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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 June 30, 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 August 13, 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 JUNE 30, 2024
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Interim Unaudited Condensed Consolidated Financial Statements
Syntec
Optics Holdings, Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS
JUNE
30, 2024 AND DECEMBER 31, 2023
| |
2024 (unaudited) | | |
2023 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 830,479 | | |
$ | 2,158,245 | |
Accounts Receivable, Net | |
| 5,939,091 | | |
| 6,800,064 | |
Inventory | |
| 7,501,090 | | |
| 5,834,109 | |
Prepaid Expenses and Other Assets | |
| 302,134 | | |
| 359,443 | |
| |
| | | |
| | |
Total Current Assets | |
| 14,572,794 | | |
| 15,151,861 | |
Property and Equipment, Net | |
| 10,651,951 | | |
| 11,101,052 | |
Deferred Income Taxes | |
| 283,104 | | |
| - | |
Intangible Assets, Net | |
| 265,000 | | |
| 295,000 | |
Total Assets | |
$ | 25,772,849 | | |
$ | 26,547,913 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts Payable | |
$ | 2,574,836 | | |
$ | 3,042,315 | |
Accrued Expenses | |
| 1,197,066 | | |
| 1,071,257 | |
Federal Income Tax Payable | |
| 51,966 | | |
| 370,206 | |
Deferred Revenue | |
| 280,763 | | |
| - | |
Line of Credit | |
| 6,263,863 | | |
| 6,537,592 | |
Current Maturities of Debt Obligations | |
| 454,522 | | |
| 362,972 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 10,823,016 | | |
| 11,384,342 | |
| |
| | | |
| | |
Long-Term Liabilities | |
| | | |
| | |
Long-Term Debt Obligations | |
| 2,813,391 | | |
| 2,024,939 | |
Deferred Income Taxes | |
| - | | |
| 74,890 | |
| |
| | | |
| | |
Total Long-Term Liabilities | |
| 2,813,391 | | |
| 2,099,829 | |
| |
| | | |
| | |
Total Liabilities | |
| 13,636,407 | | |
| 13,484,171 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 15) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholder’s Equity | |
| | | |
| | |
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,688,266 issued and outstanding as of June 30, 2024;
36,688,266 issued and outstanding as of December 31, 2023 | |
| 3,669 | | |
| 3,669 | |
Common Stock Value | |
| 3,669 | | |
| 3,669 | |
Additional Paid-In Capital | |
| 1,927,204 | | |
| 1,927,204 | |
Retained Earnings | |
| 10,205,569 | | |
| 11,132,869 | |
| |
| | | |
| | |
Total Stockholder’s Equity | |
| 12,136,442 | | |
| 13,063,742 | |
Total Liabilities and Stockholder’s Equity | |
$ | 25,772,849 | | |
$ | 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 AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Net Sales | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Goods Sold | |
| 4,831,673 | | |
| 5,315,662 | | |
| 10,380,138 | | |
| 10,488,396 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| 2,174,327 | | |
| 2,376,634 | | |
| 2,881,770 | | |
| 4,088,336 | |
| |
| | | |
| | | |
| | | |
| | |
General and Administrative Expenses | |
| 2,015,783 | | |
| 1,609,270 | | |
| 4,130,326 | | |
| 3,127,232 | |
| |
| | | |
| | | |
| | | |
| | |
Income (Loss) from Operations | |
| 158,544 | | |
| 767,364 | | |
| (1,248,556 | ) | |
| 961,104 | |
| |
| | | |
| | | |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | | |
| | | |
| | |
Interest Expense, Including Amortization of Debt Issuance Costs | |
| (167,242 | ) | |
| (131,562 | ) | |
| (327,109 | ) | |
| (261,583 | ) |
Other Income | |
| 319,623 | | |
| 49,056 | | |
| 338,972 | | |
| 49,807 | |
| |
| | | |
| | | |
| | | |
| | |
Total Other Income (Expense), Net | |
| 152,381 | | |
| (82,506 | ) | |
| 11,863 | | |
| (211,776 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision (Benefit) for Income Taxes | |
| 29,082 | | |
| 117,093 | | |
| (309,393 | ) | |
| 128,541 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
$ | 281,843 | | |
$ | 567,765 | | |
$ | (927,300 | ) | |
$ | 620,787 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) per Common Share | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | 0.01 | | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | 0.02 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Number of Common Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 36,688,266 | | |
| 31,600,000 | | |
| 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 STOCKHOLDER’S EQUITY
FOR
THE THREE MONTHS ENDED JUNE 30, 2024
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Total | |
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Paid-In | | |
Retained | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balances, March 31, 2024 | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 9,923,726 | | |
$ | 11,854,599 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| - | | |
| - | | |
| - | | |
| 281,843 | | |
| 281,843 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2024 | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 10,205,569 | | |
$ | 12,136,442 | |
SYTNEC
OPTICS HOLDINGS, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY
FOR
THE SIX MONTHS ENDED JUNE 30, 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 | |
Balances | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 11,132,869 | | |
$ | 13,063,742 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| (927,300 | ) | |
| (927,300 | ) |
Net
Income (Loss) | |
| - | | |
| - | | |
| - | | |
| (927,300 | ) | |
| (927,300 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2024 | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 10,205,569 | | |
$ | 12,136,442 | |
Balances | |
| 36,688,266 | | |
$ | 3,669 | | |
$ | 1,927,204 | | |
$ | 10,205,569 | | |
$ | 12,136,442 | |
SYTNEC
OPTICS HOLDINGS, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY
FOR
THE THREE MONTHS ENDED JUNE 30, 2023
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Paid-In | | |
Retained | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balances, March 31, 2023 | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,225,417 | | |
$ | 9,466,269 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions | |
| | | |
| | | |
| | | |
| (15,959 | ) | |
| (15,959 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| | | |
| - | | |
| - | | |
| 567,765 | | |
| 567,765 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2023 | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,777,223 | | |
$ | 10,018,075 | |
SYTNEC
OPTICS HOLDINGS, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 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 | |
Balances | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,218,501 | | |
$ | 9,459,353 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions | |
| | | |
| | | |
| | | |
| (62,065 | ) | |
| (62,065 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| | | |
| - | | |
| - | | |
| 620,787 | | |
| 620,787 | |
Net
Income (Loss) | |
| | | |
| - | | |
| - | | |
| 620,787 | | |
| 620,787 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2023 | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,777,223 | | |
$ | 10,018,075 | |
Balances | |
| 31,600,000 | | |
$ | 3,160 | | |
$ | 237,692 | | |
$ | 9,777,223 | | |
$ | 10,018,075 | |
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 SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities | |
| | | |
| | |
Net (Loss) Income | |
$ | (927,300 | ) | |
$ | 620,787 | |
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) | |
| | | |
| | |
Provided By Operating Activities: | |
| | | |
| | |
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities: | |
| | | |
| | |
Depreciation and Amortization | |
| 1,385,606 | | |
| 1,404,552 | |
Amortization of Debt Issuance Costs | |
| 4,387 | | |
| 4,825 | |
Gain on Disposal of Property and Equipment | |
| (309,000 | ) | |
| - | |
Change in Allowance for Expected Credit Losses | |
| (24,395 | ) | |
| 48,080 | |
Change in Reserve for Obsolescence | |
| 291,576 | | |
| (8,032 | ) |
Deferred Income Taxes | |
| (357,994 | ) | |
| (461,514 | ) |
(Increase) Decrease in: | |
| | | |
| | |
Accounts Receivable | |
| 885,368 | | |
| (1,177,615 | ) |
Inventory | |
| (1,958,557 | ) | |
| (942,781 | ) |
Prepaid Expenses and Other Assets | |
| 57,309 | | |
| 159,125 | |
Increase (Decrease) in: | |
| | | |
| | |
Accounts Payables and Accrued Expenses | |
| (993,406 | ) | |
| 773,821 | |
Federal Income Tax Payable | |
| (318,240 | ) | |
| 449,245 | |
Deferred Revenue | |
| 280,763 | | |
| (282,845 | ) |
| |
| | | |
| | |
Net Cash (Used In) Provided By Operating Activities | |
| (1,983,883 | ) | |
| 587,648 | |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchases of Property and Equipment | |
| (254,767 | ) | |
| (828,299 | ) |
Proceeds from Disposal of Property and Equipment | |
| 309,000 | | |
| - | |
| |
| | | |
| | |
Net Cash Provided By (Used in) Investing Activities | |
| 54,233 | | |
| (828,299 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
(Repayments) Borrowing on Line of Credit, Net | |
| (273,729 | ) | |
| 324,114 | |
Borrowing on Debt Obligations | |
| 1,100,388 | | |
| - | |
Repayments on Debt Obligations | |
| (224,775 | ) | |
| (486,402 | ) |
Distributions | |
| - | | |
| (62,065 | ) |
| |
| | | |
| | |
Net Cash Provided By (Used in) Financing Activities | |
| 601,884 | | |
| (224,353 | ) |
| |
| | | |
| | |
Net Decrease in Cash | |
| (1,327,766 | ) | |
| (465,004 | ) |
| |
| | | |
| | |
Cash - Beginning | |
| 2,158,245 | | |
| 526,182 | |
| |
| | | |
| | |
Cash - Ending | |
$ | 830,479 | | |
$ | 61,178 | |
| |
| | | |
| | |
Supplemental Cash Flow Disclosures: | |
| | | |
| | |
| |
| | | |
| | |
Cash Paid for Interest | |
$ | 276,809 | | |
$ | 267,220 | |
| |
| | | |
| | |
Cash Paid for Taxes | |
$ | 537,510 | | |
$ | 140,810 | |
| |
| | | |
| | |
Supplemental Disclosures of Non-Cash Investing Activities: | |
| | | |
| | |
| |
| | | |
| | |
Assets Acquired and Included in Accounts Payable and Accrued Expenses | |
$ | 651,736 | | |
$ | 22,364 | |
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 from amounts included in deferred revenue at the beginning of the period was $-0-
and $200,615 for the three months
ended June 30, 2024 and 2023, respectively and $-0- and $442,115 for the six months ended June 30, 2024 and 2023, 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 June 30, 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 and six months ended June
30:
Schedule
of Disaggregated Revenues
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Products | |
$ | 6,947,620 | | |
$ | 5,795,534 | | |
$ | 13,198,323 | | |
$ | 12,272,586 | |
Custom Tooling | |
| 15,443 | | |
| 776,681 | | |
| 19,648 | | |
| 1,114,061 | |
Non-Recurring Engineering | |
| 42,937 | | |
| 1,120,081 | | |
| 43,937 | | |
| 1,190,085 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
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 and six months ended June 30:
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Consumer | |
$ | 1,445,826 | | |
$ | 1,727,287 | | |
$ | 2,683,811 | | |
$ | 3,410,520 | |
Communication | |
| 1,705,843 | | |
| 1,084,669 | | |
| 3,763,105 | | |
| 1,458,387 | |
Defense | |
| 1,227,483 | | |
| 2,128,498 | | |
| 2,420,798 | | |
| 4,506,390 | |
Medical | |
| 2,626,848 | | |
| 2,751,842 | | |
| 4,394,194 | | |
| 5,201,435 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
4 — Inventory
Inventory
consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Inventory
| |
2024 | | |
2023 | |
| |
| | |
| |
Raw Materials | |
$ | 544,830 | | |
$ | 1,144,322 | |
Work-in-Process | |
| 7,322,492 | | |
| 4,818,156 | |
Finished Goods | |
| 241,964 | | |
| 188,251 | |
Inventory gross | |
| 8,109,286 | | |
| 6,150,729 | |
Less: Reserve for Obsolescence | |
| 608,196 | | |
| 316,620 | |
| |
| | | |
| | |
Inventory | |
$ | 7,501,090 | | |
$ | 5,834,109 | |
Note
5 — Property and Equipment
Property
and equipment consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Property and Equipment
| |
2024 | | |
2023 | |
| |
| | |
| |
Machinery and Equipment | |
$ | 32,037,918 | | |
$ | 32,466,641 | |
Building and Leasehold Improvements | |
| 5,109,467 | | |
| 5,096,436 | |
Land | |
| 130,000 | | |
| 130,000 | |
Office Furniture and Equipment | |
| 2,295,749 | | |
| 2,292,995 | |
Tooling | |
| 103,310 | | |
| 103,310 | |
Vehicles | |
| 24,059 | | |
| 24,059 | |
Assets Not Placed in Service | |
| 394,841 | | |
| 260,000 | |
Property
and Equipment, Gross | |
| 40,095,344 | | |
| 40,373,441 | |
Less: Accumulated Depreciation | |
| 29,443,393 | | |
| 29,272,389 | |
| |
| | | |
| | |
Property and Equipment, Net | |
$ | 10,651,951 | | |
$ | 11,101,052 | |
Depreciation
expenses were approximately $675,200 and $681,100 for the three months ended June 30, 2024 and 2023, respectively and $1,356,000 and
$1,405,000 for the six months ended June 30, 2024 and 2023, respectively.
Note
6 — Intangible Assets
Intangible
assets consist of the following at June 30, 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 | |
| 35,000 | | |
| 5,000 | |
| |
| | | |
| | |
Intangible Assets, Net | |
$ | 265,000 | | |
$ | 295,000 | |
Amortization
expense for acquired finite-lived intangibles was $15,000
and $-0-
for the three months ended June 30, 2024 and 2023, respectively and $30,000 and $-0- for the six months ended June 30, 2024 and 2023. Expected future amortization expense of acquired finite-lived
intangible assets as of June 30, 2024, is as follows:
Schedule
of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets
| |
| | |
December 31, 2024 | |
$ | 30,000 | |
2025 | |
| 60,000 | |
2026 | |
| 60,000 | |
2027 | |
| 60,000 | |
2028 | |
| 55,000 | |
| |
| | |
Total | |
$ | 265,000 | |
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 (the “Credit Agreement”). 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 June 30, 2024 was 7.63%.
As of June 30, 2024 and December 31, 2023, the Company had $6,263,863
and $6,537,592,
respectively, outstanding under the line of credit facility.
The
Credit Agreement contains 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 June 30, 2024, the Company was not in compliance with the minimum
fixed charge coverage ratio and limitation of additional capital lease indebtedness as defined in the Credit Agreement. On August
9, 2024, the Company obtained a waiver with respect to the Credit Agreement, pursuant to which the sections of the agreement mentioned
above are waived for the period ending June 30, 2024.
Note
8 — Long-Term Debt
Long-term
debt consists of the following at June 30, 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. | |
$ | 854,765 | | |
$ | - | |
| |
| | | |
| | |
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. | |
| 226,612 | | |
| - | |
| |
| | | |
| | |
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. | |
| 1,568,599 | | |
| 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. | |
| 693,363 | | |
| 718,441 | |
| |
| | | |
| | |
Total Long-Term Debt | |
| 3,343,339 | | |
| 2,441,067 | |
| |
| | | |
| | |
Less: Unamortized Debt Issuance Costs | |
| 75,426 | | |
| 53,156 | |
| |
| | | |
| | |
Long-Term Debt, Less Unamortized Debt Issuance Costs | |
| 3,267,913 | | |
| 2,387,911 | |
| |
| | | |
| | |
Less: Current Maturities | |
| 454,522 | | |
| 362,972 | |
| |
| | | |
| | |
Long-Term Debt | |
$ | 2,813,391 | | |
$ | 2,024,939 | |
At
June 30, 2024, the future debt maturities are as follows:
Schedule
of Long Term Future Debt Maturities
| |
| | |
December 31, 2024 (remainder of year) | |
$ | 223,419 | |
2025 | |
| 468,611 | |
2026 | |
| 497,991 | |
2027 | |
| 529,310 | |
2028 | |
| 490,302 | |
Thereafter | |
| 1,133,706 | |
| |
| | |
Total | |
$ | 3,343,339 | |
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 June 30, 2024 and 2023 amounted to $50,000 and $47,000,
respectively, and for the six months ended June 30, 2024 and 2023 were approximately $95,000 and $94,000, 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 25.0% and 17.2% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rate for
the six months ended June 30, 2024 and 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 six months
ended June 30, 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 June 30, 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, June 30, 2024 | |
| 14,107,989 | |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2023 to June 30, 2023:
| |
Common Stock Warrants | |
| |
| |
**Warrants outstanding, January 1, 2023 | |
| - | |
Assumed in merger | |
| 14,107,989 | |
Exercised subsequent to merger | |
| - | |
Warrants outstanding, June 30, 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 June 30, 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 June 30, 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 June 30, 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 and six
months ended June 30, 2024 and 2023:
Schedule
of Basic And Diluted (loss) Earnings Per Share
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Basic and diluted net income (loss) per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 281,843 | | |
$ | 567,765 | | |
$ | (927,300 | ) | |
$ | 620,787 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 36,688,266 | | |
| 31,600,000 | | |
| 36,688,266 | | |
| 31,600,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.01 | | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | 0.02 | |
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 June 30, 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 $3,497,000 as of June 30, 2024.
