LightPath Technologies(LPTH) - 2021 Q2 - Quarterly Report

Cautionary Note Concerning Forward-Looking Statements The report contains forward-looking statements subject to numerous risks and uncertainties that could cause actual future results to differ materially - The report contains forward-looking statements regarding future capital expenditures, growth, product development, sales, business strategy, and the expected effects of the COVID-19 pandemic[12] - These statements are based on current expectations and assumptions but are subject to numerous risks and uncertainties, many beyond the company's control, which could cause actual future results to differ materially[12] Part I Financial Information Item 1. Financial Statements This section presents unaudited condensed consolidated financial statements and detailed notes on accounting policies, revenue, assets, liabilities, equity, and contingencies Unaudited Condensed Consolidated Balance Sheets This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific dates Unaudited Condensed Consolidated Balance Sheets | Metric | December 31, 2020 ($) | June 30, 2020 ($) | | :-------------------------- | :------------------ | :------------------ | | Cash and cash equivalents | $5,306,243 | $5,387,388 | | Total current assets | $22,188,715 | $21,257,828 | | Total assets | $49,896,607 | $47,574,918 | | Total current liabilities | $8,132,271 | $7,403,411 | | Total liabilities | $13,543,580 | $13,007,977 | | Total stockholders' equity | $36,353,027 | $34,566,941 | - Total assets increased by approximately $2.3 million, and total stockholders' equity increased by approximately $1.8 million from June 30, 2020, to December 31, 2020[15] Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) This statement details the company's revenues, expenses, and net income or loss over specific reporting periods Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) | Metric | Three Months Ended Dec 31, 2020 ($) | Three Months Ended Dec 31, 2019 ($) | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :-------------------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Revenue, net | $9,922,171 | $9,599,912 | $19,431,143 | $17,151,842 | | Gross margin | $3,630,336 | $3,929,280 | $7,480,528 | $6,320,098 | | Operating income | $56,462 | $1,057,446 | $734,454 | $444,554 | | Net income (loss) | $(146,545) | $769,117 | $(49,477) | $(606,040) | | Earnings (loss) per common share (basic) | $(0.01) | $0.03 | $(0.00) | $(0.02) | - Revenue increased by 3% for the three months and 13% for the six months ended December 31, 2020, compared to the prior year[17] - The company reported a net loss of $146,545 for the three months ended December 31, 2020, a significant decrease from net income of $769,117 in the prior year period[17] Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity This statement tracks changes in the company's equity, including stock issuance, compensation, and net income impacts Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity | Item | Balances at June 30, 2020 ($) | Balances at December 31, 2020 ($) | | :------------------------------------ | :-------------------------- | :---------------------------- | | Total Stockholders' Equity | $34,566,941 | $36,353,027 | | Issuance of common stock (ESPP) | N/A | $11,009 | | Exercise of stock options & RSUs, net | N/A | $128,834 | | Stock-based compensation | N/A | $243,016 | | Foreign currency translation adjustment | N/A | $1,452,704 | | Net income (loss) | N/A | $(49,477) | - Total stockholders' equity increased by approximately $1.79 million from June 30, 2020, to December 31, 2020, driven by foreign currency translation adjustments and stock-based compensation[20] Unaudited Condensed Consolidated Statements of Cash Flows This statement categorizes cash movements into operating, investing, and financing activities, showing overall cash changes Unaudited Condensed Consolidated Statements of Cash Flows | Metric | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :------------------------------------ | :---------------------------- | :---------------------------- | | Net cash provided by operating activities | $1,542,035 | $938,471 | | Net cash used in investing activities | $(2,160,710) | $(973,654) | | Net cash used in financing activities | $(116,369) | $(488,733) | | Change in cash and cash equivalents | $(81,145) | $(327,094) | | Cash and cash equivalents, end of period | $5,306,243 | $4,277,607 | - Net cash provided by operating activities increased by 64% to $1.54 million for the six months ended December 31, 2020, compared to the prior year[23] - Net cash used in investing activities more than doubled to $2.16 million, primarily due to increased purchases of property and equipment[23] Notes to Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements 1. Basis of Presentation This note outlines the accounting principles and consolidation methods used in preparing the financial statements - The unaudited Condensed Consolidated Financial Statements are prepared in accordance with Regulation