MOVING iMAGE TECHNOLOGIES INC
For the period ended Mar 31, 2024. Filed May 15, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
MITQ$0.50-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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ITEM 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · March 31, · · June 30, | |||||||
| · · 2024 · 2023 · | |||||||
| · · (unauditied) · · · · | |||||||
| Assets · · | |||||||
| Current Assets: · · | |||||||
| Cash | | $5,946 | | $6,616 | | ||
| Accounts receivable, net | | 890 | | 905 | | ||
| Inventories, net | | 4,220 | | 4,419 | | ||
| Prepaid expenses and other | | 938 | | 451 | | ||
| Total Current Assets | | 11,994 | | 12,391 | | ||
| Long-Term Assets: | | | | ||||
| Right-of-use asset | | | 214 | | | 415 | |
| Property and equipment, net | | 31 | | 28 | | ||
| Intangibles, net | | 437 | | 480 | | ||
| Other assets | | 16 | | 16 | | ||
| Total Long-Term Assets | | 698 | | 939 | | ||
| Total Assets | | $12,692 | | $13,330 | | ||
| | | | | | |||
| Liabilities And Stockholders’ Equity | | | | ||||
| Current Liabilities: | | | | ||||
| Accounts payable | | $1,457 | | $1,507 | | ||
| Accrued expenses | | 747 | | 618 | | ||
| Customer deposits | | 3,895 | | 3,169 | | ||
| Lease liability–current | | 224 | | 280 | | ||
| Unearned warranty revenue | | 52 | | 26 | | ||
| Total Current Liabilities | | 6,375 | | 5,600 | | ||
| | | | | ||||
| Long-Term Liabilities: | | | | ||||
| Lease liability–non-current | | — | | 151 | | ||
| Total Long-Term Liabilities | | — | | 151 | | ||
| Total Liabilities | | 6,375 | | 5,751 | | ||
| Stockholders’ Equity | | | | | | ||
| Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,285,971 and 10,685,778 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively | | | — | | | — | |
| Additional paid-in capital | | | 12,157 | | | 12,462 | |
| Accumulated deficit | | | (5,840) | | | (4,883) | |
| Total Stockholders’ Equity | | | 6,317 | | | 7,579 | |
| Total Liabilities and Stockholders’ Equity | | $12,692 | | $13,330 | | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share amounts)
(unaudited)
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · Three Months Ended · Three Months Ended · Nine Months Ended · Nine Months Ended | ||||||||||||
| · · March 31, · · March 31, · · March 31, · · March 31, | ||||||||||||
| · · 2024 · · 2023 · · 2024 · · 2023 | ||||||||||||
| | | | | | | | | | | | | |
| Net sales | | $3,890 | | $3,741 | | $13,790 | | $14,435 | ||||
| Cost of goods sold | | 3,214 | | 2,699 | | 10,536 | | 10,523 | ||||
| Gross profit | | 676 | | 1,042 | | 3,254 | | 3,912 | ||||
| | | | | | ||||||||
| Operating expenses: | | | | | ||||||||
| Research and development | | 73 | | 66 | | 212 | | 195 | ||||
| Selling and marketing | | 547 | | 663 | | 1,717 | | 1,867 | ||||
| General and administrative | | 705 | | 839 | | 2,421 | | 2,464 | ||||
| Total operating expenses | | 1,325 | | 1,568 | | 4,350 | | 4,526 | ||||
| Operating loss | | (649) | | (526) | | (1,096) | | (614) | ||||
| Other income (expense) | | | | | ||||||||
| Unrealized gain on marketable securities | | | — | | | 81 | | | — | | | 243 |
| Realized loss on marketable securities | | | — | | | — | | | — | | | (167) |
| Interest and other income, net | | 48 | | 21 | | | 140 | | | 66 | ||
| Total other income | | 48 | | 102 | | 140 | | 142 | ||||
| | | | | | | | | | | | | |
| Net income/(loss) | | $(601) | | $(424) | | $(956) | | $(472) | ||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Weighted average shares outstanding: basic and diluted (Note 3) | | | 10,436,519 | | | 10,956,413 | | | 10,593,229 | | | 10,947,790 |
| Net profit/(loss) per common share basic and diluted | | $(0.06) | | $(0.04) | | $(0.09) | | $(0.04) | ||||
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands except for share amounts)
(unaudited)
| | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three and Nine months ended March 31, 2024 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| · Common Stock · Additional Paid-In · Accumulated · · | ||||||||||||||
| · · Shares · Amount · · Capital · · Deficit · · Total | ||||||||||||||
| Balance as of June 30, 2023 | | 10,685,778 | | $— | | $12,462 | | $(4,883) | | $7,579 | ||||
| | | | | | | | | | | | | | | |
| Grant of options to officer | | — | | | — | | | 5 | | | — | | | 5 |
| Net income | | — | | | — | | | — | | | 439 | | | 439 |