For
the three months ended June 30, 2023, 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 $4,750,000 as of June 30, 2023.
For
the six months ended June 30, 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
$3,497,000 as of June 30, 2024.
For
the six months ended June 30, 2023, the Company generated 51% 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 $4,750,000 as of June 30, 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, other than as
described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the interim
unaudited condensed consolidated financial statements.
On July 16, 2024, the Company entered into four separate capital lease
agreements for machinery and equipment with a total financed amount of $2,034,742.
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 six months ended June 30, 2024 from
three customers and 51% of revenues for the six months ended June 30, 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 June 30, 2024 and 2023
The
following table sets forth our results of operations for the three months ended June 30, 2024 and 2023, respectively. 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 | |
| |
June 30, 2024 | | |
% Net Sales | | |
June 30, 2023 | | |
% Net Sales | |
| |
| |
Net Sales | |
| 7,006,000 | | |
| 100 | % | |
| 7,692,296 | | |
| 100 | % |
Cost of Goods Sold | |
| 4,831,673 | | |
| 69 | % | |
| 5,315,662 | | |
| 69 | % |
Gross profit | |
| 2,174,327 | | |
| 31 | % | |
| 2,376,634 | | |
| 31 | % |
General and administrative | |
| 2,015,783 | | |
| 29 | % | |
| 1,609,270 | | |
| 21 | % |
Income From Operations | |
| 158,544 | | |
| 2 | % | |
| 767,364 | | |
| 10 | % |
Other Income (Expense), Net | |
| | | |
| | | |
| | | |
| | |
Other Income | |
| 319,623 | | |
| 5 | % | |
| 49,056 | | |
| 1 | % |
Interest Income (Expense) | |
| (167,242 | ) | |
| (2 | )% | |
| (131,562 | ) | |
| (2 | )% |
Total Other Income (Expense), Net | |
| 152,381 | | |
| 2 | % | |
| (82,506 | ) | |
| (1 | )% |
Income Before Taxes | |
| 310,925 | | |
| 4 | % | |
| 684,858 | | |
| 9 | % |
Provision for Income Tax | |
| 29,082 | | |
| 0 | % | |
| 117,093 | | |
| 2 | % |
Net Income | |
$ | 281,843 | | |
| 4 | % | |
$ | 567,765 | | |
| 7 | % |
Net
Sales
Net
sales decreased by $0.7 million, or 8.9%, to $7.0 million for the three months ended June 30, 2024, as compared to $7.7 million for the
three months ended June 30, 2023. This decrease was primarily due to a decrease of $1.3 million spread across the medical, consumer and
defense end markets offset by an increase of $0.6 million in the communications end market.
Cost
of Goods Sold
Cost of revenue decreased by $0.5 million, or 9.1%, to $4.8 million for
the three months ended June 30, 2024, as compared to $5.3 million for the three months ended June 30, 2023. This decrease was primarily
due to a decrease of $0.5 in material costs.
Gross
Profit
Gross profit decreased by $0.2 million, or 8.5%, to $2.2 million for the
three months ended June 30, 2024, as compared to $2.4 million for the three months ended June 30, 2023. This decrease was primarily due
to the decrease in revenue offset by the decrease in costs of goods sold.
General
and Administrative Expenses
General and administrative expenses increased by $0.4 million, or 25.3%,
to $2.0 million for the three months ended June 30, 2024, as compared to $1.6 million for the three months ended June 30, 2023. This increase
was primarily due to an approximately $0.1 million increase in professional fees, $0.1 million increase in salaries and wages, $0.1 million
increase in insurance, and $0.1 million in research and development expenses.
Total
Other Income (Loss)
Other
income (expense) increased by $0.2 million, or 284.7%, to $0.15 million for the three months ended June 30, 2024, as compared to
other income (expense) of ($0.08) million for the three months ended June 30, 2023. This increase was primarily due to the sale of
machinery and equipment of $0.3 million offset by increased interest expense of ($0.04) million due to increased rates for the debt
facilities.
Income
Tax Expense (Benefit)
Income tax expense decreased by $0.09 million, or 75.2%, to $0.03 million
for the three months ended June 30, 2024, as compared to $0.12 million for the three months ended June 30, 2023. This decrease was primarily
due to the decrease in net income.
Net
Income (Loss)
Net income decreased by $0.3 million, or 50.4%, to $0.3 million for the
three months ended June 30, 2024, as compared to $0.6 million for the three months ended June 30, 2023. This decrease was primarily due
to a decrease in sales of $0.7 million, and an increase in general and administrative expenses of $0.4 million, offset by a decrease in
cost of goods sold of $0.5 million, an increase in other income (expense) of $0.2 million and a decrease in provision for income tax of
$0.1 million.
Comparisons
for the six months ended June 30, 2024 and 2023
The
following table sets forth our results of operations for the six months ended June 30, 2024 and 2023, respectively. 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.
| |
Six Months Ended | |
| |
June 30, 2024 | | |
% Net Sales | | |
June 30, 2023 | | |
% Net Sales | |
| |
| |
Net Sales | |
| 13,261,908 | | |
| 100 | % | |
| 14,576,732 | | |
| 100 | % |
Cost of Goods Sold | |
| 10,380,138 | | |
| 78 | % | |
| 10,488,396 | | |
| 72 | % |
Gross profit | |
| 2,881,770 | | |
| 22 | % | |
| 4,088,336 | | |
| 28 | % |
General and administrative | |
| 4,130,326 | | |
| 31 | % | |
| 3,127,232 | | |
| 21 | % |
(Loss) Income From Operations | |
| (1,248,556 | ) | |
| (9 | )% | |
| 961,104 | | |
| 7 | % |
Other Income (Expense), Net | |
| | | |
| | | |
| | | |
| | |
Other Income | |
| 338,972 | | |
| 3 | % | |
| 49,807 | | |
| 0 | % |
Interest Income (Expense) | |
| (327,109 | ) | |
| (2 | )% | |
| (261,583 | ) | |
| (2 | )% |
Total Other Income (Expense), Net | |
| 11,863 | | |
| 0 | % | |
| (211,776 | ) | |
| (1 | )% |
(Loss) Income Before Taxes | |
| (1,236,693 | ) | |
| (9 | )% | |
| 749,328 | | |
| 5 | % |
(Benefit from) Provision for Income Tax | |
| (309,393 | ) | |
| (2 | )% | |
| 128,541 | | |
| 1 | % |
Net (Loss) Income | |
$ | (927,300 | ) | |
| (7 | )% | |
$ | 620,787 | | |
| 4 | % |
Net
Sales
Net
sales decreased by $1.3 million, or 9.0%, to $13.3 million for the six months ended June 30, 2024, as compared to $14.6 million for the
six months ended June 30, 2023. This decrease was primarily due to a decrease of $3.6 million spread across the medical, consumer and
defense end markets offset by an increase of $2.3 million in the communications end market.
Cost
of Goods Sold
Cost
of revenue decreased by $0.1 million, or 1.0%, to $10.4 million for the six months ended June 30, 2024, as compared to $10.5 million
for the six months ended June 30, 2023. This decrease was primarily due to $0.1 million decrease in material costs.
Gross
Profit
Gross
profit decreased by $1.2 million, or 29.5%, to $2.9 million for the six months ended June 30, 2024, as compared to $4.1 million for the
six months ended June 30, 2023. This decrease was primarily due to the decrease in revenue and the decrease in cost of goods sold.
General
and Administrative Expenses
General
and administrative expenses increased by $1.0 million, or 32.1%, to $4.1 million for the six months ended June 30, 2024, as compared
to $3.1 million for the six months ended June 30, 2023. This increase was primarily due to an approximately $0.4 million increase in
professional fees, $0.2 million in research and development expenses, $0.2 million in insurance, $0.1 million in franchise taxes, and
$0.1 million in advertising expenses.
Total
Other Income (Loss)
Other
income (expense) increased by $0.2 million, or 105.6%, to $0.01 million for the six months ended June 30, 2024, as compared to other
income (expense) of ($0.2) million for the six months ended June 30, 2023. This increase was primarily due to the sale of machinery
and equipment of $0.3 million offset by increased interest expense of ($0.07) million due to increased rates for the debt
facilities.
Income
Tax Expense (Benefit)
Income
tax expense (benefit) decreased by ($0.4) million, or 340.7%, to ($0.3) million for the six months ended June 30, 2024, as compared to
$0.1 million for the six months ended June 30, 2023. This increase was primarily due to the increase in net loss.
Net
Income (Loss)
Net
income decreased by $1.5 million, or 249.4%, to ($0.9) million for the six months ended June 30, 2024, as compared to $0.6 million for
the six months ended June 30, 2023. This decrease was primarily due to a decrease in sales of $1.3 million, and an increase in general
and administrative expenses of $1.0 million, offset by a decrease in cost of goods sold of $0.1 million, an increase in other income
(expense) of $0.2 million and a decrease in provision for income tax of $0.4 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 and six months ended June 30, 2024 and
2023.
NON-GAAP RECONCILIATION OF EBITDA
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Net (Loss) Income | |
$ | 281,843 | | |
$ | 567,765 | | |
$ | (927,300 | ) | |
$ | 620,787 | |
Depreciation & Amortization | |
| 692,194 | | |
| 685,439 | | |
| 1,389,993 | | |
| 1,409,377 | |
Interest Expenses | |
| 164,828 | | |
| 129,448 | | |
| 322,722 | | |
| 256,757 | |
Taxes | |
| 29,082 | | |
| 117,093 | | |
| (309,393 | ) | |
| 128,541 | |
Non-Recurring Items | |
| | | |
| | | |
| | | |
| | |
Other Income - Sale of Equipment & Accessories | |
| - | | |
| (10,068 | ) | |
| - | | |
| (10,068 | ) |
Discount Income | |
| - | | |
| 192 | | |
| - | | |
| 192 | |
Non-Recurring Transaction Fees | |
| - | | |
| 158,056 | | |
| 25,265 | | |
| 158,056 | |
Non-Recurring Contributions, Management Fees & Expenses | |
| 149,235 | | |
| 131,258 | | |
| 149,235 | | |
| 212,516 | |
Adjusted EBITDA | |
$ | 1,317,182 | | |
$ | 1,779,183 | | |
$ | 650,522 | | |
$ | 2,776,158 | |
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 June 30, 2024, our principal sources
of liquidity were cash totaling $0.8 million and a line of credit with $3.7 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 — Six months ended June 30, 2024 and 2023
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Net Cash (Used in) Provided by Operating Activities | |
$ | (1,983,883 | ) | |
$ | 587,648 | |
Net Cash Provided by (Used in) Investing Activities | |
| 54,233 | | |
| (828,299 | ) |
Net Cash Provided by (Used in) Financing Activities | |
| 601,884 | | |
| (224,353 | ) |
Operating
Activities
Net
cash used in operating activities was $2.0 million for the six months ended June 30, 2024, as compared to net cash provided by operating
activities of $0.6 million for the six months ended June 30, 2023. The primary drivers for the year-over-year change include an increase in net loss of $1.5 million, an increase in inventory of $1.0
million, a decrease in accounts payable and accrued expenses of $1.8 million, offset by a decrease in accounts receivable of $2.1 million.
Investing
Activities
Net
cash provided by investing activities was $0.1 million for the six months ended June 30, 2024, as compared to net cash used in investing
activities of $0.8 million for the six months ended June 30, 2023. The net cash used in investing activities decreased primarily due
to a decrease in capital expenditures of $0.6 million and an increase in proceeds from sale of equipment of $0.3 million.
Financing
Activities
Net
cash provided by financing activities was $0.6 million for the six months ended June 30, 2024, as compared to net cash used in
financing activities of $0.2 million for the six months ended June 30, 2023. The primary drivers for the year-over-year change
include an increase in borrowing of debt obligations of $1.1 million, a decrease in repayments on debt obligations of $0.3 million,
offset by an increase in repayments on the line of credit of $0.6 million.
ITEM
3. Quantitative and Qualitative Disclosures about Market Risk
Our
primary market risk exposure is interest rate sensitivity. During the six months ended June 30, 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 June 30, 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 June 30, 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:
August 14, 2024 |
By: |
/s/
Al Kapoor |
|
Name:
|
Al
Kapoor |
|
Title: |
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
August 14, 2024 |
By: |
/s/
Dean Rudy |
|
Name: |
Dean
Rudy |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Accounting Officer and Financial Officer) |
Exhibit
3.1
SECOND
AMENDED AND RESTATED
CERTIFICATE
OF INCORPORATION
OF
OMNILIT
ACQUISITION CORP.
The
present name of the Corporation is “OmniLit Acquisition Corp.” The corporation was incorporated under the name
“OmniLit Acquisition Corp.” by the filing of its original certificate of incorporation with the Secretary of State of the
State of Delaware on May 20, 2021. This Second Amended and Restated Certificate of Incorporation (this “Amended and Restated
Certificate”), which both restates and further amends the provisions of the corporation’s amended and restated certificate
of incorporation (the “Certificate”), was duly adopted in accordance with the provisions of Sections 242 and
245 of the General Corporation Law of the State of Delaware, as amended from time to time (the “DGCL”). The
text of the Certificate is hereby restated and amended in its entirety to read as follows:
ARTICLE
I
NAME
The
name of the corporation is Syntec Optics Holdings, Inc. (the “Corporation”).
ARTICLE
II
AGENT FOR SERVICE OF PROCESS
The
address of the Corporation’s registered office in the State of Delaware is 16192 Coastal Highway, in the City of Lewes, County
of Sussex, State of Delaware, 19958. The name of its registered agent at such address is Harvard Business Services, Inc.
ARTICLE
III
PURPOSE
The
purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL.
ARTICLE
IV
AUTHORIZED STOCK
Section
4.1 Authorized Capital Stock. The total number of shares of all classes of capital stock, each with a par value of $0.0001 per
share, which the Corporation is authorized to issue is 121,000,000 shares (the “Common Stock”), consisting
of: 121,000,000 shares of Class A Common Stock (the “Class A Common Stock).
The
number of authorized shares of Common Stock (including the Class A Common Stock) may be increased or decreased (but not below the number
of shares thereof then-outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding
shares of the capital stock of the Corporation entitled to vote thereon, irrespective of the provisions of Section 242(b)(2) of the DGCL,
and no vote of the holders of the Common Stock voting separately as a class (and/or the Class A Common Stock voting separately as a series)
shall be required therefore.
Section
4.2 Rights of Class A Common Stock.
(a)
Voting Rights. As of the Closing, the Company would have authorized Class A Common Stock. Class A shares will be entitled to one
vote per share.
(b)
Dividends and Distribution Rights. Shares of Class A Common Stock shall be treated equally, identically and ratably, on a per
share basis, with respect to any dividends or distributions as may be declared and paid from time to time by the Board of Directors of
the Corporation (the “Board of Directors”) out of any assets of the Corporation legally available therefor;
provided, however, that in the event a dividend is paid in the form of shares of Class A Common Stock (or rights to acquire
such shares), then holders of Class A Common Stock shall receive shares of Class A Common Stock (or rights to acquire such shares, as
the case may be), with holders of shares of Class A Common Stock receiving, on a per share basis, an identical number of shares of Class
A Common Stock, as applicable.
(c)
Subdivisions, Combinations or Reclassifications. Shares of Class A Common Stock may not be subdivided, combined or reclassified
unless the shares of another class are concurrently therewith proportionately subdivided, combined or reclassified in a manner that maintains
the same proportionate equity ownership between the holders of the outstanding Class A Common Stock on the record date for such subdivision,
combination or reclassification; provided, however, that shares of one such class may be subdivided, combined or reclassified
in a different or disproportionate manner if such subdivision, combination or reclassification is approved in advance by the affirmative
vote of the holders of a majority of the then-outstanding shares of Class A Common Stock, each voting as a class.
