ROCHESTER, NEW YORK, May 30, 2024 (GLOBE NEWSWIRE) -- Syntec Optics (Nasdaq: OPTX), a leading provider of mission-critical optics to scientific and technical instruments and aerospace and defense OEMs, announced today that it secured an order from an industry-leading blue chip customer to develop optical system for state-of-the-art low light digital sensors. These lenses allow more light to reach the camera sensor, thus enabling better performance in low-light conditions. Such pioneering systems require hig ...

Forward-Looking Statements The 2023 financial results contained in this press release are subject to finalization in connection with the completion of the audit and the preparation of the Company's Annual Report Form 10-K report for the year ended December 31, 2023. This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 2 ...

ROCHESTER, NEW YORK, May 24, 2024 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (Nasdaq: OPTX), a leading provider of mission-critical optics for scientific and technical instruments and defense and aerospace OEMs, today announced it will host a conference call to discuss its financial results and provide a business update on Tuesday, May 28, 2024, at 5:00 p.m. Eastern Time (ET). Conference Call Details: Date: Tuesday, May 28, 2024 Time: 5:00 p.m. ET Dial-In Number: +16469313860,,88062474752#,,,,*488772# ...

ROCHESTER, NEW YORK, May 24, 2024 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. ("Syntec Optics" or the "Company") (Nasdaq: OPTX), a leading provider of mission-critical optics to scientific and technical instruments and defense and aerospace OEMs, reported financial and operational results for the fourth quarter and full year of 2023 and also 2024 First Quarter. Fourth Quarter 2023 Financial Highlights Full Year 2023 Financial Highlights First Quarter 2024 Financial Highlights Operational and Business H ...

ROCHESTER, NEW YORK, May 24, 2024 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. ("Syntec Optics" or the "Company") (Nasdaq: OPTX), a leading provider of mission-critical optics to scientific and technical instruments and defense and aerospace OEMs, reported financial and operational results for the fourth quarter and full year of 2023 and also 2024 First Quarter. Fourth Quarter 2023 Financial Highlights Full Year 2023 Financial Highlights Fourth Quarter and Full Year 2023 Financial and Operating Results ...

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 jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission file number 001-41034 SYNTEC OPTICS HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 87-0816957 (State or other jurisdicti ...

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 September 30, 2023 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 OMNILIT ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 87-0816957 | | --- | --- | | (St ...

