-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lb1W82hAALjFwil9mIFhCXEo83g4aNCqFinrGNKgPVDUhd/LRByLJO2vaEXJytjK jQGo88NR42DWss8rqGXmTA== 0000950147-99-001453.txt : 19991221 0000950147-99-001453.hdr.sgml : 19991221 ACCESSION NUMBER: 0000950147-99-001453 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991217 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIGHTPATH TECHNOLOGIES INC CENTRAL INDEX KEY: 0000889971 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 860708398 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-27548 FILM NUMBER: 99777285 BUSINESS ADDRESS: STREET 1: 6820 ACADEMY PKWY E N E STREET 2: STE 103 CITY: ALBUQUERQUE STATE: NM ZIP: 87109 BUSINESS PHONE: 5053421100 8-K 1 CURRENT REPORT DATED 12/17/99 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-K PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): December 17, 1999 COMMISSION FILE NUMBER 000-27548 LIGHTPATH TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 86-0708398 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6820 Academy Parkway East, Ne Albuquerque, New Mexico 87109 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (505) 342-1100 ================================================================================ LIGTHPATH TECHNOLOGIES, INC. FORM 8-K ITEM 5. OTHER EVENTS. On December 17, 1999, the registrant issued the press release filed as Exhibit 99.1 hereto. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. Exhibit Description ------- ----------- 99.1 Press release issued December 17, 1999. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed in its behalf by the undersigned, thereunto duly authorized. LIGHTPATH TECHNOLOGIES, INC. December 20,1999 By: /s/ Donald Lawson ----------------------------- Donald Lawson CEO and President 1 EXHIBIT INDEX Exhibit Description ------- ----------- 99.1 Press release issued December 17, 1999. 2 EX-99.1 2 PRESS RELEASE DATED 12/17/99 PRESS RELEASE ================================================================================ LIGHTPATH TECHNOLOGIES, INC. ANNOUNCES AMENDMENT TO ITS JUNE 30, 1999 FORM 10-KSB AND SEPTEMBER 30, 1999 FORM 10-QSB ================================================================================ FOR IMMEDIATE RELEASE Contact: Donald E. Lawson, President & CEO LightPath Technologies, Inc. (505) 342-1100 Internet: www.light.net (December 17, 1999) - ALBUQUERQUE, NEW MEXICO - LightPath Technologies, Inc. (NASDAQ:LPTHA) announced today that after consulting with its independent auditors, KPMG LLP, about the accounting associated with the Company's partially owned subsidiary LightChip, Inc., it will amend its audited financial statements for the fiscal year ended June 30, 1999 and its unaudited financial statements for the quarter ended September 30, 1999. The principal result of the amendment is that reported basic and diluted net loss per share for fiscal 1999 improved by $.10 from $(.89) to $(.79) and the reported basic and diluted net loss per share for the first quarter improved by $.06 from $(.26) to $(.20). In addition, the recorded value of the investment in LightChip, Inc. was reduced and a corresponding reduction of approximately $1.4 million was made to the Company's stockholders' equity. All of the adjustments were non-cash in nature and have no impact on operations. The summarized adjusted balances are reflected in the table below. Donald E. Lawson, President and Chief Executive Officer, explained the change in accounting as follows: "This amendment is being filed for the purpose of reversing an increase to our investment in LightChip, Inc. previously recognized based on Staff Accounting Bulletin No. 51. During fiscal 1999 the Company, after consulting with KPMG LLP, had increased the carrying amount of its investment in LightChip and increased paid in capital following a preferred stock equity placement by LightChip. We have subsequently determined, and our independent accountants concur, that the increase to our carrying amount of LightChip was not the correct treatment under SAB 51 and this is the reason for the amended filings. I am pleased, that with this reversal, any future losses attributable to LightChip will not exceed our actual cash investment." THIS NEWS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THIS INFORMATION MAY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM SUCH FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, FACTORS DETAILED BY LIGHTPATH TECHNOLOGIES, INC. IN ITS PUBLIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION LIGHTPATH TECHNOLOGIES, INC. CONDENSED STATEMENTS OF OPERATIONS AND CONDENSED BALANCE SHEETS
SUMMARY FINANCIAL DATA YEAR ENDED THREE MONTHS ENDED (UNAUDITED) JUNE 30, 1999 SEPTEMBER 30, 1999 --------------------------- --------------------------- OPERATIONS AS REPORTED AS AMENDED AS REPORTED AS AMENDED ----------- ---------- ----------- ---------- Revenues $ 1,086,126 $ 1,086,126 $ 269,105 $ 269,105 Operating loss (2,856,846) (2,856,846) (589,411) (589,411) Equity in losses of LightChip, Inc. (819,882) (361,671) (316,130) -- Net loss $(3,592,229) $(3,134,018) $(1,332,508) $(1,016,378) =========== =========== =========== =========== Net loss applicable to common shareholders $(3,816,880) $(3,358,669) $(1,340,666) $(1,024,536) =========== =========== =========== =========== Basic and diluted net loss per share $ (.89) $ (.79) $ (.26) $ (.20) Number of shares used in per share calculation 4,271,313 4,271,313 5,222,931 5,222,931 =========== =========== =========== =========== BALANCE SHEETS Total Assets $ 3,136,326 $ 2,766,630 $ 4,206,558 $ 4,152,992 =========== =========== =========== =========== Total Liabilities 328,915 898,915 443,215 1,013,215 Total Stockholders' Equity 2,767,611 1,827,915 3,723,543 3,099,977 Total Liabilities and Stockholders' Equity $ 3,136,326 $ 2,766,630 $ 4,206,558 $ 4,152,992 =========== =========== =========== ===========
--END-- -----END PRIVACY-ENHANCED MESSAGE-----