(d)
Liquidation, Dissolution or Winding Up of the Corporation. Holders of Class A Common Stock will be entitled to receive ratably,
on a per share basis, all assets of the Corporation available for distribution to its stockholders unless disparate or different treatment
of the shares of such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance
by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A Common Stock; provided, that for the avoidance
of doubt, consideration to be paid or received by a holder of Class A Common Stock pursuant to any employment, consulting, severance
or similar services arrangement shall not be deemed to be assets of the Corporation available for distribution to its stockholders for
the purpose of this Section (d).
(e)
Merger or Consolidation. In the case of any distribution or payment made or other consideration paid in respect, or upon conversion
or exchange, of the shares of Class A Common Stock upon the merger or consolidation of the Corporation with or into any other entity,
or in the case of any other transaction having an effect on stockholders substantially similar to that resulting from a merger or consolidation,
such distribution or payment shall be made, or other consideration shall be paid, ratably on a per share basis among the holders of the
Class A Common Stock; that for the avoidance of doubt, consideration to be paid or received by a holder of Class A Common Stock in connection
with any such merger, consolidation or other transaction pursuant to any employment, consulting, severance or similar services arrangement
shall not be deemed to be consideration paid in respect, or upon conversion or exchange, of shares of Class A Common Stock for the purpose
of this Section (e).
(f)
Determinations by the Board of Directors. In case of an ambiguity in the application of any provision set forth in this Section
4 or in the meaning of any term or definition set forth in this Section 4, the Board of Directors, but not a committee thereof, shall
have the power to determine, in its sole discretion, the application of any such provision or any such term or definition with respect
to any situation based on the facts believed in good faith by it. A determination of the Board of Directors in accordance with the preceding
sentence shall be conclusive and binding on the stockholders of the Corporation. Such determination shall be evidenced in a writing adopted
by the Board of Directors, and such writing shall be made available for inspection by any holder of capital stock of the Corporation
at the principal executive offices of the Corporation.
ARTICLE
V
DEFINITIONS
Section
5.1 Definitions.
(a)
“Family Member” shall mean with respect to any natural person who is a Qualified Stockholder, the spouse,
domestic partner or similarly statutorily recognized life partner, parents, grandparents, lineal descendants, siblings and lineal descendants
of siblings of such Qualified Stockholder. Lineal descendants shall include adopted persons, but only so long as they are adopted while
a minor.
(b)
“Closing Date” shall mean the closing date of the business combination.
(c)
“Option” shall mean rights, options, restricted stock units or warrants to subscribe for, purchase or otherwise
acquire Class A Common Stock.
(d)
“Parent” of an entity shall mean any entity that directly or indirectly owns or controls a majority of
the voting power of the voting securities of such entity or is otherwise entitled to elect a majority of the members of the board of
directors, or entitled to appoint or act as the governing body, of such entity.
(e)
“Permitted Entity” shall mean with respect to a Qualified Stockholder: (i) a Permitted Trust solely for
the benefit of (A) such Qualified Stockholder, (B) one or more Family Members of such Qualified Stockholder, or (C) any other Permitted
Entity of such Qualified Stockholder; or (ii) any general partnership, limited partnership, limited liability company, corporation or
other entity exclusively owned by (A) such Qualified Stockholder, (B) one or more Family Members of such Qualified Stockholder, or (C)
any other Permitted Entity of such Qualified Stockholder.
(f)
“Permitted Foundation” shall mean with respect to a Qualified Stockholder: a trust or private non-operating
foundation that is tax-exempt under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”),
so long as such Qualified Stockholder has dispositive power and Voting Control with respect to the shares of Class B Common Stock held
by such trust or organization and the Transfer to such trust does not involve any payment of cash, securities, property or other consideration
(other than an interest in such trust or organization) to such Qualified Stockholder.
(g)
“Permitted IRA” shall mean an Individual Retirement Account, as defined in Section 408(a) of the Code,
or a pension, profit sharing, stock bonus or other type of plan or trust of which a Qualified Stockholder is a participant or beneficiary
and which satisfies the requirements for qualification under Section 401 of the Code; provided that in each case such Qualified Stockholder
has sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held in such account, plan
or trust.
(h)
“Permitted Transfer” shall mean, and be restricted to, any Transfer of a share of Class A Common Stock:
(i)
by a Qualified Stockholder to (A) one or more Family Members of such Qualified Stockholder, (B) any Permitted Entity of such Qualified
Stockholder, (C) any Permitted Foundation of such Qualified Stockholder, or (D) any Permitted IRA of such Qualified Stockholder; or
(ii)
by a Permitted Entity, Permitted Foundation or Permitted IRA of a Qualified Stockholder to (A) such Qualified Stockholder or one
or more Family Members of such Qualified Stockholder, or (B) any other Permitted Entity, Permitted Foundation or Permitted IRA of such
Qualified Stockholder.
(i)
“Permitted Transferee” shall mean a transferee of shares of Class A Common Stock received in a Permitted
Transfer.
(j)
“Permitted Trust” shall mean a bona fide trust where each trustee is (i) a Qualified Stockholder, (ii)
a Family Member of such Qualified Stockholder, (iii) a professional in the business of providing trustee services, including private
professional fiduciaries, trust companies and bank trust departments, or (iv) an individual who may be removed and replaced at the sole
discretion of a Qualified Stockholder or a Family Member of such Qualified Stockholder.
(k)
“Qualified Stockholder” shall mean: (i) the record holder of a share of Class A Common Stock as of the
Closing Date; (ii) the initial record holder of any shares of Class A Common Stock that are originally issued by the Corporation after
the Closing Date pursuant to the exercise, settlement, exchange or conversion of any Option or Convertible Security that, in each case,
was outstanding as of the Closing Date; (iii) each natural person who, prior to the Closing Date, transferred shares of capital stock
of the Corporation (or a company that combined with the Corporation or a subsidiary of the Corporation) to a Permitted Entity, Permitted
Foundation or Permitted IRA that is or becomes a Qualified Stockholder; (iv) each natural person who transferred shares of, or equity
awards for, Class A Common Stock (including any Option exercisable or Convertible Security exchangeable for or convertible into shares
of Class A Common Stock) to a Permitted Entity, Permitted Foundation or Permitted IRA that is or becomes a Qualified Stockholder; and
(v) a Permitted Transferee.
(l)
“Transfer” of a share of Class A Common Stock shall mean any direct or indirect sale, assignment, transfer,
conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or
not for value and whether voluntary or involuntary or by operation of law, including, without limitation, a transfer of a share of Class
A Common Stock to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), in each
case after 11:59 p.m. Eastern Time on the Closing Date, or the transfer of, or entering into a binding agreement with respect to, Voting
Control over such share by proxy or otherwise; provided, however, that the following shall not be considered a “Transfer”:
(i)
the granting of a proxy to officers or directors of the Corporation at the request of the Board of Directors in connection with actions
to be taken at an annual or special meeting of stockholders;
(ii)
entering into a voting trust, agreement or arrangement (with or without granting a proxy) solely with stockholders who are holders
of Class A Common Stock that (A) is disclosed either in a Schedule 13D filed with the Securities and Exchange Commission or in writing
to the Secretary of the Corporation, (B) either has a term not exceeding one (1) year or is terminable by the holder of the shares subject
thereto at any time and (C) does not involve any payment of cash, securities, property or other consideration to the holder of the shares
subject thereto other than the mutual promise to vote shares in a designated manner;
(iii)
entering into a voting trust, agreement or arrangement (with or without granting a proxy) pursuant to a written agreement to which
the Corporation is a party;
(iv)
the pledge of shares of Class A Common Stock by a stockholder that creates a mere security interest in such shares pursuant to a
bona fide loan or indebtedness transaction for so long as such stockholder continues to exercise Voting Control over such pledged shares;
provided, however, that a foreclosure on such shares or other similar action by the pledgee (including the exercise of
any proxy authority granted to such pledgee pursuant to such pledge) shall constitute a Transfer unless such foreclosure or similar action
qualifies as a Permitted Transfer;
(v)
the fact that, as of the Closing Date or at any time after the Closing Date, the spouse of any holder of Class A Common Stock possesses
or obtains an interest in such holder’s shares of Class A Common Stock arising solely by reason of the application of the community
property laws of any jurisdiction, so long as no other event or circumstance shall exist or have occurred that constitutes a Transfer
of such shares of Class A Common Stock;
(vi)
entering into a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), with a broker or other nominee; provided, however, that a sale of such shares of Class A Common Stock
pursuant to such plan shall constitute a “Transfer” at the time of such sale;
(vii)
any redemption, exercise of right of first refusal, purchase or acquisition by the Corporation of a share of Class A Common Stock
or any issuance or reissuance by the Corporation of a share of Class A Common Stock; or
(viii)
entering into a support, voting, tender or similar agreement or arrangement (in each case, with or without the grant of a proxy)
in connection with a liquidation, dissolution or winding upon of the Corporation (whether voluntary or involuntary), a merger or consolidation
of the Corporation with or into any other entity or any other transaction having an effect on stockholders substantially similar to that
resulting from a merger or consolidation, a sale, lease, exclusive license or other disposition of all or substantially all of the assets
of the Corporation, or a transaction or series of related transactions to which the Corporation is a party in which shares of the Corporation
are transferred such that in excess of fifty percent (50%) of the Corporation’s voting power is transferred, or in connection with
consummating the actions or transactions contemplated thereby (including, without limitation, tendering or voting shares of Class A Common
Stock in connection with such a transaction, the consummation of such a transaction or the sale, assignment, transfer, conveyance, hypothecation
or other transfer or disposition of shares of Class A Common Stock or any legal or beneficial interest in shares of Class A Common Stock
in connection with such a transaction); provided that any sale, tender, assignment, transfer, conveyance, hypothecation or other transfer
or disposition of Class A Common Stock or any legal or economic interest therein pursuant to such a transaction, or any grant of a proxy
over Class A Common Stock with respect to such a transaction without specific instructions as to how to vote such Class A Common Stock,
in each case, will constitute a “Transfer” of such Class A Common Stock unless such transaction was approved by the Board
of Directors prior to the taking of such action.
A
Transfer shall also be deemed to have occurred with respect to a share of Class A Common Stock beneficially held by (A) an entity that
is a Permitted Entity, Permitted Foundation or Permitted IRA, if there occurs any act or circumstance that causes such entity to no longer
be a Permitted Entity, Permitted Foundation or Permitted IRA or (B) an entity that is a Qualified Stockholder, if, in either case, there
occurs a transfer on a cumulative basis, from and after the Closing Date, of a majority of the voting power of the voting securities,
or securities that otherwise entitle a party to elect a majority of the members of the board of directors or governing body, of such
entity or any direct or indirect Parent of such entity, other than a transfer to parties that are, as of the Closing Date, holders of
voting securities of any such entity or Parent of such entity.
(m)
“Voting Control” shall mean, with respect to a share of Class A Common Stock, the power (whether exclusive
or shared) to vote or direct the voting of such share by proxy, voting agreement or otherwise.
Section
5.2 Determinations by the Board of Directors. In case of an ambiguity in the application of any provision set forth in this Article
V or in the meaning of any term or definition set forth in this Article V, the Board of Directors (but not a committee thereof), shall
have the power to determine, in its sole discretion, the application of any such provision or any such term or definition with respect
to any situation based on the facts believed in good faith by it. A determination of the Board of Directors in accordance with the preceding
sentence shall be conclusive and binding on the stockholders of the Corporation. Such determination shall be evidenced in a writing adopted
by the Board of Directors, and such writing shall be made available for inspection by any holder of capital stock of the Corporation
at the principal executive offices of the Corporation.
ARTICLE
VI
amendment of BYLAWS
The
Board of Directors shall have the power to adopt, amend or repeal the Bylaws. Any adoption, amendment or repeal of the Bylaws by the
Board of Directors shall require the approval of a majority of the Whole Board. For purposes of this Amended and Restated Certificate,
the term “Whole Board” shall mean the total number of authorized directors whether or not there exist any vacancies
in previously authorized directorships. The stockholders shall also have power to adopt, amend or repeal the Bylaws; provided,
however, that, notwithstanding any other provision of this Amended and Restated Certificate or any provision of law that might
otherwise permit a lesser or no vote, but in addition to any vote of the holders of any class or series of stock of the Corporation required
by applicable law or by this Amended and Restated Certificate, the affirmative vote of the holders of at least two-thirds (2/3) of the
voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote thereon, voting together
as a single class, shall be required for the stockholders to adopt, amend or repeal any provision of the Bylaws, provided, further,
that, in the case of any proposed adoption, amendment or repeal of any provisions of the Bylaws that is approved by at least two-thirds
(2/3) of the Whole Board and submitted to the stockholders for adoption thereby, then only the affirmative vote of the holders of a majority
of the voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote thereon, voting together
as a single class, shall be required to adopt, amend or repeal any such provision of the Bylaws.
ARTICLE
VII
MATTERS RELATING TO THE BOARD OF DIRECTORS
Section
7.1 Director Powers. Except as otherwise provided by the DGCL or this Amended and Restated Certificate, the business and affairs
of the Corporation shall be managed by or under the direction of the Board of Directors.
Section
7.2 Terms; Removal; Number of Directors; Vacancies and Newly Created Directorships.
(a) The directors shall be divided, with respect to the time for which they severally hold office, into three classes as nearly equal in size as is practicable, designated as Class I, Class II and Class III, respectively (the “Classified Board”). The Board of Directors is authorized to assign members of the Board of Directors already in office to such classes of the Classified Board. The initial term of office of the Class I directors shall expire at the Corporation’s first annual meeting of stockholders following the Closing Date, the initial term of office of the Class II directors shall expire at the Corporation’s second annual meeting of stockholders following the Closing Date, and the initial term of office of the Class III directors shall expire at the Corporation’s third annual meeting of stockholders following the Closing Date. At each annual meeting of stockholders following the Closing Date, directors elected to succeed those directors of the class whose terms then expire shall be elected for a term of office expiring at the third succeeding annual meeting of stockholders after their election.
(b)
Each director shall hold office until the annual meeting at which such director’s term expires and until such director’s
successor is duly elected and qualified, or until such director’s earlier death, resignation, disqualification or removal. Any
director may resign at any time upon notice to the Corporation given in writing or by any electronic transmission.
(c)
No director may be removed from the Board of Directors except for cause and only by the affirmative vote of the holders of at least two-thirds
(2/3) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the
election of directors, voting together as a single class.
(d)
The total number of directors constituting the Whole Board shall be fixed from time to time exclusively by resolution adopted by a majority
of the Whole Board. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any director.
In the event of any increase or decrease in the authorized number of directors, (a) each director then serving as such shall continue
as a director of the class of which he or she is a member and (b) the newly created or eliminated directorship resulting from such increase
or decrease shall be apportioned by the Board of Directors among the classes of directors so as to make all classes as nearly equal in
number as is practicable.
(e)
Any vacancy occurring in the Board of Directors for any cause, and any newly created directorship resulting from any increase in the
authorized number of directors, shall be filled only by the affirmative vote of a majority of the directors then in office, even if less
than a quorum, or by a sole remaining director, and shall not be filled by the stockholders. Any director elected in accordance with
the preceding sentence shall hold office for a term expiring at the annual meeting of stockholders at which the term of office of the
class to which the director has been assigned expires and until such director’s successor shall have been duly elected and qualified,
or until such director’s earlier death, resignation, disqualification or removal.
(f)
In case of an ambiguity in the application of any provision set forth in this Section 2 of Article VII or in the meaning of any term
or definition set forth in this Section 2 of Article VII (including any such term used in any other provision of this Amended and Restated
Certificate), the Board of Directors, or a committee thereof, shall have the power to determine, in its sole discretion, the application
of any such provision or any such term or definition with respect to any situation based on the facts believed in good faith by it. A
determination of the Board of Directors (or a committee thereof, as applicable) in accordance with the preceding sentence shall be conclusive
and binding on the stockholders of the Corporation. Such determination shall be evidenced in a writing adopted by the Board of Directors
(or a committee thereof, as applicable), and such writing shall be made available for inspection by any holder of capital stock of the
Corporation at the principal executive offices of the Corporation.