S-X and should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended June 30, 2020[27] - All significant intercompany balances and transactions have been eliminated in consolidation[28] 2. Significant Accounting Policies This note details the key accounting policies and estimates applied in the financial reporting process - There have been no material changes to the company's significant accounting policies during the six months ended December 31, 2020[29] - Management makes estimates and assumptions that affect reported amounts in the financial statements, which could change in the future[30] 3. Revenue This note provides a breakdown of revenue by product group and explains the revenue recognition policy - Revenue is derived primarily from the sale of optical components and assemblies, recognized upon transfer of control to customers[31][32] Revenue by Product Group | Product Group | Three Months Ended Dec 31, 2020 ($) | Three Months Ended Dec 31, 2019 ($) | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :---------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | PMO | $4,742,459 | $3,710,549 | $9,036,062 | $6,895,007 | | Infrared Products | $4,808,102 | $5,003,874 | $9,532,606 | $8,963,499 | | Specialty Products | $371,610 | $885,489 | $862,475 | $1,293,336 | | Total revenue | $9,922,171 | $9,599,912 | $19,431,143 | $17,151,842 | - PMO revenue increased by 28% (three months) and 31% (six months), while Specialty Products revenue decreased by 58% (three months) and 33% (six months) year-over-year[34] 4. Inventories This note details the composition of inventories and changes in their net value over the period Inventories | Component | December 31, 2020 ($) | June 30, 2020 ($) | | :---------------------- | :------------------ | :------------------ | | Raw materials | $4,094,767 | $3,876,955 | | Work in process | $3,390,968 | $2,989,070 | | Finished goods | $3,302,822 | $3,134,800 | | Allowance for obsolescence | $(1,095,280) | $(1,016,343) | | Total inventories, net | $9,693,277 | $8,984,482 | - Net inventories increased by approximately $708,795 from June 30, 2020, to December 31, 2020[35] 5. Property and Equipment This note outlines the company's property and equipment, including manufacturing assets and construction in progress Property and Equipment | Category | December 31, 2020 ($) | June 30, 2020 ($) | | :-------------------------- | :------------------ | :------------------ | | Manufacturing equipment | $20,870,729 | $18,444,448 | | Construction in progress | $1,597,166 | $1,274,880 | | Total property and equipment, net | $13,631,399 | $11,799,061 | - Net property and equipment increased by approximately $1.83 million, primarily due to investments in manufacturing equipment and construction in progress[37] 6. Goodwill and Intangible Assets This note details the carrying values of goodwill and other intangible assets, including amortization impacts - The net carrying value of goodwill remained unchanged during the six months ended December 31, 2020[38] Goodwill and Intangible Assets | Asset | December 31, 2020 ($) | June 30, 2020 ($) | | :---------------------- | :------------------ | :------------------ | | Customer relationships | $3,590,000 | $3,590,000 | | Trade secrets | $3,272,000 | $3,272,000 | | Trademarks | $3,814,000 | $3,814,000 | | Less accumulated amortization | $(4,530,577) | $(3,968,036) | | Total intangible assets, net | $6,145,423 | $6,707,964 | - Total intangible assets, net, decreased by approximately $562,541 due to accumulated amortization[39] 7. Accounts Payable This note provides details on the company's accounts payable, including specific accrued liabilities - Accounts payable included approximately $91,000 of earned but unpaid Board of Directors' fees at both December 31, 2020, and June 30, 2020[40] 8. Income Taxes This note explains the company's income tax provision, effective tax rates, and significant tax adjustments Income Taxes | Metric | Three Months Ended Dec 31, 2020 ($) | Three Months Ended Dec 31, 2019 ($) | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :-------------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Income (loss) before taxes | $94,567 | $1,090,986 | $626,275 | $(135,853) | | Income tax provision | $241,112 | $321,869 | $675,752 | $470,187 | | Effective income tax rate | 255% | 30% | 108% | -346% | - Income tax expense for the six months ended December 31, 2020, included $300,000 in Chinese withholding taxes accrued on a $3 million intercompany dividend from LPOIZ[42][46] - The company changed its intent regarding the permanent reinvestment of foreign earnings, now planning to repatriate a portion of historical earnings from foreign subsidiaries and accruing related withholding taxes[47] 9. Stock-Based Compensation This note details the expense recognized for stock options and restricted stock units, and future compensation costs Stock-Based Compensation | Category | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :-------------------------- | :---------------------------- | :---------------------------- | | Stock