Part I. FINANCIAL INFORMATION This section provides the interim unaudited condensed financial statements and management's discussion and analysis for OmniLit Acquisition Corp [Interim Unaudited Condensed Financial Statements](index=4&type=section&id=Item%201.%20Interim%20Unaudited%20Condensed%20Financial%20Statements) This section presents OmniLit Acquisition Corp.'s unaudited condensed financial statements, including balance sheets, statements of operations, and cash flows, for the periods ended June 30, 2023 [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets increased to $14.86 million as of June 30, 2023, from $14.27 million at year-end 2022, while total liabilities rose to $1.68 million from $0.62 million Condensed Balance Sheet Highlights (in USD) | Metric | June 30, 2023 (Unaudited) | December 31, 2022 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Cash on hand | $467,760 | $117,506 | | Marketable securities and cash held in Trust Account | $14,268,619 | $14,011,070 | | **Total Assets** | **$14,860,326** | **$14,271,766** | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $1,176,296 | $117,070 | | Total liabilities | $1,676,296 | $617,070 | | Common stock subject to possible redemption | $14,169,629 | $13,919,834 | | Total stockholders' deficit | ($985,599) | ($265,139) | | **Total Liabilities and Stockholders' Deficit** | **$14,860,326** | **$14,271,766** | [Unaudited Condensed Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations) The company reported a net loss of $258,018 for the three months and $470,665 for the six months ended June 30, 2023, primarily due to increased operating costs Statements of Operations Summary (in USD) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Operating costs | $366,781 | $137,279 | $688,031 | $321,163 | | Loss from operations | ($366,781) | ($137,279) | ($688,031) | ($321,163) | | Interest earned on investment held in Trust Account | ($166,639) | ($208,234) | ($302,669) | ($220,201) | | **Net income (loss)** | **($258,018)** | **$64,568** | **($470,665)** | **($107,349)** | | Basic and diluted net income (loss) per share | ($0.04) | $0.01 | ($0.08) | ($0.01) | [Unaudited Condensed Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $389,806 for the six months ended June 30, 2023, with financing activities providing $740,061, resulting in a net cash increase of $350,255 Cash Flow Highlights for Six Months Ended June 30 (in USD) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($389,806) | ($319,178) | | Net cash provided by financing activities | $740,061 | $107,728 | | Net change in cash | $350,255 | ($211,450) | | **Cash, end of the period** | **$467,760** | **$283,149** | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes detail the company's SPAC status, the definitive merger agreement with Syntec Optics, Inc., a going concern warning, and related-party transactions - The company operates as a **Special Purpose Acquisition Corporation (SPAC)**, with its IPO completed on November 12, 2021, and no operations commenced beyond seeking a business combination[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - A definitive merger agreement was signed with **Syntec Optics, Inc.** on May 9, 2023, pending stockholder and regulatory approvals[32](index=32&type=chunk)[35](index=35&type=chunk) - The mandatory liquidation deadline of **November 12, 2023**, raises substantial doubt about the company's ability to continue as a **going concern** if a business combination is not completed[41](index=41&type=chunk) - The Sponsor provided a working capital loan of **$694,941** via a promissory note dated June 21, 2023, to fund pre-business combination operations[39](index=39&type=chunk)[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's financial condition and results, highlighting its status as a blank check company with no operating revenue, a net loss of $470,665 for the first six months of 2023, and liquidity reliance on cash outside the trust and sponsor loans - The company is a **blank check company** formed solely to effect a business combination, with no other operational activities[116](index=116&type=chunk)[118](index=118&type=chunk) Net Loss Summary (in USD) | Period | Net Loss | | :--- | :--- | | Six Months Ended June 30, 2023 | ($470,665) | | Six Months Ended June 30, 2022 | ($107,349) | - As of June 30, 2023, the company held **$14,268,619** in the Trust Account and **$467,760** in cash outside for working capital[127](index=127&type=chunk)[130](index=130&type=chunk) - The sponsor may provide up to **$1,500,000** in working capital loans, convertible into warrants, to finance transaction costs[131](index=131&type=chunk) [Quantitative and Qualitative Disclosures Regarding Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20Regarding%20Market%20Risk) The company is not subject to material market or interest rate risk, as Trust Account funds are invested in short-term U.S. government treasury obligations or money market funds - The company is not subject to any material market or interest rate risk as of June 30, 2023[143](index=143&type=chunk) - IPO proceeds in the Trust Account are invested in short-term U.S. government treasury obligations or money market funds, minimizing interest rate risk exposure[143](index=143&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2023, due to a material weakness in internal control over financial reporting related to tax provision reconciliation, with remediation efforts underway - Management concluded that disclosure controls and procedures were **not effective** as of June 30, 2023[147](index=147&type=chunk) - A **material weakness** was identified in internal controls over financial reporting regarding technology and procedures for tax provision reconciliation[146](index=146&type=chunk)[147](index=147&type=chunk) - Remediation efforts include enhancing written policies for information flow and general control activities over technology between accounting and tax functions[149](index=149&type=chunk) Part II. OTHER INFORMATION This section covers other information including legal proceedings, risk factors, unregistered sales of equity securities, and exhibits [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material litigation or legal proceedings that could materially adversely affect its business - The company is not currently a party to any material litigation or legal proceedings[154](index=154&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Initial Public Offering Prospectus - As of this report's date, no material changes have occurred to the risk factors previously disclosed in the company's IPO Prospectus[155](index=155&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Initial Public Offering, consummated on November 12, 2021, which generated gross proceeds of $143,750,000 from 14,375,000 units at $10.00 per unit - The company's IPO of **14,375,000 Units** at **$10.00 per unit** on November 12, 2021, generated gross proceeds of **$143,750,000**[156](index=156&type=chunk) [Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and Inline XBRL data files - The report includes required **CEO and CFO certifications** under Sections 302 and 906 of the Sarbanes-Oxley Act[158](index=158&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OMNILIT ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 87-0816957 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...