Section
7.3 Vote by Ballot. Election of directors need not be by written ballot unless the Bylaws shall so provide
ARTICLE
VIII
DIRECTOR LIABILITY
Section
8.1 Limitation of Director Liability. To the fullest extent permitted by law, no director of the Corporation shall be personally
liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. Without limiting the effect
of the preceding sentence, if the DGCL is hereafter amended to authorize the further elimination or limitation of the liability of a
director, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL,
as so amended.
Section
8.2 Change in Rights. Neither any amendment nor repeal of this Article VIII, nor the adoption of any provision of this Amended
and Restated Certificate inconsistent with this Article VIII, shall eliminate, reduce or otherwise adversely affect any limitation on
the personal liability of a director of the Corporation existing at the time of such amendment, repeal or adoption of such an inconsistent
provision.
ARTICLE
IX
MATTERS RELating to stockholders
Section
9.1 No Action by Written Consent of Stockholders. No action shall be taken by the stockholders of the Corporation except at a
duly called annual or special meeting of stockholders and no action shall be taken by the stockholders of the Corporation by written
consent in lieu of a meeting.
Section
9.2 Special Meeting of Stockholders. Special meetings of the stockholders of the Corporation may be called only by the Chairperson
of the Board of Directors, the Chief Executive Officer, or the Board of Directors acting pursuant to a resolution adopted by a majority
of the Whole Board, and may not be called by the stockholders or any other person or persons.
Section
9.3 Advance Notice of Stockholder Nominations and Business Transacted at Special Meetings. Advance notice of stockholder nominations
for the election of directors of the Corporation and of business to be brought by stockholders before any meeting of stockholders of
the Corporation shall be given in the manner provided in the Bylaws. Business transacted at special meetings of stockholders shall be
limited to the purpose or purposes stated in the notice of meeting.
ARTICLE
X
SEVERABILITY
If
any provision of this Amended and Restated Certificate shall be held to be invalid, illegal, or unenforceable, then such provision shall
nonetheless be enforced to the maximum extent possible consistent with such holding and the remaining provisions of this Amended and
Restated Certificate (including without limitation, all portions of any section of this Amended and Restated Certificate containing any
such provision held to be invalid, illegal, or unenforceable, which is not invalid, illegal, or unenforceable) shall remain in full force
and effect.
ARTICLE
XI
AMENDMENT OF RESTATED CERTIFICATE OF INCORPORATION
Section
11.1 General. The Corporation reserves the right to amend or repeal any provision contained in this Amended and Restated Certificate
in the manner prescribed by the laws of the State of Delaware and all rights conferred upon stockholders are granted subject to this
reservation; provided, however, that, notwithstanding any provision of this Amended and Restated Certificate (including
any Certificate of Designation) or any provision of law that might otherwise permit a lesser vote or no vote (but subject to Section
2 of Article IV hereof), but in addition to any vote of the holders of any class or series of the stock of the Corporation required by
law or by this Amended and Restated Certificate (including any Certificate of Designation), and subject to Sections 1 and 2.1 of Article
IV, the affirmative vote of the holders of at least two-thirds (2/3) of the voting power of all of the then-outstanding shares of the
capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required to amend or repeal, or
adopt any provision inconsistent with, this Section 1 of this Article XI, Sections 1.2 and 2 of Article IV, or Article V, Article VI,
Article VII, Article VIII, Article IX, Article X or Article XII (the “Specified Provisions”); provided,
further, that, if two-thirds (2/3) of the Whole Board has approved such amendment or repeal of, or any provision inconsistent
with, the Specified Provisions, then only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding
shares of the capital stock of the Corporation entitled to vote thereon, voting together as a single class (in addition to any other
vote of the holders of any class or series of stock of the Corporation required by law or by this Amended and Restated Certificate, including
any Certificate of Designation), shall be required to amend or repeal, or adopt any provision inconsistent with, the Specified Provisions.
(a)
directly or indirectly, whether by amendment, or through merger, recapitalization, consolidation or otherwise, amend or repeal, or adopt
any provision of this Amended and Restated Certificate inconsistent with, or otherwise alter, any provision of this Amended and Restated
Certificate relating to the voting, conversion or other rights, powers, preferences, privileges or restrictions of the Class A Common
Stock; or
(b)
authorize, or issue any shares of, any class or series of capital stock of the Corporation having the right to more than one (1) vote
for each share thereof.
Section
11.2 Changes to or Inconsistent with Section 3 of Article IV. Notwithstanding any other provision of this Amended and Restated
Certificate (including any Certificate of Designation) or any provision of law that might otherwise permit a lesser vote or no vote,
but in addition to any vote of the holders of any class or series of the stock of the Corporation required by law or by this Amended
and Restated Certificate (including any Certificate of Designation), the affirmative vote of the holders of Class A Common Stock representing
at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of Class A Common Stock shall be required
to amend or repeal, or to adopt any provision inconsistent with, Section 3 of Article IV or this Section 2 of this Article XI.
ARTICLE
XII
CHOICE OF FORUM; EXCLUSIVE FORUM
Section
12.1 Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware
(or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) shall, to the fullest
extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Corporation;
(ii) any action asserting a claim that is based upon a breach of a fiduciary duty owed by, or other wrongdoing by, any current or former
director, officer, stockholder, employee or agent of the Corporation to the Corporation or the Corporation’s stockholders; (iii)
any action asserting a claim against the Corporation or any current or former director, officer, stockholder, employee or agent of the
Corporation arising pursuant to any provision of the DGCL, this Amended and Restated Certificate or the Bylaws or as to which the DGCL
confers jurisdiction on the Court of Chancery of the State of Delaware; (iv) any action to interpret, apply, enforce or determine the
validity of this Restated Certificate of Incorporation or the Bylaws; (v) any action asserting a claim against the Corporation governed
by the internal affairs doctrine; or (vi) any action asserting an “internal corporate claim” as that term is defined in Section
115 of the DGCL.
Section
12.2 If any action the subject matter of which is within the scope of Section 12.1 immediately above is filed in a court other than a
court located within the State of Delaware (a “Foreign Action”) in the name of any stockholder, such stockholder
shall be deemed to have consented to: (i) the personal jurisdiction of the state and federal courts located within the State of Delaware
in connection with any action brought in any such court to enforce Section 12.1 immediately above (an “FSC Enforcement Action”);
and (ii) having service of process made upon such stockholder in any such FSC Enforcement Action by service upon such stockholder’s
counsel in the Foreign Action as agent for such stockholder.
Section
12.3 Any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall
be deemed to have notice of and to have consented to the provisions of this Article XII. Failure to enforce the foregoing provisions
of this Article XII would cause the Corporation irreparable harm, and the Corporation shall be entitled to equitable relief, including
injunctive relief and specific performance, to enforce the foregoing provisions.
Section
12.4 Deemed Notice. Any person or entity purchasing or otherwise acquiring or holding any interest in any security of the Corporation
shall be deemed to have notice of and consented to this Article XII.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the undersigned has executed and acknowledged this Amended and Restated Certificate of Incorporation this 31st
day of October, 2023.
|
OmniLit
Acquisition Corp. |
|
|
|
|
By: |
/s/
Al Kapoor |
|
Name: |
Al
Kapoor |
|
Title: |
Chief
Executive Officer |
[Signature
Page to Amended and Restated Certificate of Incorporation]
Exhibit
3.2
OMNILIT
ACQUISITION CORP.
(a
Delaware corporation)
RESTATED
BYLAWS
As
Adopted October 31, 2023 and
As
Effective October 31, 2023
ARTICLE
I
STOCKHOLDERS
Section
1.1: Annual Meetings. If required by applicable law, an annual meeting of stockholders shall be held for the election of directors
at such date and time as the Board of Directors (the “Board”) of OmniLit Acquisition Corp. (the “Corporation”)
shall each year fix. The meeting may be held either at a place, within or without the State of Delaware as permitted by the Delaware
General Corporation Law (the “DGCL”), or by means of remote communication as the Board in its sole discretion
may determine. Any proper business may be transacted at the annual meeting.
Section
1.2: Special Meetings. Special meetings of stockholders for any purpose or purposes shall be called in the manner set forth in the
Amended and Restated Certificate of Incorporation of the Corporation (as the same may be amended and/or restated from time to time, the
“Certificate of Incorporation”). The special meeting may be held either at a place, within or without the State
of Delaware, or by means of remote communication as the Board in its sole discretion may determine. Business transacted at any special
meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of the meeting.
Section
1.3: Notice of Meetings. Notice of all meetings of stockholders shall be given in writing or by electronic transmission in the manner
provided by applicable law (including, without limitation, as set forth in Section 6.1.1 of these Bylaws) stating the date, time and
place, if any, of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be
present in person and vote at such meeting, and the record date for determining the stockholders entitled to vote at the meeting (if
such date is different from the record date for determining the stockholders entitled to notice of the meeting). In the case of a special
meeting, such notice shall also set forth the purpose or purposes for which the meeting is called. Unless otherwise required by applicable
law or the Certificate of Incorporation, notice of any meeting of stockholders shall be given not less than ten (10), nor more than sixty
(60), days before the date of the meeting to each stockholder of record entitled to vote at such meeting as of the record date for determining
the stockholders entitled to notice of the meeting.
Section
1.4: Adjournments. Notwithstanding Section 1.5 of these Bylaws, the chairperson of the meeting shall have the power to adjourn the
meeting to another time, date and place (if any) regardless of whether a quorum is present, at any time and for any reason. Any meeting
of stockholders, annual or special, may be adjourned from time to time, and notice need not be given of any such adjourned meeting if
the time, date and place (if any) thereof and the means of remote communication (if any) by which stockholders and proxy holders may
be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken;
provided, however, that if the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be
given to each stockholder of record entitled to vote at the meeting. If, after the adjournment, a new record date for determination of
stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders
entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to
vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record as of the record date so
fixed for notice of such adjourned meeting. At the adjourned meeting, the Corporation may transact any business that might have been
transacted at the original meeting. To the fullest extent permitted by law, if a quorum is present at the original meeting, it shall
also be deemed present at the adjourned meeting. To the fullest extent permitted by law, the Board may postpone, reschedule or cancel
at any time and for any reason any previously scheduled special or annual meeting of stockholders before it (or any adjournment) is to
be held, regardless of whether any notice or public disclosure with respect to any such meeting (or adjournment) has been sent or made
pursuant to Section 1.3 hereof or otherwise, in which case notice shall be provided to the stockholders of the new date, time and place,
if any, of the meeting as provided in Section 1.3 above.
Section
1.5: Quorum. Except as otherwise required by applicable law or as provided by the Certificate of Incorporation or these Bylaws, at
each meeting of stockholders the holders of a majority of the voting power of the shares of stock issued and outstanding and entitled
to vote at the meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business; provided,
however, that where a separate vote by a class or classes or series of stock is required by applicable law or the Certificate
of Incorporation, the holders of a majority of the voting power of the shares of such class or classes or series of the stock issued
and outstanding and entitled to vote on such matter, present in person or represented by proxy at the meeting, shall constitute a quorum
entitled to take action with respect to the vote on such matter. If a quorum shall fail to attend any meeting, the chairperson of the
meeting or, if directed to be voted on by the chairperson of the meeting, the holders of a majority of the voting power of the shares
entitled to vote who are present in person or represented by proxy at the meeting may adjourn the meeting. Shares of the Corporation’s
stock belonging to the Corporation (or to another corporation, if a majority of the shares entitled to vote in the election of directors
of such other corporation are held, directly or indirectly, by the Corporation), shall neither be entitled to vote nor be counted for
quorum purposes; provided, however, that the foregoing shall not limit the right of the Corporation or any other corporation
to vote any shares of the Corporation’s stock held by it in a fiduciary capacity and to count such shares for purposes of determining
a quorum. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum,
including, to the fullest extent permitted by law, at any adjournment thereof (unless a new record date is fixed for the adjourned meeting).
Section
1.6: Organization. Meetings of stockholders shall be presided over by (a) such person as the Board may designate, or (b) in the absence
of such a person, the Chairperson of the Board, or (c) in the absence of such person, the Lead Independent Director, or, (d) in the absence
of such person, the Chief Executive Officer of the Corporation, or (e) in the absence of such person, the President of the Corporation,
or (f) in the absence of such person, by a Vice President. The Secretary of the Corporation shall act as secretary of the meeting, but
in such person’s absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.
Section
1.7: Voting; Proxies. Each stockholder of record entitled to vote at a meeting of stockholders may authorize another person or persons
to act for such stockholder by proxy. Such a proxy may be prepared, transmitted and delivered in any manner permitted by applicable law.
Except as may be required in the Certificate of Incorporation, directors shall be elected by a plurality of the votes cast by the holders
of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. At all meetings
of stockholders at which a quorum is present, unless a different or minimum vote is required by applicable law, rule or regulation applicable
to the Corporation or its securities, the rules or regulations of any stock exchange applicable to the Corporation, the Certificate of
Incorporation or these Bylaws, in which case such different or minimum vote shall be the applicable vote on the matter, every matter
other than the election of directors shall be decided by the affirmative vote of the holders of a majority of the voting power of the
shares of stock entitled to vote on such matter that are present in person or represented by proxy at the meeting and are voted for or
against the matter (or if there are two or more classes or series of stock entitled to vote as separate classes, then in the case of
each class or series, the holders of a majority of the voting power of the shares of stock of that class or series present in person
or represented by proxy at the meeting voting for or against such matter).
Section
1.8: Fixing Date for Determination of Stockholders of Record. In order that the Corporation may determine the stockholders entitled
to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date
shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless
otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board so fixes
a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines,
at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.
If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of
stockholders shall be at 5:00 p.m. Eastern Time on the day next preceding the day on which notice is given, or, if notice is waived,
at 5:00 p.m. Eastern Time on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled
to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however,
that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case
shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed
for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.
In
order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment
of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any
other lawful action, the Board may fix, in advance, a record date, which shall not precede the date upon which the resolution fixing
the record date is adopted by the Board and which shall not be more than sixty (60) days prior to such action. If no such record date
is fixed by the Board, then the record date for determining stockholders for any such purpose shall be at 5:00 p.m. Eastern Time on the
day on which the Board adopts the resolution relating thereto.
Section
1.9: List of Stockholders Entitled to Vote. The Corporation shall prepare, at least ten (10) days before every meeting of stockholders,
a complete list of stockholders entitled to vote at the meeting (provided, however, if the record date for determining
the stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders
entitled to vote as of the tenth (10th) day before the meeting date), arranged in alphabetical order and showing the address of each
stockholder and the number of shares registered in the name of each stockholder. Nothing herein shall require the Corporation to include
electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder,
for any purpose germane to the meeting, for a period of at least ten (10) days prior to the meeting, (a) on a reasonably accessible electronic
network as permitted by applicable law (provided that the information required to gain access to the list is provided with the
notice of the meeting), or (b) during ordinary business hours, at the principal place of business of the Corporation. If the meeting
is held at a location where stockholders may attend in person, a list of stockholders entitled to vote at the meeting shall also be produced
and kept at the time and place of the meeting during the whole time thereof and may be examined by any stockholder who is present at
the meeting. If the meeting is held solely by means of remote communication, then the list shall be open to the examination of any stockholder
during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access the list shall
be provided with the notice of the meeting. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who
are the stockholders entitled to examine the list of stockholders required by this Section 1.9 or to vote in person or by proxy at any
meeting of stockholders.
Section
1.10: Inspectors of Elections.
1.10.1
Applicability. Unless otherwise required by the Certificate of Incorporation or by applicable law, the following provisions of this Section
1.10 shall apply only if and when the Corporation has a class of voting stock that is: (a) listed on a national securities exchange;
(b) authorized for quotation on an interdealer quotation system of a registered national securities association; or (c) held of record
by more than two thousand (2,000) stockholders. In all other cases, observance of the provisions of this Section 1.10 shall be optional,
and at the discretion of the Board.
1.10.2
Appointment. The Corporation shall, in advance of any meeting of stockholders, appoint one or more inspectors of election to act at the
meeting and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector
who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the chairperson of the meeting shall appoint
one or more inspectors to act at the meeting.
1.10.3
Inspector’s Oath. Each inspector of election, before entering upon the discharge of his duties, shall take and sign an oath faithfully
to execute the duties of inspector with strict impartiality and according to the best of such inspector’s ability.