options | $34,241 | $5,307 | | RSUs | $208,775 | $173,082 | | Total | $243,016 | $178,389 | - Total stock-based compensation expense increased by approximately $64,627 (36%) for the six months ended December 31, 2020, primarily due to RSU awards[51] - As of December 31, 2020, approximately $1.1 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements is expected to be recognized through fiscal year 2024[56] 10. Earnings (Loss) Per Share This note presents basic and diluted earnings per share, explaining the calculation and anti-dilutive effects Earnings (Loss) Per Share | Metric | Three Months Ended Dec 31, 2020 ($) | Three Months Ended Dec 31, 2019 ($) | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :-------------------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Net income (loss) | $(146,545) | $769,117 | $(49,477) | $(606,040) | | Basic EPS | $(0.01) | $0.03 | $(0.00) | $(0.02) | | Diluted EPS | $(0.01) | $0.03 | $(0.00) | $(0.02) | - The company reported a basic and diluted loss per share of $0.01 for the three months and $0.00 for the six months ended December 31, 2020[57] - Potential dilutive shares totaling 2.78 million (3 months) and 2.96 million (6 months) were excluded from diluted EPS calculations due to their anti-dilutive effect[57] 11. Leases This note describes the company's operating and finance leases, including associated costs and future payment obligations - The company's leases primarily consist of operating leases for facilities in Florida, Latvia, and China, and finance leases for certain equipment[58] Lease Costs | Metric | Three Months Ended Dec 31, 2020 ($) | Three Months Ended Dec 31, 2019 ($) | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :---------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Operating lease cost | $173,437 | $172,102 | $340,411 | $336,973 | | Finance lease cost | $58,786 | $106,488 | $137,479 | $215,083 | | Total lease cost | $232,223 | $278,590 | $477,890 | $552,056 | Future Lease Payments | Fiscal Year Ending | Finance Leases ($) | Operating Leases ($) | | :----------------------- | :------------- | :--------------- | | June 30, 2021 (remaining) | $160,648 | $446,769 | | June 30, 2022 | $231,783 | $835,454 | | June 30, 2023 | $59,647 | $244,026 | | June 30, 2024 | $11,811 | $123,683 | | June 30, 2025 and later | — | $123,683 | | Present value of lease liabilities | $421,143 | $1,735,382 | 12. Loans Payable This note details the company's debt obligations, including term loans, revolving lines, and equipment loans, and covenant compliance - Loans payable primarily consist of the BankUnited Term Loan ($4.8 million outstanding), a BankUnited Revolving Line ($300,000 outstanding), and a new subordinated Equipment Loan ($272,000 outstanding) as of December 31, 2020[63][119] - The company was in compliance with all loan covenants, including fixed charge coverage ratio and total leverage ratio, as of December 31, 2020[70][121] Future Loan Payments | Fiscal Year Ending | BankUnited Term Loan ($) | BankUnited Revolver ($) | Equipment Loan ($) | Total Payments ($) | | :----------------------- | :------------------- | :------------------ | :------------- | :------------- | | June 30, 2021 (remaining) | $290,676 | $300,000 | $27,172 | $608,562 | | June 30, 2022 | $581,350 | - | $54,343 | $617,121 | | June 30, 2023 | $581,350 | - | $54,343 | $617,121 | | June 30, 2024 | $3,342,762 | - | $54,343 | $3,384,724 | | After June 30, 2024 | - | - | $81,516 | $81,516 | | Total payments | $4,796,138 | $300,000 | $271,717 | $5,309,044 | 13. Foreign Operations This note provides information on the company's foreign subsidiaries, including cash holdings and assets by country - Over 50% of the company's $5.3 million cash and cash equivalents at December 31, 2020, was held by foreign subsidiaries in China and Latvia[75][116] - LPOIZ (China) had approximately $7.6 million available for repatriation as of December 31, 2020[75][118] Foreign Operations Assets | Country | December 31, 2020 Assets ($) | June 30, 2020 Assets ($) | December 31, 2020 Net Assets ($) | June 30, 2020 Net Assets ($) | | :------ | :----------------------- | :------------------- | :--------------------------- | :------------------------- | | China | $20.9 million | $19.0 million | $17.8 million | $16.2 million | | Latvia | $9.7 million | $9.8 million | $8.7 million | $8.2 million | 14. Contingencies This note discusses potential future obligations and the impact of unforeseen events, such as the COVID-19 pandemic COVID-19 This section addresses the current and potential future impacts of the COVID-19 pandemic on the company's operations - The company has not experienced any significant direct negative impact of COVID-19 to its business to date[80] - The evolving nature of the COVID-19 pandemic makes it difficult to estimate its future effects on the company's results of operations, financial condition, or liquidity[80] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial performance, liquidity, capital resources, and strategic outlook, including