank Term Note Payable [Member] | Notes Payable 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
863,607
|
|
M&T Bank Term Note Payable [Member] | Notes Payable 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
236,781
|
|
M&T Bank Term Note Payable [Member] | Notes Payable 3 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
1,646,252
|
1,722,626
|
US Small Business Administration Term Note Payable [Member] | Notes Payable 4 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
$ 705,937
|
$ 718,441
|
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|
3 Months Ended |
Mar. 31, 2024
USD ($)
|
M&T Bank Term Note Payable [Member] | Notes Payable 1 [Member] |
|
Short-Term Debt [Line Items] |
|
Debt instrument face value |
$ 863,607
|
Principal installments |
$ 7,389
|
Interest rate percentage |
6.13%
|
M&T Bank Term Note Payable [Member] | Notes Payable 2 [Member] |
|
Short-Term Debt [Line Items] |
|
Debt instrument face value |
$ 236,781
|
Principal installments |
$ 3,385
|
Interest rate percentage |
6.05%
|
M&T Bank Term Note Payable [Member] | Notes Payable 3 [Member] |
|
Short-Term Debt [Line Items] |
|
Debt instrument face value |
$ 1,775,000
|
Principal installments |
$ 34,886
|
Interest rate percentage |
6.59%
|
US Small Business Administration Term Note Payable [Member] | Notes Payable 4 [Member] |
|
Short-Term Debt [Line Items] |
|
Debt instrument face value |
$ 1,064,000
|
Principal installments |
$ 6,652
|
Interest rate percentage |
2.22%
|
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v3.24.1.1.u2
Schedule of Long Term Future Debt Maturities (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
December 31, 2024 (remainder of year) |
$ 332,621
|
|
2025 |
468,282
|
|
2026 |
497,717
|
|
2027 |
529,099
|
|
2028 |
490,202
|
|
Thereafter |
1,134,656
|
|
Total |
$ 3,452,577
|
$ 2,441,067
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v3.24.1.1.u2
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3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
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14,107,989
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14,107,989
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14,107,989
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
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Dec. 31, 2022 |
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14,107,989
|
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14,107,989
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|
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14,107,989
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14,107,989
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14,107,989
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|
Mar. 31, 2024 |
Mar. 31, 2023 |
Equity [Abstract] |
|
|
|
Common stock outstanding |
|
36,688,266
|
36,688,266
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Warrants outstanding |
|
14,107,989
|
14,107,989
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Contingent earnout shares |
|
26,000,000
|
26,000,000
|
Shares available for future issuance |
[1] |
4,773,971
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4,773,971
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81,570,226
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|
Mar. 31, 2024 |
Mar. 31, 2023 |
Equity [Abstract] |
|
|
Common Stock, Shares Authorized |
121,000,000
|
|
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|
|
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36,688,266
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v3.24.1.1.u2
Stock-based Compensation (Details Narrative) - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Issuance of stock option exercised |
|
2,000,000
|
|
Unissued authorized |
[1] |
4,773,971
|
4,773,971
|
2023 Equity Incentive Plan [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Unissued authorized |
|
4,773,971
|
|
Common Stock [Member] | Maximum [Member] | 2023 Equity Incentive Plan [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Shares issued |
|
2,773,972
|
|
|
|
X |
- DefinitionAggregate number of nonredeemable convertible preferred shares reserved for future issuance.
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