1.10.4
Duties of Inspectors. At a meeting of stockholders, the inspectors of election shall (a) ascertain the number of shares outstanding and
the voting power of each share, (b) determine the shares represented at a meeting and the validity of proxies and ballots, (c) count
all votes and ballots, (d) determine and retain for a reasonable period of time a record of the disposition of any challenges made to
any determination by the inspectors, and (e) certify their determination of the number of shares represented at the meeting, and their
count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance
of the duties of the inspectors.
1.10.5
Opening and Closing of Polls. The date and time of the opening and the closing of the polls for each matter upon which the stockholders
will vote at a meeting shall be announced at the meeting. No ballot, proxies or votes, nor any revocations thereof or changes thereto,
shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery upon application by a stockholder shall
determine otherwise.
1.10.6
Determinations. In determining the validity and counting of proxies and ballots, the inspectors shall be limited to an examination of
the proxies, any envelopes submitted with those proxies, any information provided in connection with proxies pursuant to Section 211(a)(2)b.(i)
of the DGCL, or in accordance with Sections 211(e) or 212(c)(2) of the DGCL, ballots and the regular books and records of the Corporation,
except that the inspectors may consider other reliable information for the limited purpose of reconciling proxies and ballots submitted
by or on behalf of banks, brokers, their nominees or similar persons which represent more votes than the holder of a proxy is authorized
by the record owner to cast or more votes than the stockholder holds of record. If the inspectors consider other reliable information
for the limited purpose permitted herein, the inspectors at the time they make their certification of their determinations pursuant to
this Section 1.10 shall specify the precise information considered by them, including the person or persons from whom they obtained the
information, when the information was obtained, the means by which the information was obtained and the basis for the inspectors’
belief that such information is accurate and reliable.
Section
1.11: Conduct of Meetings. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders
as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the chairperson
of any meeting of stockholders shall have the right and authority to convene and (for any reason) to recess and/or adjourn the meeting,
to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairperson, are appropriate
for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the chairperson
of the meeting, may include, without limitation, the following: (a) the establishment of an agenda or order of business for the meeting;
(b) rules and procedures for maintaining order at the meeting and the safety of those present; (c) limitations on attendance at or participation
in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as
the chairperson of the meeting shall determine; (d) restrictions on entry to the meeting after the time fixed for the commencement thereof;
(e) limitations on the time (if any) allotted to questions or comments by participants; (f) restricting the use of audio/video recording
devices and cell phones; and (g) complying with any state and local laws and regulations concerning safety and security. The chairperson
of any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting,
shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting
and if such chairperson should so determine, such chairperson shall so declare to the meeting and any such matter or business not properly
brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the chairperson
of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
Section
1.12: Notice of Stockholder Business; Nominations.
1.12.1
Annual Meeting of Stockholders.
(a)
Nominations of persons for election to the Board and the proposal of other business to be considered by the stockholders may be made
at an annual meeting of stockholders only: (i) pursuant to the Corporation’s notice of such meeting (or any supplement thereto),
(ii) by or at the direction of the Board or any committee thereof or (iii) by any stockholder of the Corporation who was a stockholder
of record at the time of giving of the notice provided for in this Section 1.12 (the “Record Stockholder”),
who is entitled to vote at such meeting and who complies with the notice and other procedures set forth in this Section 1.12 in all applicable
respects. For the avoidance of doubt, the foregoing clause (iii) shall be the exclusive means for a stockholder to make nominations or
propose business (other than business included in the Corporation’s proxy materials pursuant to Rule 14a-8 under the Securities
Exchange Act of 1934, as amended (such act, and the rules and regulations promulgated thereunder, the “Exchange Act”)),
at an annual meeting of stockholders, and such stockholder must fully comply with the notice and other procedures set forth in this Section
1.12 to bring such nominations or other business properly before an annual meeting.
(b)
For nominations or other business to be properly brought before an annual meeting by a Record Stockholder pursuant to Section 1.12.1(a):
(i)
the Record Stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and have provided any updates
or supplements to such notice at the times and in the forms required by this Section 1.12;
(ii)
such other business (other than the nomination of persons for election to the Board) must otherwise be a proper matter for stockholder
action;
(iii)
if the Proposing Person (as defined below) has provided the Corporation with a Solicitation Notice (as defined below), such Proposing
Person must, in the case of a proposal other than the nomination of persons for election to the Board, have delivered a proxy statement
and form of proxy to holders of at least the percentage of the Corporation’s voting shares required under applicable law to carry
any such proposal, or, in the case of a nomination or nominations, have delivered a proxy statement and form of proxy to holders of a
percentage of the Corporation’s voting shares reasonably believed by such Proposing Person to be sufficient to elect the nominee
or nominees proposed to be nominated by such Record Stockholder, and must, in either case, have included in such materials the Solicitation
Notice; and
(iv)
if no Solicitation Notice relating thereto has been timely provided pursuant to this Section 1.12, the Proposing Person proposing such
business or nomination must not have solicited a number of proxies sufficient to have required the delivery of such a Solicitation Notice
under this Section 1.12.
To
be timely, a Record Stockholder’s notice must be delivered to the Secretary at the principal executive offices of the Corporation
not later than 5:00 p.m. Eastern Time on the ninetieth (90th) day nor earlier than 5:00 p.m. Eastern Time on the one hundred and twentieth
(120th) day prior to the first anniversary of the preceding year’s annual meeting (except in the case of the Corporation’s
first annual meeting following its initial public offering, for which such notice shall be timely if delivered in the same time period
as if such meeting were a special meeting governed by Section 1.12.3 of these Bylaws); provided, however, that in the event
that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary date,
or if no annual meeting was held in the preceding year, notice by the Record Stockholder to be timely must be so delivered (A) no earlier
than 5:00 p.m. Eastern Time on the one hundred and twentieth (120th) day prior to such annual meeting and (B) no later than 5:00 p.m.
Eastern Time on the later of the ninetieth (90th) day prior to such annual meeting or 5:00 p.m. Eastern Time on the tenth (10th) day
following the day on which Public Announcement (as defined below) of the date of such meeting is first made by the Corporation. In no
event shall an adjournment or postponement of an annual meeting commence a new time period (or extend any time period) for providing
the Record Stockholder’s notice.
(c)
As to each person whom the Record Stockholder proposes to nominate for election or reelection as a director, in addition to the matters
set forth in paragraph (e) below, such Record Stockholder’s notice shall set forth:
(i)
the name, age, business address and residence address of such person;
(ii)
the principal occupation or employment of such nominee;
(iii)
the class, series and number of any shares of stock of the Corporation that are beneficially owned or owned of record by such person
or any Associated Person (as defined in Section 1.12.4(c));
(iv)
the date or dates such shares were acquired and the investment intent of such acquisition;
(v)
all other information relating to such person that would be required to be disclosed in solicitations of proxies for election of directors
in an election contest (even if an election contest is not involved), or would be otherwise required, in each case pursuant to and in
accordance with Section 14(a) (or any successor provision) under the Exchange Act and the rules and regulations thereunder;
(vi)
such person’s written consent (A) to being named in the Corporation’s proxy statement as a nominee, (B) to the public disclosure
of information regarding or related to such person provided to the Corporation by such person or otherwise pursuant to this Section 1.12
and (C) to serving as a director, if elected;
(vii)
whether such person meets the independence requirements of the stock exchange upon which the Corporation’s Class A Common Stock
is primarily traded;
(viii)
a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during
the past three (3) years, and any other material relationships, between or among such Proposing Person or any of its respective affiliates
and associates, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, on the other hand, including
all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the Proposing Person
or any of its respective affiliates and associates were the “registrant” for purposes of such rule and the nominee were a
director or executive officer of such registrant; and
(ix)
a completed and signed questionnaire, representation and agreement required by Section 1.12.2 of these Bylaws.
(d)
As to any business other than the nomination of a director or directors that the Record Stockholder proposes to bring before the meeting,
in addition to the matters set forth in paragraph (e) below, such Record Stockholder’s notice shall set forth:
(i)
a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text
of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the Bylaws, the text of
the proposed amendment), the reasons for conducting such business at the meeting and any material interest in such business of such Proposing
Person, including any anticipated benefit to any Proposing Person therefrom; and
(ii)
a description of all agreements, arrangements and understandings between or among any such Proposing Person and any of its respective
affiliates or associates, on the one hand, and any other person or persons, on the other hand, (including their names) in connection
with the proposal of such business by such Proposing Person;
(e)
As to each Proposing Person giving the notice, such Record Stockholder’s notice shall set forth:
(i)
the current name and address of such Proposing Person, including, if applicable, their name and address as they appear on the Corporation’s
stock ledger, if different;
(ii)
the class or series and number of shares of stock of the Corporation that are directly or indirectly owned of record or beneficially
owned by such Proposing Person, including any shares of any class or series of the Corporation as to which such Proposing Person has
a right to acquire beneficial ownership at any time in the future;
(iii)
whether and the extent to which any derivative interest in the Corporation’s equity securities (including without limitation any
option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement
payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part
from the value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement
in the underlying class or series of shares of the Corporation or otherwise, and any cash-settled equity swap, total return swap, synthetic
equity position or similar derivative arrangement (any of the foregoing, a “Derivative Instrument”), as well
as any rights to dividends on the shares of any class or series of shares of the Corporation that are separated or separable from the
underlying shares of the Corporation) or any short interest in any security of the Corporation (for purposes of this Bylaw a person shall
be deemed to have a short interest in a security if such person directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has the opportunity to profit or share in any profit derived from any increase or decrease in the value of
the subject security, including through performance-related fees) is held directly or indirectly by or for the benefit of such Proposing
Person, including without limitation whether and the extent to which any ongoing hedging or other transaction or series of transactions
has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including without limitation any short
position or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk or
benefit of share price changes for, or to increase or decrease the voting power of, such Proposing Person with respect to any share of
stock of the Corporation (any of the foregoing, a “Short Interest”);
(iv)
any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited
partnership in which such Proposing Person or any of its respective affiliates or associates is a general partner or, directly or indirectly,
beneficially owns an interest in a general partner of such general or limited partnership;
(v)
any direct or indirect material interest in any material contract or agreement with the Corporation, any affiliate of the Corporation
or any Competitor (as defined below) (including, in any such case, any employment agreement, collective bargaining agreement or consulting
agreement);
(vi)
any significant equity interests or any Derivative Instruments or Short Interests in any Competitor held by such Proposing Person and/or
any of its respective affiliates or associates;
(vii)
any other material relationship between such Proposing Person, on the one hand, and the Corporation, any affiliate of the Corporation
or any Competitor, on the other hand;
(viii)
all information that would be required to be set forth in a Schedule 13D filed pursuant to Rule 13d-1(a) or an amendment pursuant to
Rule 13d-2(a) if such a statement were required to be filed under the Exchange Act and the rules and regulations promulgated thereunder
by such Proposing Person and/or any of its respective affiliates or associates;
(ix)
any other information relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required
to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be
brought before the meeting pursuant to Section 14(a) (or any successor provision) under the Exchange Act and the rules and regulations
thereunder;
(x)
such Proposing Person’s written consent to the public disclosure of information provided to the Corporation pursuant to this Section
1.12;
(xi)
a complete written description of any agreement, arrangement or understanding (whether oral or in writing) (including any knowledge that
another person or entity is Acting in Concert (as defined in Section 1.12.4(c)) with such Proposing Person) between or among such Proposing
Person, any of its respective affiliates or associates and any other person Acting in Concert with any of the foregoing persons;
(xii)
a representation that the Record Stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends
to appear in person or by proxy at the meeting to propose such business or nomination;
(xiii)
a representation whether such Proposing Person intends (or is part of a group that intends) to deliver a proxy statement or form of proxy
to holders of, in the case of a proposal, at least the percentage of the Corporation’s voting shares required under applicable
law to carry the proposal or, in the case of a nomination or nominations, a sufficient number of holders of the Corporation’s voting
shares to elect such nominee or nominees (an affirmative statement of such intent being a “Solicitation Notice”);
and
(xiv)
any proxy, contract, arrangement, or relationship pursuant to which the Proposing Person has a right to vote, directly or indirectly,
any shares of any security of the Corporation.
The
disclosures to be made pursuant to the foregoing clauses (ii), (iii), (iv) and (vi) shall not include any information with respect to
the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person
solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial
owner.
(f)
A stockholder providing written notice required by this Section 1.12 shall update such notice in writing, if necessary, so that the information
provided or required to be provided in such notice is true and correct in all material respects as of (i) the record date for determining
the stockholders entitled to notice of the meeting and (ii) 5:00 p.m. Eastern Time on the tenth (10th) business day prior to the meeting
or any adjournment or postponement thereof. In the case of an update pursuant to clause (i) of the foregoing sentence, such update shall
be received by the Secretary of the Corporation at the principal executive office of the Corporation not later than five (5) business
days after the record date for determining the stockholders entitled to notice of the meeting, and in the case of an update and supplement
pursuant to clause (ii) of the foregoing sentence, such update and supplement shall be received by the Secretary of the Corporation at
the principal executive office of the Corporation not later than eight (8) business days prior to the date for the meeting, and, if practicable,
any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting
has been adjourned or postponed). For the avoidance of doubt, the obligation to update as set forth in this paragraph shall not limit
the Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines
hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal
or nomination or to submit any new proposal, including by changing or adding nominees, matters, business and/or resolutions proposed
to be brought before a meeting of the stockholders.
(g)
Notwithstanding anything in Section 1.12 or any other provision of the Bylaws to the contrary, any person who has been determined by
a majority of the Whole Board to have violated Section 2.11 of these Bylaws or a Board Confidentiality Policy (as defined below) while
serving as a director of the Corporation in the preceding five (5) years shall be ineligible to be nominated to serve as a member of
the Board, absent a prior waiver for such nomination approved by two-thirds of the Whole Board.
1.12.2
Submission of Questionnaire, Representation and Agreement. To be eligible to be a nominee of any stockholder for election or reelection
as a director of the Corporation, the person proposed to be nominated must deliver (in accordance with the time periods prescribed for
delivery of notice under Section 1.12 of these Bylaws) to the Secretary at the principal executive offices of the Corporation a completed
and signed questionnaire in the form required by the Corporation (which form the stockholder shall request in writing from the Secretary
of the Corporation and which the Secretary shall provide to such stockholder within ten days of receiving such request) with respect
to the background and qualification of such person to serve as a director of the Corporation and the background of any other person or
entity on whose behalf, directly or indirectly, the nomination is being made and a signed representation and agreement (in the form available
from the Secretary upon written request) that such person: (a) is not and will not become a party to (i) any agreement, arrangement or
understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director
of the Corporation, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed
to the Corporation or (ii) any Voting Commitment that could limit or interfere with such person’s ability to comply, if elected
as a director of the Corporation, with such person’s fiduciary duties under applicable law, (b) is not and will not become a party
to any Compensation Arrangement (as defined below) that has not been disclosed therein, (c) if elected as a director of the Corporation,
will comply with all informational and similar requirements of applicable insurance policies and laws and regulations in connection with
service or action as a director of the Corporation, (d) if elected as a director of the Corporation, will comply with all corporate governance,
conflict of interest, stock ownership requirements, confidentiality and trading policies and guidelines of the Corporation publicly disclosed
from time to time, (e) if elected as a director of the Corporation, will act in the best interests of the Corporation and its stockholders
and not in the interests of individual constituencies, (f) consents to being named as a nominee in the Corporation’s proxy statement
pursuant to Rule 14a-4(d) under the Exchange Act and any associated proxy card of the Corporation and agrees to serve if elected as a
director and (g) intends to serve as a director for the full term for which such individual is to stand for election.
1.12.3
Special Meetings of Stockholders. Only such business shall be conducted at a special meeting of stockholders as shall have been brought
before the meeting pursuant to the Corporation’s notice of such meeting. Nominations of persons for election to the Board may be
made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of such meeting
(a) by or at the direction of the Board or any committee thereof or (b) provided that the Board has determined that directors shall be
elected at such meeting, by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice of the
special meeting, who shall be entitled to vote at the meeting and who complies with the notice and other procedures set forth in this
Section 1.12.3 in all applicable respects. In the event the Corporation calls a special meeting of stockholders for the purpose of electing
one or more directors to the Board, any such stockholder may nominate a person or persons (as the case may be), for election to such
position(s) as specified in the Corporation’s notice of meeting, if the stockholder’s notice required by Section 1.12.1(b)
of these Bylaws shall be delivered to the Secretary of the Corporation at the principal executive offices of the Corporation (i) no earlier
than the one hundred and twentieth (120th) day prior to such special meeting and (ii) no later than 5:00 p.m. Eastern Time on the later
of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which Public Announcement is first
made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall an
adjournment or postponement of a special meeting commence a new time period (or extend any time period) for providing such notice.