non-GAAP measures Results of Operations This section analyzes the company's revenue, cost of sales, operating expenses, and net income trends over the reporting periods Revenue This section analyzes revenue performance by product group, highlighting growth drivers and declines Revenue Performance | Product Group | 3 Months Ended Dec 31, 2020 vs 2019 | 6 Months Ended Dec 31, 2020 vs 2019 | | :---------------- | :---------------------------------- | :---------------------------------- | | PMO | +28% (+$1.0M) | +31% (+$2.1M) | | Infrared Products | -4% (-$196K) | +6% (+$569K) | | Specialty Products | -58% (-$514K) | -33% (-$431K) | | Total Revenue | +3% (+$322K) | +13% (+$2.3M) | - PMO revenue growth was driven by increased sales to telecommunications, defense, and industrial markets, as well as catalog and distribution channels[100] - Infrared product growth for the six-month period was attributed to molded infrared products, including new BD6 material, and increased demand for fever detection and industrial applications[102] Cost of Sales and Gross Margin This section examines the cost of goods sold and gross margin trends, identifying factors influencing profitability Cost of Sales and Gross Margin | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Gross margin | $3,630,336 | $3,929,280 | $7,480,528 | $6,320,098 | | Gross margin % of revenue | 37% | 41% | 38% | 37% | - The decrease in gross margin percentage for the three-month period was due to product mix, initial volume deliveries of new products, and yield issues with BD6 coatings[103] - The increase in gross margin percentage for the six-month period was primarily due to higher revenue and volumes in PMO and Infrared product groups, and the mitigation of prior year tariff impacts[104] Selling, General and Administrative This section analyzes changes in selling, general, and administrative expenses, including personnel and consulting costs Selling, General and Administrative Costs | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | SG&A costs | $2,763,178 | $2,199,133 | $5,203,655 | $4,540,911 | - SG&A costs increased by 26% (three months) and 15% (six months), primarily due to a non-recurring $400,000 compensation to the former CEO[105][106] - Additional increases in SG&A were attributed to higher personnel-related costs from increased headcount and outside consulting services for operational improvements[105][106] New Product Development This section discusses investments in new product development and their impact on engineering resources New Product Development Costs | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | New product development | $529,902 | $468,646 | $980,399 | $897,057 | - New product development costs increased by 13% (three months) and 9% (six months), driven by the addition of engineering employees to support optical design demand[107][108] Other Income (Expense) This section reviews interest expense, foreign currency impacts, and other non-operating income or expenses Other Income (Expense) | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Interest expense, net | $(55,147) | $(89,257) | $(113,696) | $(187,798) | | Other income (expense), net | $93,252 | $122,797 | $5,517 | $(392,609) | - Interest expense decreased due to lower interest rates and a 7% reduction in total debt from December 31, 2019, to December 31, 2020[109] - Net foreign currency transaction gains were $77,000 for the three months, while net losses were $21,000 for the six months, a significant improvement from a $376,000 loss in the prior six-month period[110] Income Taxes This section details the income tax provision, including the impact of foreign withholding taxes and tax rate changes Income Tax Provision | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Income tax provision | $241,112 | $321,869 | $675,752 | $470,187 | - Income tax expense for the six months ended December 31, 2020, included $300,000 in Chinese withholding taxes on intercompany dividends, compared to $200,000 in the prior year[112] - Despite withholding taxes, the total income tax on repatriated earnings was lower due to LPOIZ's reduced Chinese income tax rate[112] Net Income (Loss) This section summarizes the factors contributing to the company's net income or loss and earnings per share Net Income (Loss) and EPS | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income (loss) | $(146,545) | $769,117 | $(49,477) | $(606,040) | | Basic & Diluted EPS | $(0.01) | $0.03 | $(0.00) | $(0.02) | - The three-month net loss was primarily due to a $1.0 million decrease in operating income, influenced by lower gross margin and increased SG&A (including $400,000 non-recurring CEO compensation) and new product development expenses[113] - The six-month net loss reduction was driven by a $290,000 increase in operating income (from higher sales and gross margin) and a $355,000 favorable difference in foreign exchange, partially offset by a $206,000 unfavorable income tax provision[114] Liquidity and Capital Resources This section assesses the company's