| | | | | | | | | | | | | | | |
| Balance as of September 30, 2023 | | 10,685,778 | | $— | | $12,467 | | $(4,444) | | $8,023 | ||||
| | | | | | | | | | | | | | | |
| Grant of options to officer | | — | | | — | | | 5 | | | — | | | 5 |
| Share buyback and cancellation | | (109,135) | | | — | | | (101) | | | — | | | (101) |
| Net loss | | — | | | — | | | — | | | (794) | | | (794) |
| | | | | | | | | | | | | | | |
| Balance as of December 31, 2023 | | 10,576,643 | | $— | | $12,371 | | $(5,238) | | $7,133 | ||||
| | | | | | | | | | | | | | | |
| Grant of options to officer | | — | | | — | | | 5 | | | — | | | 5 |
| Issuance of stock to directors | | 18,938 | | | — | | | 13 | | | — | | | 13 |
| Share buyback and cancellation | | (260,024) | | | — | | | (200) | | | — | | | (200) |
| Share buyback and cancellation for officer | | (49,586) | | | — | | | (33) | | | — | | | (33) |
| Net loss | | — | | | — | | | — | | | (601) | | | (601) |
| | | | | | | | | | | | | | | |
| Balance as of March 31, 2024 | | 10,285,971 | | $— | | $12,157 | | $(5,840) | | $6,317 | ||||
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Three and Nine months ended March 31, 2023 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | Common Stock | Additional Paid-In | Accumulated | | | ||||||||
| | | Shares | Amount | | Capital | | Deficit | | Total | |||||
| Balance as of June 30, 2022 | | 10,828,398 | | $— | | $12,500 | | $(3,085) | | $9,415 | ||||
| Issuance of stock to employees | | 130,000 | | | — | | | 153 | | | — | | | 153 |
| Net loss | | — | | | — | | | — | | | (95) | | | (95) |
| | | | | | | | | | | | | | | |
| Balance as of September 30, 2022 | | 10,958,398 | | $— | | $12,653 | | $(3,180) | | $9,473 | ||||
| | | | | | | | | | | | | | | |
| Net income | | — | | | — | | | — | | | 46 | | | 46 |
| | | | | | | | | | | | | | | |
| Balance as of December 31, 2022 | | 10,958,398 | | $— | | $12,653 | | $(3,134) | | $9,519 | ||||
| | | | | | | | | | | | | | | |
| Share buyback and cancellation | | (47,467) | | | — | | | (49) | | | — | | | (49) |
| Net income | | — | | | — | | | — | | | (424) | | | (424) |
| | | | | | | | | | | | | | | |
| Balance as of March 31, 2023 | | 10,910,931 | | $— | | $12,604 | | $(3,557) | | $9,047 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| | | | | | | |
|---|---|---|---|---|---|---|
| | Nine Months Ended | |||||
| · · March 31, | ||||||
| · · 2024 · · 2023 | ||||||
| Cash flows from operating activities: | | | | | | |
| | | | | | | |
| Net income/(loss) | | $(956) | | $(472) | ||
| Adjustments to reconcile net (loss) to net cash (used in) operating activities: | | | | | | |
| Provision for credit losses | | (52) | | | 5 | |
| Inventory reserve | | | 433 | | | 80 |
| Depreciation expense | | 9 | | | 6 | |
| Amortization expense | | 43 | | | 72 | |
| ROU amortization | | 201 | | | — | |
| Stock option compensation expense | | | 15 | | | — |
| Realized gain on investments | | | — | | | (76) |
| Changes in operating assets and liabilities | | | | | | |
| Accounts receivable | | 67 | | | 778 | |
| Inventories | | (234) | | | (883) | |
| Prepaid expenses and other | | (487) | | | 289 | |
| Accounts payable | | (50) | | | 558 | |
| Accrued expenses | | 129 | | | (6) | |
| Unearned warranty revenue | | 26 | | | 30 | |
| Customer deposits | | 726 | | | (1,066) | |
| Lease liabilities | | | (207) | | | — |
| Net cash used in operating activities | | (337) | | | (685) | |
| Cash flows from investing activities | | | | | | |
| Sales of marketable securities | | | — | | | 12,418 |
| Purchases of marketable securities | | | — | | | (7,660) |
| Purchases of property and equipment | | | (12) | | | (7) |
| Net cash provided by (used in) investing activities | | (12) | | | 4,751 | |
| | | | | | | |
| Cash flows from financing activities | | | | | | |
| Share Buyback | | | (334) | | | (49) |
| Stock issued for Director expense | | | 13 | | | — |
| Net cash (used in) financing activities | | (321) | | | (49) | |
| | | | | | | |
| Net increase (decrease) in cash | | (670) | | | 4,017 | |
| Cash, beginning of the year | | 6,616 | | | 2,340 | |
| Cash, end of the year | | $5,946 | | $6,357 | ||
| Non-cash investing and financing activities: | | | | | | |
| Issuance of stock to employees | | $— | | $153 | ||
| Right-of-use assets from ASC842 adoption | | $— | | $681 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.