1.12.4
General.
(a)
Except as otherwise expressly provided in any applicable rule or regulation promulgated under the Exchange Act, only such persons who
are nominated in accordance with the procedures set forth in this Section 1.12 shall be eligible to be elected at a meeting of stockholders
and serve as directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting
in accordance with the procedures set forth in this Section 1.12. Except as otherwise provided by law or these Bylaws, the chairperson
of the meeting shall have the power and duty to determine whether a nomination or any other business proposed to be brought before the
meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 1.12 and, if any proposed
nomination or business is not in compliance herewith, to declare that such defective proposal or nomination shall be disregarded. Notwithstanding
the foregoing provisions of this Section 1.12, unless otherwise required by law, if the stockholder (or a Qualified Representative of
the stockholder (as defined below)) does not appear at the annual or special meeting of stockholders of the Corporation to present a
nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding
that proxies in respect of such vote may have been received by the Corporation.
(b)
Notwithstanding the foregoing provisions of this Section 1.12, a stockholder shall also comply with all applicable requirements of the
Exchange Act and the rules and regulations thereunder with respect to the matters set forth herein. Nothing in this Section 1.12 shall
be deemed to affect any rights of (i) stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant
to Rule 14a-8 under the Exchange Act or (ii) the holders of any series of Common Stock to elect directors pursuant to any applicable
provisions of the Certificate of Incorporation.
(c)
For purposes of these Bylaws the following definitions shall apply:
(i)
a person shall be deemed to be “Acting in Concert” with another person if such person knowingly acts (whether
or not pursuant to an express agreement, arrangement or understanding) in concert with, or toward a common goal relating to the management,
governance or control of the Corporation in substantial parallel with, such other person where (A) each person is conscious of the other
person’s conduct or intent and this awareness is an element in their decision-making processes and (B) at least one additional
factor suggests that such persons intend to act in concert or in substantial parallel, which such additional factors may include, without
limitation, exchanging information (whether publicly or privately), attending meetings, conducting discussions or making or soliciting
invitations to act in concert or in substantial parallel; provided that a person shall not be deemed to be Acting in Concert with any
other person solely as a result of the solicitation or receipt of revocable proxies or consents from such other person in response to
a solicitation made pursuant to, and in accordance with, Section 14(a) (or any successor provision) of the Exchange Act by way of a proxy
or consent solicitation statement filed on Schedule 14A. A person Acting in Concert with another person shall be deemed to be Acting
in Concert with any third party who is also Acting in Concert with such other person;
(ii)
“affiliate” and “associate” shall have the meanings ascribed thereto in Rule 405
under the Securities Act of 1933, as amended (the “Securities Act”); provided, however, that the term
“partner” as used in the definition of “associate” shall not include any limited partner that is not involved
in the management of the relevant partnership;
(iii)
“Associated Person” shall mean with respect to any subject stockholder or other person (including any proposed
nominee) (A) any person directly or indirectly controlling, controlled by or under common control with such stockholder or other person,
(B) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder or other person, (C)
any associate of such stockholder or other person, and (D) any person directly or indirectly controlling, controlled by or under common
control or Acting in Concert with any such Associated Person;
(iv)
“Compensation Arrangement” shall mean any direct or indirect compensatory payment or other financial agreement,
arrangement or understanding with any person or entity other than the Corporation, including any agreement, arrangement or understanding
with respect to any direct or indirect compensation, reimbursement or indemnification in connection with candidacy, nomination, service
or action as a nominee or as a director of the Corporation;
(v)
“Competitor” shall mean any entity that provides products or services that compete with or are alternatives
to the principal products produced or services provided by the Corporation or its affiliates;
(vi)
“Proposing Person” shall mean (A) the Record Stockholder providing the notice of business proposed to be brought
before an annual meeting or nomination of persons for election to the Board at a stockholder meeting, (B) the beneficial owner or beneficial
owners, if different, on whose behalf the notice of business proposed to be brought before the annual meeting or nomination of persons
for election to the Board at a stockholder meeting is made, and (C) any Associated Person on whose behalf the notice of business proposed
to be brought before the annual meeting or nomination of persons for election to the Board at a stockholder meeting is made;
(vii)
“Public Announcement” shall mean disclosure in a press release reported by a national news service or in a
document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange
Act; and
(viii)
to be considered a “Qualified Representative” of a stockholder, a person must be a duly authorized officer,
manager, trustee or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission
delivered by such stockholder to act for such stockholder as a proxy at the meeting of stockholders and such person must produce such
writing or electronic transmission, or a reliable reproduction thereof, at the meeting. The Secretary of the Corporation, or any other
person who shall be appointed to serve as secretary of the meeting, may require, on behalf of the Corporation, reasonable and appropriate
documentation to verify the status of a person purporting to be a “Qualified Representative” for purposes hereof.
Section
1.13: Delivery to the Corporation. Whenever this Article I requires one or more persons (including a record or beneficial owner of
stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, request,
questionnaire, revocation, representation or other document or agreement), the Corporation shall not be required to accept delivery of
such document or information unless the document or information is in writing (and not in an electronic transmission) and delivered by
hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested.
ARTICLE
II
BOARD
OF DIRECTORS
Section
2.1: Number; Qualifications. The total number of directors constituting the Whole Board shall be fixed from time to time in the manner
set forth in the Certificate of Incorporation and the term “Whole Board” shall have the meaning specified in the Certificate
of Incorporation. No decrease in the authorized number of directors constituting the Whole Board shall shorten the term of any incumbent
director. Directors need not be stockholders of the Corporation.
Section
2.2: Election; Resignation; Removal; Vacancies. Election of directors need not be by written ballot. Each director shall hold office
until the annual meeting at which such director’s term expires and until such director’s successor is elected and qualified
or until such director’s earlier death, resignation, disqualification or removal. Any director may resign by delivering a resignation
in writing or by electronic transmission to the Corporation at its principal office or to the Chairperson of the Board, the Chief Executive
Officer, or the Secretary. Such resignation shall be effective upon delivery unless it is specified to be effective at a later time or
upon the happening of an event. Directors may be removed only as provided by the Certificate of Incorporation and applicable law. All
vacancies occurring in the Board and any newly created directorships resulting from any increase in the authorized number of directors
shall be filled in the manner set forth in the Certificate of Incorporation.
Section
2.3: Regular Meetings. Regular meetings of the Board may be held at such places, within or without the State of Delaware, and at
such times as the Board may from time to time determine. Notice of regular meetings need not be given if the date, times and places thereof
are fixed by resolution of the Board.
Section
2.4: Special Meetings. Special meetings of the Board may be called by the Chairperson of the Board, the Chief Executive Officer,
the Lead Independent Director or a majority of the members of the Board then in office and may be held at any time, date or place, within
or without the State of Delaware, as the person or persons calling the meeting shall fix. Notice of the time, date and place of such
meeting shall be given, orally, in writing or by electronic transmission (including electronic mail), by or at the direction of the person
or persons calling the meeting to all directors at least four (4) days before the meeting if the notice is mailed, or at least twenty-four
(24) hours before the meeting if such notice is given by telephone, hand delivery, telegram, telex, mailgram, facsimile, electronic mail
or other means of electronic transmission; provided, however, that if, under the circumstances, the Chairperson of the
Board, the Lead Independent Director or the Chief Executive Officer calling a special meeting deems that more immediate action is necessary
or appropriate, notice may be delivered on the day of such special meeting. Unless otherwise indicated in the notice, any and all business
may be transacted at a special meeting.
Section
2.5: Remote Meetings Permitted. Members of the Board, or any committee of the Board, may participate in a meeting of the Board or
such committee by means of conference telephone or other communications equipment by means of which all persons participating in the
meeting can hear each other, and participation in a meeting pursuant to conference telephone or other communications equipment shall
constitute presence in person at such meeting.
Section
2.6: Quorum; Vote Required for Action. At all meetings of the Board, a majority of the Whole Board shall constitute a quorum for
the transaction of business. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another
place, date or time. Except as otherwise provided herein or in the Certificate of Incorporation, or required by law, the vote of a majority
of the directors present at a meeting at which a quorum is present shall be the act of the Board.
Section
2.7: Organization. Meetings of the Board shall be presided over by (a) the Chairperson of the Board, or (b) in the absence of such
person, the Lead Independent Director, or (c) in such person’s absence, by the Chief Executive Officer, or (d) in such person’s
absence, by a chairperson chosen by the Board at the meeting. The Secretary shall act as secretary of the meeting, but in such person’s
absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.
Section
2.8: Unanimous Action by Directors in Lieu of a Meeting. Any action required or permitted to be taken at any meeting of the Board,
or of any committee thereof, may be taken without a meeting if all members of the Board or such committee, as the case may be, consent
thereto in writing or by electronic transmission. After an action is taken, the consent or consents shall be filed with the minutes of
proceedings of the Board or committee, as applicable. Such filing shall be in paper form if the minutes are maintained in paper form
and shall be in electronic form if the minutes are maintained in electronic form.
Section
2.9: Powers. Except as otherwise provided by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation
shall be managed by or under the direction of the Board.
Section
2.10: Compensation of Directors. Members of the Board, as such, may receive, pursuant to a resolution of the Board, fees and other
compensation for their services as directors, including without limitation their services as members of committees of the Board.
Section
2.11: Confidentiality. Each director shall maintain the confidentiality of, and shall not share with any third party person or entity
(including third parties that originally sponsored, nominated or designated such director (the “Sponsoring Party”)),
any non-public information learned in their capacities as directors, including communications among Board members in their capacities
as directors. The Board may adopt a board confidentiality policy further implementing and interpreting this bylaw (a “Board
Confidentiality Policy”). All directors are required to comply with this bylaw and any such Board Confidentiality Policy
unless such director or the Sponsoring Party for such director has entered into a specific written agreement with the Corporation, in
either case as approved by the Board, providing otherwise with respect to such confidential information.
Section
2.12: Emergency Bylaws. This Section 2.12 shall be operative during any emergency condition as contemplated by Section 110 of the
DGCL (an “Emergency”), notwithstanding any different or conflicting provisions in these Bylaws, the Certificate
of Incorporation or the DGCL. In the event of any Emergency, or other similar emergency condition, the director or directors in attendance
at a meeting of the Board or a standing committee thereof shall constitute a quorum. Such director or directors in attendance may further
take action to appoint one or more of themselves or other directors to membership on any standing or temporary committees of the Board
as they shall deem necessary and appropriate. Except as the Board may otherwise determine, during any Emergency, the Corporation and
its directors and officers, may exercise any authority and take any action or measure contemplated by Section 110 of the DGCL.
ARTICLE
III
COMMITTEES
Section
3.1: Committees. The Board may designate one or more committees, each committee to consist of one or more of the directors of the
Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified
member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof
present at any meeting of such committee who are not disqualified from voting, whether or not such member or members constitute a quorum,
may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member. Any such
committee, to the extent provided in a resolution of the Board, shall have and may exercise all the powers and authority of the Board
in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers
that may require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving, adopting,
or recommending to the stockholders any action or matter (other than the election or removal of members of the Board) expressly required
by the DGCL to be submitted to stockholders for approval or (b) adopting, amending or repealing any bylaw of the Corporation.
Section
3.2: Committee Rules. Each committee shall keep records of its proceedings and make such reports as the Board may from time to time
request. Unless the Board otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct
of its business. In the absence of such rules, each committee shall conduct its business in the same manner as the Board conducts its
business pursuant to Article II of these Bylaws. Except as otherwise provided in the Certificate of Incorporation, these Bylaws or the
resolution of the Board designating the committee, any committee may create one or more subcommittees, each subcommittee to consist of
one or more members of the committee, and may delegate to any such subcommittee any or all of the powers and authority of the committee.
ARTICLE
IV
OFFICERS;
CHAIRPERSON; LEAD INDEPENDENT DIRECTOR
Section
4.1: Generally. The officers of the Corporation shall consist of a Chief Executive Officer (who may be the Chairperson of the Board
or the President), a President, a Secretary and a Treasurer and may consist of such other officers, including, without limitation, a
Chief Financial Officer, and one or more Vice Presidents, as may from time to time be appointed by the Board. All officers shall be elected
by the Board; provided, however, that the Board may empower the Chief Executive Officer of the Corporation to appoint any
officer other than the Chief Executive Officer, the President, the Chief Financial Officer or the Treasurer, and such empowerment can
be revoked from the Chief Executive Officer of the Corporation at the discretion of the Board at any time. Except as otherwise provided
by law, by the Certificate of Incorporation or these Bylaws, each officer shall hold office until such officer’s successor is duly
elected and qualified or until such officer’s earlier resignation, death, disqualification or removal. Any number of offices may
be held by the same person. Any officer may resign by delivering a resignation in writing or by electronic transmission to the Corporation
at its principal office or to the Chairperson of the Board, the Chief Executive Officer, or the Secretary. Such resignation shall be
effective upon delivery unless it is specified to be effective at some later time or upon the happening of some later event. Any vacancy
occurring in any office of the Corporation by death, resignation, removal or otherwise may be filled by the Board and the Board may,
in its discretion, leave unfilled, for such period as it may determine, any offices. Each such successor shall hold office for the unexpired
term of such officer’s predecessor and until a successor is duly elected and qualified or until such officer’s earlier resignation,
death, disqualification or removal.
Section
4.2: Chief Executive Officer. Subject to the control of the Board and such supervisory powers, if any, as may be given by the Board,
the powers and duties of the Chief Executive Officer of the Corporation are:
(a)
to act as the general manager and, subject to the control of the Board, to have general supervision, direction and control of the business
and affairs of the Corporation; and
(b)
to affix the signature of the Corporation to all deeds, conveyances, mortgages, guarantees, leases, obligations, bonds, certificates
and other papers and instruments in writing which have been authorized by the Board or which, in the judgment of the Chief Executive
Officer, should be executed on behalf of the Corporation; to sign certificates for shares of stock of the Corporation (if any); and,
subject to the direction of the Board, to have general charge of the property of the Corporation and to supervise and control all officers,
agents and employees of the Corporation.
Section
4.3: Chairperson of the Board. Subject to the provisions of Section 2.7 of these Bylaws, the Chairperson of the Board shall have
the power to preside at all meetings of the Board and shall have such other powers and duties as provided in these Bylaws and as the
Board may from time to time prescribe. The Chairperson of the Board may or may not be an officer of the Corporation.
Section
4.4: Lead Independent Director. The Board may, in its discretion, elect a lead independent director from among its members that are
Independent Directors (as defined below) (such director, the “Lead Independent Director”). The Lead Independent
Director shall preside at all Board meetings at which the Chairperson of the Board is not present and shall exercise such other powers
and duties as may from time to time be assigned to him or her by the Board or as prescribed by these Bylaws. For purposes of these Bylaws,
“Independent Director” has the meaning ascribed to such term under the rules of the exchange upon which the
Corporation’s Class A Common Stock is primarily traded.
Section
4.5: President. The person holding the office of Chief Executive Officer shall be the President of the Corporation unless the Board
shall have designated one individual as the President and a different individual as the Chief Executive Officer of the Corporation. Subject
to the provisions of these Bylaws and to the direction of the Board, and subject to the supervisory powers of the Chief Executive Officer
(if the Chief Executive Officer is an officer other than the President), and subject to such supervisory powers and authority as may
be given by the Board to the Chairperson of the Board, and/or to any other officer, the President shall have the responsibility for the
general management and control of the business and affairs of the Corporation and the general supervision and direction of all of the
officers, employees and agents of the Corporation (other than the Chief Executive Officer, if the Chief Executive Officer is an officer
other than the President) and shall perform all duties and have all powers that are commonly incident to the office of President or that
are delegated to the President by the Board.
Section
4.6: Chief Financial Officer. The person holding the office of Chief Financial Officer shall be the Treasurer of the Corporation
unless the Board shall have designated another officer as the Treasurer of the Corporation. Subject to the direction of the Board and
the Chief Executive Officer, the Chief Financial Officer shall perform all duties and have all powers that are commonly incident to the
office of Chief Financial Officer, or as the Board or the Chief Executive Officer may from time to time prescribe.