ability to meet short-term obligations and fund operations, including cash flow and capital expenditures Liquidity and Capital Resources Summary | Metric | December 31, 2020 ($) | Six Months Ended Dec 31, 2020 ($) | Six Months Ended Dec 31, 2019 ($) | | :------------------------------------ | :------------------ | :---------------------------- | :---------------------------- | | Working capital | $14.1 million | N/A | N/A | | Total cash and cash equivalents | $5.3 million | N/A | N/A | | Net cash provided by operating activities | N/A | $1.5 million | $938,000 | | Net cash used in investing activities | N/A | $(2.2 million) | $(1.2 million) | | Net cash used in financing activities | N/A | $(116,000) | $(489,000) | - Over 50% of the company's cash and cash equivalents are held by foreign subsidiaries, with LPOIZ having $7.6 million available for repatriation[116][118] - Capital expenditures for the first half of fiscal 2021 were $2.2 million, primarily for expanding infrared coating, lens pressing, and dicing capacity to meet demand[125] Contractual Obligations and Commitments This section outlines the company's principal contractual obligations, including lease and debt agreements - Principal commitments include obligations under operating and finance leases and debt agreements[126] - No material changes occurred in contractual cash obligations or contingent liabilities during the first half of fiscal 2021 compared to the prior annual report[126] Off-Balance Sheet Arrangements This section confirms the absence of variable interest entities or off-balance sheet arrangements - The company does not engage in any activities involving variable interest entities or off-balance sheet arrangements[127] Critical Accounting Policies and Estimates This section addresses the company's critical accounting policies and estimates, noting any material changes - There have been no material changes to the company's critical accounting policies and estimates during the three months ended December 31, 2020[128] Non-GAAP Financial Measures This section explains the use of non-GAAP financial measures, such as EBITDA, for performance evaluation EBITDA This section defines and reconciles EBITDA, providing insights into core operating performance - Management uses EBITDA as a non-GAAP financial measure to evaluate core operating performance and for planning purposes, believing it provides useful supplementary information to GAAP results[150] EBITDA Reconciliation | Metric | 3 Months Ended Dec 31, 2020 ($) | 3 Months Ended Dec 31, 2019 ($) | 6 Months Ended Dec 31, 2020 ($) | 6 Months Ended Dec 31, 2019 ($) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income (loss) | $(146,545) | $769,117 | $(49,477) | $(606,040) | | Depreciation and amortization | $864,855 | $868,148 | $1,691,163 | $1,760,220 | | Income tax provision | $241,112 | $321,869 | $675,752 | $470,187 | | Interest expense | $55,147 | $89,257 | $113,696 | $187,798 | | EBITDA | $1,014,569 | $2,048,391 | $2,431,134 | $1,812,165 | | % of revenue | 10% | 21% | 13% | 11% | - EBITDA for the three months decreased by 50.4% due to lower operating income, while EBITDA for the six months increased by 34.1% due to higher operating income from increased revenues and gross margin[152][153] Item 4. Controls and Procedures Management confirms the effectiveness of disclosure controls and internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective as of December 31, 2020[154] - No material changes in internal control over financial reporting occurred during the fiscal quarter ended December 31, 2020[155] Part II Other Information Item 1. Legal Proceedings The company reported no legal proceedings for the period - No legal proceedings were reported for the period[156] Item 1A. Risk Factors The company reported no new risk factors for the period - No new risk factors were reported for the period[156] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities or use of proceeds for the period - No unregistered sales of equity securities or use of proceeds were reported for the period[157] Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities for the period - No defaults upon senior securities were reported for the period[157] Item 4. Mine Safety Disclosures The company reported no mine safety disclosures for the period - No mine safety disclosures were reported for the period[157] Item 5. Other Information The company reported no other information for the period - No other information was reported for the period[157] Item 6. Exhibits This section lists all filed exhibits, including corporate organizational documents, amendments, and certifications - The exhibits include various certificates of incorporation and amendments, bylaws, and certifications from the CEO and CFO[159][160] Signatures This section provides the official signatures of the company's President, CEO, and CFO, certifying the report - The report was signed by Shmuel Rubin, President and Chief Executive Officer, and Donald O. Retreage, Jr., Chief Financial Officer, on February 3, 2021[164]