Section
4.7: Treasurer. The person holding the office of Treasurer shall have custody of all monies and securities of the Corporation. The
Treasurer shall make such disbursements of the funds of the Corporation as are authorized and shall render from time to time an account
of all such transactions. The Treasurer shall also perform such other duties and have such other powers as are commonly incident to the
office of Treasurer, or as the Board or the Chief Executive Officer may from time to time prescribe.
Section
4.8: Vice President. Each Vice President shall have all such powers and duties as are commonly incident to the office of Vice President
or that are delegated to him or her by the Board or the Chief Executive Officer. A Vice President may be designated by the Board to perform
the duties and exercise the powers of the Chief Executive Officer or President in the event of the Chief Executive Officer’s or
President’s absence or disability.
Section
4.9: Secretary. The Secretary shall issue or cause to be issued all authorized notices for, and shall keep, or cause to be kept,
minutes of all meetings of the stockholders and the Board. The Secretary shall have charge of the corporate minute books and similar
records and shall perform such other duties and have such other powers as are commonly incident to the office of Secretary, or as the
Board or the Chief Executive Officer may from time to time prescribe.
Section
4.10: Delegation of Authority. Notwithstanding any provision hereof, the Board may from time to time delegate the powers or duties
of any officer of the Corporation to any other officers or agents of the Corporation.
Section
4.11: Removal. Any officer of the Corporation shall serve at the pleasure of the Board and may be removed at any time, with or without
cause, by the Board; provided that if the Board has empowered the Chief Executive Officer to appoint any officer of the Corporation,
then such officer may also be removed by the Chief Executive Officer. Such removal shall be without prejudice to the contractual rights
of such officer, if any, with the Corporation.
ARTICLE
V
STOCK
Section
5.1: Certificates; Uncertificated Shares. The shares of capital stock of the Corporation shall be uncertificated shares; provided,
however, that the resolution of the Board that the shares of capital stock of the Corporation shall be uncertificated shares shall
not apply to shares represented by a certificate until such certificate is surrendered to the Corporation (or the transfer agent or registrar,
as the case may be). Notwithstanding the foregoing, the Board may provide by resolution or resolutions that some or all of any or all
classes or series of its stock shall be certificated shares. Every holder of stock represented by certificates shall be entitled to have
a certificate signed by, or in the name of the Corporation, by any two authorized officers of the Corporation (it being understood that
each of the Chairperson of the Board, the Vice-Chairperson of the Board, the Chief Executive Officer, the President, any Vice President,
the Treasurer, any Assistant Treasurer, the Secretary, and any Assistant Secretary shall be an authorized officer for such purpose),
representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile.
In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall
have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with
the same effect as if such person were an officer, transfer agent or registrar at the date of issue.
Section
5.2: Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates or Uncertificated Shares. The Corporation may issue
a new certificate of stock or uncertificated shares in the place of any certificate previously issued by it, alleged to have been lost,
stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen
or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative,
to give the Corporation a bond sufficient to indemnify it, against any claim that may be made against it on account of the alleged loss,
theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.
Section
5.3: Other Regulations. Subject to applicable law, the Certificate of Incorporation and these Bylaws, the issue, transfer, conversion
and registration of shares represented by certificates and of uncertificated shares shall be governed by such other regulations as the
Board may establish.
ARTICLE
VI
NOTICES
Section
6.1: Notice.
6.1.1
Form and Delivery. Except as otherwise required by law, notice may be given in writing directed to a stockholder’s mailing address
as it appears on the records of the Corporation and shall be given: (a) if mailed, when notice is deposited in the U.S. mail, postage
prepaid; and (b) if delivered by courier service, the earlier of when the notice is received or left at such stockholder’s address.
So long as the Corporation is subject to the Securities and Exchange Commission’s proxy rules set forth in Regulation 14A under
the Exchange Act, notice shall be given in the manner required by such rules. To the extent permitted by such rules, or if the Corporation
is not subject to Regulation 14A, notice may be given by electronic transmission directed to the stockholder’s electronic mail
address, and if so given, shall be given when directed to such stockholder’s electronic mail address unless the stockholder has
notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail or such notice
is prohibited by Section 232(e) of the DGCL. If notice is given by electronic mail, such notice shall comply with the applicable provisions
of Sections 232(a) and 232(d) of the DGCL. Notice may be given by other forms of electronic transmission with the consent of a stockholder
in the manner permitted by Section 232(b) of the DGCL and shall be deemed given as provided therein.
6.1.2
Affidavit of Giving Notice. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation
that the notice has been given in writing or by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence
of the facts stated therein.
Section
6.2: Waiver of Notice. Whenever notice is required to be given under any provision of the DGCL, the Certificate of Incorporation
or these Bylaws, a written waiver of notice, signed by the person entitled to notice, or waiver by electronic transmission by such person,
whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute
a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of
the meeting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted
at, nor the purpose of, any regular or special meeting of the stockholders, directors or members of a committee of directors need be
specified in any waiver of notice.
ARTICLE
VII
INTERESTED
DIRECTORS
Section
7.1: Interested Directors. No contract or transaction between the Corporation and one or more of its members of the Board or officers,
or between the Corporation and any other corporation, partnership, association or other organization in which one or more of its directors
or officers are members of the board of directors or officers, or have a financial interest, shall be void or voidable solely for this
reason, or solely because the director or officer is present at or participates in the meeting of the Board or committee thereof that
authorizes the contract or transaction, or solely because his, her or their votes are counted for such purpose, if: (a) the material
facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board
or the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority
of the disinterested directors, even though the disinterested directors be less than a quorum; (b) the material facts as to his, her
or their relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote
thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (c) the contract or transaction
is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board, a committee thereof, or the stockholders.
Section
7.2: Quorum. Interested directors may be counted in determining the presence of a quorum at a meeting of the Board or of a committee
which authorizes a contract or transaction described in Section 7.1 of this Article VII.
ARTICLE
VIII
INDEMNIFICATION
Section
8.1: Right to Indemnification. To the fullest extent permitted by applicable law, as the same exists or may hereafter be amended,
the Corporation shall indemnify and hold harmless each person who was or is made a party or is threatened to be made a party to or is
otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(hereinafter a “proceeding”), by reason of the fact that he or she is or was a director or officer of the Corporation
or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee
or agent of another corporation or of a partnership, joint venture, trust, other enterprise or nonprofit entity, including service with
respect to an employee benefit plan (hereinafter an “Indemnitee”), whether the basis of such proceeding is
alleged action in an official capacity as a director, officer, employee or agent, or in any other capacity while serving as a director,
officer, employee or agent, against all liability and loss suffered and expenses (including, without limitation, attorneys’ fees,
judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred by such Indemnitee in connection
with such proceeding; provided, however, that, except as provided in Section 8.3 with respect to proceedings to enforce rights
to indemnification, the Corporation shall indemnify an Indemnitee in connection with a proceeding (or part thereof) initiated by such
Indemnitee only if such proceeding (or part thereof) was authorized by the Board.
Section
8.2: Right to Advancement of Expenses. In addition to the right to indemnification conferred in Section 8.1, an Indemnitee shall
also have the right to be paid by the Corporation to the fullest extent not prohibited by applicable law the expenses (including, without
limitation, attorneys’ fees) incurred in defending or otherwise participating in any such proceeding in advance of its final disposition
(hereinafter an “advancement of expenses”); provided, however, that, if the DGCL requires, an advancement
of expenses incurred by an Indemnitee in his or her capacity as a director or officer of the Corporation (and not in any other capacity
in which service was or is rendered by such Indemnitee, including, without limitation, service to an employee benefit plan) shall be
made only upon the Corporation’s receipt of an undertaking (hereinafter an “undertaking”), by or on behalf
of such Indemnitee, to repay all amounts so advanced if it shall ultimately be determined that such Indemnitee is not entitled to be
indemnified under this Article VIII or otherwise.
Section
8.3: Right of Indemnitee to Bring Suit. If a claim under Section 8.1 or Section 8.2 is not paid in full by the Corporation within
60 days after a written claim therefor has been received by the Corporation, except in the case of a claim for an advancement of expenses,
in which case the applicable period shall be 20 days, the Indemnitee may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to
recover an advancement of expenses pursuant to the terms of an undertaking, the Indemnitee shall also be entitled to be paid the expense
of prosecuting or defending such suit. In (a) any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but
not in a suit brought by an Indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (b) in any suit
brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled
to recover such expenses upon a final judicial decision from which there is no further right to appeal (hereinafter a “final
adjudication”) that, the Indemnitee has not met any applicable standard for indemnification set forth in the DGCL. Neither
the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors, independent
legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the Indemnitee
is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in the DGCL, nor an actual
determination by the Corporation (including a determination by its directors who are not parties to such action, a committee of such
directors, independent legal counsel, or its stockholders) that the Indemnitee has not met such applicable standard of conduct, shall
create a presumption that the Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the
Indemnitee, shall be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement
of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden
of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article VIII or otherwise
shall be on the Corporation.
Section
8.4: Non-Exclusivity of Rights. The rights provided to any Indemnitee pursuant to this Article VIII shall not be exclusive of any
other right, which such Indemnitee may have or hereafter acquire under applicable law, the Certificate of Incorporation, these Bylaws,
an agreement, a vote of stockholders or disinterested directors, or otherwise.
Section
8.5: Insurance. The Corporation may maintain insurance, at its expense, to protect itself and/or any director, officer, employee
or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability
or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the
DGCL.
Section
8.6: Indemnification of Other Persons. This Article VIII shall not limit the right of the Corporation to the extent and in the manner
authorized or permitted by law to indemnify and to advance expenses to persons other than Indemnitees. Without limiting the foregoing,
the Corporation may, to the extent authorized from time to time by the Board, grant rights to indemnification and to the advancement
of expenses to any employee or agent of the Corporation and to any other person who is or was serving at the request of the Corporation
as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including
service with respect to an employee benefit plan, to the fullest extent of the provisions of this Article VIII with respect to the indemnification
and advancement of expenses of Indemnitees under this Article VIII.
Section
8.7: Amendments. Any repeal or amendment of this Article VIII by the Board or the stockholders of the Corporation or by changes in
applicable law, or the adoption of any other provision of these Bylaws inconsistent with this Article VIII, will, to the extent permitted
by applicable law, be prospective only (except to the extent such amendment or change in applicable law permits the Corporation to provide
broader indemnification rights to Indemnitees on a retroactive basis than permitted prior thereto), and will not in any way diminish
or adversely affect any right or protection existing hereunder in respect of any act or omission occurring prior to such repeal or amendment
or adoption of such inconsistent provision; provided, however, that amendments or repeals of this Article VIII shall require the
affirmative vote of the stockholders holding at least 66.7% of the voting power of all outstanding shares of capital stock of the Corporation.
Section
8.8: Certain Definitions. For purposes of this Article VIII, (a) references to “other enterprise” shall
include any employee benefit plan; (b) references to “fines” shall include any excise taxes assessed on a person
with respect to an employee benefit plan; (c) references to “serving at the request of the Corporation” shall
include any service that imposes duties on, or involves services by, a person with respect to any employee benefit plan, its participants,
or beneficiaries; and (d) a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interest
of the Corporation” for purposes of Section 145 of the DGCL.
Section
8.9: Contract Rights. The rights provided to Indemnitees pursuant to this Article VIII shall be contract rights and such rights shall
continue as to an Indemnitee who has ceased to be a director, officer, agent or employee and shall inure to the benefit of the Indemnitee’s
heirs, executors and administrators.
ARTICLE
IX
MISCELLANEOUS
Section
9.1: Fiscal Year. The fiscal year of the Corporation shall be determined by resolution of the Board.
Section
9.2: Seal. The Board may provide for a corporate seal, which may have the name of the Corporation inscribed thereon and shall otherwise
be in such form as may be approved from time to time by the Board.
Section
9.3: Form of Records. Any records administered by or on behalf of the Corporation in the regular course of its business, including
its stock ledger, books of account and minute books, may be kept on or by means of, or be in the form of any other information storage
device, method or one or more electronic networks or databases (including one or more distributed electronic networks or databases),
electronic or otherwise, provided that the records so kept can be converted into clearly legible paper form within a reasonable
time and otherwise comply with the DGCL. The Corporation shall so convert any records so kept upon the request of any person entitled
to inspect such records pursuant to any provision of the DGCL.
Section
9.4: Reliance Upon Books and Records. A member of the Board, or a member of any committee designated by the Board shall, in the performance
of such person’s duties, be fully protected in relying in good faith upon the books and records of the Corporation and upon such
information, opinions, reports or statements presented to the Corporation by any of the Corporation’s officers or employees, or
committees of the Board, or by any other person as to matters the member reasonably believes are within such other person’s professional
or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.
Section
9.5: Certificate of Incorporation Governs. In the event of any conflict between the provisions of the Certificate of Incorporation
and Bylaws, the provisions of the Certificate of Incorporation shall govern.
Section
9.6: Severability. If any provision of these Bylaws shall be held to be invalid, illegal, unenforceable or in conflict with the provisions
of the Certificate of Incorporation, then such provision shall nonetheless be enforced to the maximum extent possible consistent with
such holding and the remaining provisions of these Bylaws (including without limitation, all portions of any section of these Bylaws
containing any such provision held to be invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation, that are
not themselves invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation) shall remain in full force and effect.
Section
9.7: Time Periods. In applying any provision of these Bylaws which requires that an act be done or not be done a specified number
of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall
be used (unless otherwise specified herein), the day of the doing of the act shall be excluded, and the day of the event shall be included.
ARTICLE
X
AMENDMENT
Notwithstanding
any other provision of these Bylaws, any alteration, amendment or repeal of these Bylaws, and any adoption of new Bylaws, shall require
the approval of the Board or the stockholders of the Corporation as expressly provided in the Certificate of Incorporation.
CERTIFICATE
OF ADOPTION OF BYLAWS
OF
OMNILIT ACQUISITION CORP.
The
undersigned certifies that he is the duly elected, qualified and Secretary of OmniLit Acquisition Corp., a Delaware corporation (the
“Corporation”), and that the foregoing bylaws were adopted as the bylaws of the Corporation on October 31,
2023, by the Board of Directors of the Corporation.
IN
WITNESS WHEREOF, the undersigned has executed this certificate effective as of October 31, 2023.
|
/s/
Robert O Nelson II |
|
Robert
O Nelson II, Secretary |
Exhibit
10.1
SYNTEC
OPTICS HOLDINGS, INC.
June
7, 2024
Robert
O. Nelson II
Re: |
Separation
Agreement and Release of Claims |
Dear
Robert:
This
letter sets forth the substance of the separation agreement (the “Agreement”) which Syntec Optics, Inc. (the “Company”)
and its parent company Syntec Optics Holdings, Inc., a Delaware corporation (“Parent”) (together with the Company, the “Company
Group”) is offering to you to aid in your employment transition.
1.
Separation. Your last day of work with the Company and Parent, and your employment termination date will be June 10, 2024 (the “Separation
Date”). At that point you will resign from all positions with Company Group, including your position as a non-employee Director
on the Board of Directors, in lieu of an involuntary termination without cause. The preceding sentence is not contingent or conditioned
on the occurrence of any other events and is effective regardless of whether this Agreement becomes effective in accordance with its
terms.
2.
Accrued Salary and Paid Time Off. On the Separation Date, the Company Group will pay you all accrued salary and 70.61 hours of paid
time off earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments
regardless of whether or not you sign this Agreement.
3.
Severance Benefits. If you execute and do not revoke this Agreement, the Company Group will provide you with the following Severance
Benefits pursuant to the terms of your January 4, 2022 Offer Letter (the “Offer Letter”) and this Agreement:
(a)
Salary Continuation. The Company Group will make severance payments to you in the form of continuation of your base salary in effect
on the Separation Date for four weeks following the Separation Date. These payments will be subject to standard payroll deductions and
withholdings and will be made on the Company’s ordinary payroll dates, beginning with the first such date which occurs at least
eight (8) business days following the “Effective Date” as defined below, provided the Company Group has received the executed
Agreement from you on or before that date.
(b)
Legal Fees. As an additional severance benefit, the Company Group will reimburse you for reasonable legal fees actually incurred
by you in connection with the negotiation and review of this Agreement in an amount not to exceed $2,500.
This
Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, to the extent applicable. Severance
benefits under this Agreement are intended to be exempt from Section 409A of the Code under the “short term deferral” exemption,
to the maximum extent applicable, and then under the “separation pay” exemption, to the maximum extent applicable. For purposes
of Code Section 409A, your right to receive any installment payments under this Agreement (whether severance payments, reimbursements
or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder
shall at all times be considered a separate and distinct payment.
4.
Equity Transfer
The
Company Group agrees that it will facilitate the transfer of 100,000 units of Company stock in your name held by the Transfer Agent on
November 7, 2024 (or reasonably soon thereafter) to a brokerage account of your selection.
5.
Benefit Plans
If
you are currently participating in the Company Group’s group health or other insurance plans, your participation as an employee
will end on the last day of the month in which separation occurs. Thereafter, to the extent provided by the federal COBRA law or, if
applicable, state insurance laws, and by the Company Group’s current group health insurance policies, you will be eligible to continue
your group health insurance benefits at your own expense. Later, you may be able to convert to an individual policy through the provider
of the Company Group’s health insurance, if you wish.
6.
Unemployment Compensation.
You
may be eligible for unemployment insurance benefits after the Separation Date. The Massachusetts Department of Unemployment Assistance,
not the Company Group, will determine your eligibility for such benefits, however, the Company will not actively contest any claim for
unemployment benefits (But will however, notwithstanding anything to the contrary in this Agreement, answer fully and truthfully to any
inquiry from the Massachusetts Department of Unemployment Assistance). Exhibit A provides information concerning how to file for
unemployment insurance benefits.
7.
Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional
compensation, severance or benefits after the Separation Date.
8.
Return of Company Group Property. Within ten (10) days of the Separation Date, you agree to return to the Company Group all Company
Group documents and other Company Group property that you have had in your possession at any time, including, but not limited to, Company
Group files, records, business plans and forecasts, financial information, and tangible property (including, but not limited to, computers),
entry badge. Please coordinate return of Company Group property with Andrew Sciortino, Sr. Human Resources Manager. The Company acknowledges
that your laptop and FOB key have been returned, and no other known property currently remains outstanding.
9.
Confidential Information and Post-Termination Obligations.
9(a):
Confidential Information and Existing Restrictive Covenants: You hereby acknowledge your continuing obligations under your (i) Offer
Letter, (ii) Confidential Information and Intellectual Property Agreement, and (iii) Confidential Information, Non-Competition, Non-Solicitation,
and Intellectual Property Agreement (1) not to use or disclose any confidential or proprietary information of the Company Group and (2)
to refrain from certain customer and employee solicitation activities; provided however, that the Company hereby acknowledges that all
non-competition obligations are hereby waived. (Copies of these agreements are attached hereto as Exhibits B, C, and D
respectively). As you know, the Company Group will enforce its contract rights relating to the protection of its confidential or
proprietary information and the non-solicitation of its customers and employees. Please familiarize yourself with the enclosed agreement
which you signed. Confidential information that is also a “trade secret,” as defined by law, may be disclosed (A) if it is
made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely
for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal. In addition, in the event that you file a lawsuit for retaliation by
the Company Group for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret
information in the court proceeding, if you: (A) file any document containing the trade secret under seal; and (B) do not disclose the
trade secret, except pursuant to court order.
9(b)
Non-Disparagement: You hereby agree and covenant that you will not at any time make, publish or communicate to any person or entity
or in any public forum any defamatory or disparaging or maliciously false remarks, comments or statements about the Company Group, its
employees, officers, directors, or OmniLit Acquisition Corp. and its affiliates. In turn, the Company Group, through its Executive Leadership
Team and its Board of Directors, agrees and that it will not at any time make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or statements concerning you or the services provided by you to OmniLit
Acquisition Corp. and its affiliates, or the Company Group to any third parties or make any maliciously false statements about you.
9(c)
Future Services: As stated above, your role as Chief Financial Officer and non-employee Director on the Board of Directors ends on
June 10, 2024. No further transition services will be required to be provided to the Company Group or its successors, affiliates, or
assigns following your separation date.
10.
Release. In exchange for the payments and other consideration under this Agreement, to which you would not otherwise be entitled,
and except as otherwise set forth in this Agreement, you, on behalf of yourself and, to the extent permitted by law, on behalf of your
spouse, heirs, executors, administrators, assigns, insurers, attorneys and other persons or entities, acting or purporting to act on
your behalf (collectively, the “Employee Parties”), hereby generally, fully, and completely release, acquit and forever discharge
the Company Group, and their respective parents and subsidiaries, and their respective officers, directors, managers, partners, agents,
representatives, employees, attorneys, shareholders, predecessors, successors, assigns, insurers and affiliates (the “Company Group
Parties”) of and from any and all claims, liabilities, demands, contentions, actions, causes of action, suits, costs, expenses,
attorneys’ fees, damages, indemnities, debts, judgments, levies, executions and obligations of every kind and nature, in law, equity,
or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements,
events, acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to: all such
claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company Group or the termination
of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests
in the Company Group, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims
pursuant to any federal, state or local law, statute, or cause of action; tort law; or contract law (individually a “Claim”
and collectively “Claims”). The Claims you are releasing and waiving in this Agreement include, but are not limited to, any
and all Claims that any of the Company Group Parties:
|
● |
has
violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing; |
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● |
has
discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability,
religion, sexual orientation, marital status, parental status, source of income, entitlement to benefits, veteran status, disability,
genetic predisposition, carrier status, any union activities or other protected category in violation of any local, state or federal
law, constitution, ordinance, or regulation, including but not limited to: Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1866 (42 U.S.C. 1981), the Civil Rights Act of 1991, the Genetic Information Nondiscrimination Act, Executive Order 11246,
which prohibit discrimination based on race, color, national origin, religion, or sex; the Americans with Disabilities Act and Sections
503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination against the disabled, the Age Discrimination in Employment
Act (ADEA), which prohibits discrimination based on age, the Older Workers Benefit Protection Act, the National Labor Relations Act,
the Lily Ledbetter Fair Pay Act, the anti-retaliation provisions of the Sarbanes- Oxley Act, or any other federal or state law regarding
whistleblower retaliation; the Massachusetts Fair Employment Practices Act (M.G.L. c. 151B), the Massachusetts Equal Rights Act,
the Massachusetts Equal Pay Act, the Massachusetts Privacy Statute, the Massachusetts Sick Leave Law, the Massachusetts Civil Rights
Act, all as amended, and any and all other federal, state or local laws, rules, regulations, constitutions, ordinances or public
policies, whether known or unknown, prohibiting employment discrimination; |
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|
● |
has
violated any employment statutes, such as the WARN Act, which requires that advance notice be given of certain workforce reductions;
the Employee Retirement Income Security Act of 1974 (ERISA) which, among other things, protects employee benefits; the Fair Labor
Standards Act of 1938, which regulates wage and hour matters; the National Labor Relations Act, which protects forms of concerted
activity; the Family and Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances;
the Fair Credit Reporting Act, the Employee Polygraph Protection Act, the Massachusetts Payment of Wages Act (M.G.L. c. 149 sections
148 and 150), the Massachusetts Overtime regulations (M.G.L. c. 151 sections 1A and 1B), the Massachusetts Meal Break regulations
(M.G.L. c. 149 sections 100 and 101), all as amended, and any and all other federal, state or local laws, rules, regulations, constitutions,
ordinances or public policies, whether known or unknown relating to employment laws, such as veterans’ reemployment rights
laws; |
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|
● |
has
violated any other laws, such as federal, state, or local laws providing workers’ compensation benefits, restricting an employer’s
right to terminate employees, or otherwise regulating employment; any federal, state or local law enforcing express or implied employment
contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state or local laws providing
recourse for alleged wrongful discharge, retaliatory discharge, negligent hiring, retention, or supervision, physical or personal
injury, emotional distress, assault, battery, false imprisonment, fraud, negligent misrepresentation, defamation, intentional or
negligent infliction of emotional distress and/or mental anguish, intentional interference with contract, negligence, detrimental
reliance, loss of consortium to you or any member of your family, whistleblowing, and similar or related claims. |
You
agree that the legal rights and claims you are waiving also include all rights and claims under, the Age Discrimination in Employment
Act of 1967, the Older Workers Benefit Protection Act of 1990, the Rehabilitation Act of 1973, the Civil Rights Acts of 1866 and 1991,
the Americans With Disabilities Act of 1990, the Genetic Information Nondiscrimination Act of 2008, the Equal Pay Act of 1963, the New
York State Human Rights Law, the Employee Retirement Income Security Act of 1974, the New York Labor Law (except unemployment insurance
and minimum wage claims) and any similar federal, state or local statute, regulation, order or common law. You agree that the legal rights
and claims you are giving up include all common law rights and claims. You agree that the release of all claims described herein applies
not only to the Company Group, but to the Company Group’s predecessors, successors, and past, current and future parents, subsidiaries,
related entities, owners, and all of their members, investors, shareholders, officers, directors, agents, attorneys, employees, and assigns.
You agree that you are releasing and waiving your right to bring any legal claim of any nature against the Company Group. The claims
you are giving up include, but are not limited to, claims related, directly or indirectly, to your employment relationship with the Company
Group, including your separation from employment. This Agreement is intended to be interpreted in the broadest possible manner to include
all actual or potential legal claims you may have against the Company Group.
Notwithstanding
the foregoing, the claims you are giving up and releasing do not include your vested rights, if any, under any qualified retirement plan
in which you participate, and your COBRA, unemployment insurance and workers’ compensation rights, if any. Nothing in this Agreement
shall be construed to constitute a waiver of: (i) any claims you may have against the Company Group that arise from events that occur
after the date that you sign this Agreement; (ii) your right to file an administrative charge or complaint with any government agencies;
(iii) your right to communicate with any government agency or your right to participate in any regulatory or law enforcement investigation,
including your right to report any suspected violations of law; (iv) your right to enforce this Agreement as well as any right of indemnification
you may have for any liabilities arising from your actions within the course and scope of your employment with the Company Group or within
the course and scope of your role as a member of the Board of Directors and/or officer of the Company Group, including under the terms
of that certain Indemnification Agreement dated November 1, 2021, or (v) any other right that you cannot waive as a matter of law. You
agree, however, to waive and release any right to receive any individual remedy or to recover any individual monetary or non-monetary
damages as a result of any administrative charge, complaint or lawsuit filed by you or anyone on your behalf, except as explicitly prohibited
by law. You further understand this Agreement is not intended to and does not limit your ability to voluntarily communicate with any
Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including
providing documents or other information, without notice to the Company Group. While this Agreement does not limit your right to receive
an award for information provided to the Securities and Exchange Commission, you understand and agree that you are otherwise waiving,
to the fullest extent permitted by law, any and all rights you may have to individual relief based on any Claims that you have released
and any rights you have waived by signing this Agreement. If any Claim is not subject to release, to the extent permitted by law, you
waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified
class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Group Parties is a party.
This
Agreement does not abrogate your existing rights under the terms of any Company Group benefit plan or any plan or agreement related to
equity ownership in the Company Group, as modified by this Agreement; however, to the extent not in conflict with the preceding portion
of this sentence, it does waive, release and forever discharge Claims existing as of the date you execute this Agreement pursuant to
any such plan or agreement.
11.
Your Acknowledgments and Affirmations/ Effective Date of Agreement. You acknowledge that you are knowingly and voluntarily waiving
and releasing any and all rights you may have under the ADEA, as amended. You also acknowledge and agree that (i) the consideration given
to you in exchange for the waiver and release in this Agreement is in addition to anything of value to which you were already entitled,
and (ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections
for which you are eligible, and have not suffered any on-the-job injury for which you have not already filed a Claim. You affirm that
all of the decisions of the Company Group Parties regarding your pay and benefits through the date of your execution of this Agreement
were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by
law. You agree that you will not voluntarily (except in response to legal compulsion or as permitted in Section 10 above) assist any
person in bringing or pursuing any proposed or pending litigation, arbitration, administrative claim or other formal proceeding against
any of the Company Group Parties. You further affirm that you have no known workplace injuries or occupational diseases. You acknowledge
and affirm that you have not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the
Company Group Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act,
the Family Medical Leave Act or any related statute or local leave or disability accommodation laws, or any applicable state workers’
compensation law. You acknowledge and affirm that, as of the date that you sign this Agreement, you have not filed any charge, complaint
or action against the Company Group in any forum. This Agreement may be used as a complete defense in the future if you bring a lawsuit
based on any claim that you have released. You further acknowledge and affirm that you have been advised by this writing that: (a) your
waiver and release do not apply to any rights or Claims that may arise after the execution date of this Agreement; (b) you have been
advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have been given twenty-one
(21) days to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier and if you do you will sign
the Consideration Period waiver below; and (d) you have seven (7) days following your execution of this Agreement to revoke this Agreement;
and (e) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised (the “Effective
Date”), which shall be the eighth day after this Agreement is executed by you.
12.
No Admission. This Agreement does not constitute an admission by the Company Group of any wrongful action or violation of any federal,
state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment
actions, or of any other possible or claimed violation of law or rights.
13.
Breach. You agree that upon any breach of this Agreement that causes material harm to the business of the Company Group, you will
forfeit all amounts paid or owing to you under Section 3 of this Agreement. Further, you acknowledge that it may be impossible to assess
the damages caused by your violation of the terms of Section 9 of this Agreement and further agree that any threatened or actual violation
or breach of Section 9 of this Agreement will constitute immediate and irreparable injury to the Company Group. You therefore agree that
for purposes of the availability of equitable remedies to the Company Group in the event of a breach, any such breach of Section 9 of
this Agreement shall be deemed to be a material breach of this Agreement, and, in addition to any and all other damages and remedies
available to the Company Group upon your breach of this Agreement, the Company Group shall be entitled to an injunction to prevent you
from violating or breaching this Agreement.
14.
Indemnification and Insurance.
To
the extent, if any, not already provided by the Company Group, the Company Group hereby agrees to indemnify and hold you harmless to
the maximum extent authorized by the Company’s by-laws or other organizational documents for any of your actions or inactions as
an officer, director, employee or agent of the Company or any Affiliate or as a fiduciary of any benefit plan of any of the foregoing,
as applicable. Additionally, the Company Group shall continue to maintain at its own expense, Directors’ and Officers’ Liability
Insurance providing coverage to you on terms that are no less favorable than the coverage provided to other directors and senior officers
of the Company.
15.
Miscellaneous. This Agreement, including any exhibits and the Award Agreements (which you understand and agree remain in full force
and effect and, by signing below, you reaffirm your agreement to comply with the terms of such agreement(s), except as otherwise provided
by this Agreement (including without limitation, Section 9(a) of this Agreement)), constitutes the complete, final and exclusive embodiment
of the entire agreement between you and the Company Group with regard to this subject matter. It is entered into without reliance on
any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises,
warranties or representations. For the avoidance of doubt, in the event of a conflict between this Agreement and any of the underlying
Exhibits or applicable Award Agreements, the language of this Agreement shall control. This Agreement may not be modified or amended
except in a writing signed by both you and a duly authorized officers of both the Company and Parent. This Agreement will bind the heirs,
personal representatives, successors and assigns of both you and the Company Group and inure to the benefit of both you and the Company
Group, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole
or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by
the court so as to be rendered enforceable. This Agreement will be deemed to have been entered into and will be construed and enforced
in accordance with the laws of the Commonwealth of Massachusetts as applied to contracts made and to be performed entirely within Massachusetts.
16.
Future Inquiries. In the event that the Company receives an inquiry about you from a future prospective employer, the Company Group
will disclose the position you held and the duration of your employment.
If
this Agreement is acceptable to you, please sign below and return the original to me on or after your Separation Date, but no later than
the date that is twenty-one (21) days after you receive this Agreement. This offer will expire if we have not received your executed
copy by that date.
We
wish you good luck in your future endeavors.
Sincerely,
Syntec
Optics Holdings, Inc. |
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By: |
/s/
Al Kapoor |
|
|
Al
Kapoor |
|
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Chairman
and Chief Executive Officer |
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Agreed
to and Accepted: |
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|
/s/
Robert O. Nelson II |
|
Robert
O. Nelson II |
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CONSIDERATION
PERIOD
I,
Robert O. Nelson II, understand that I have the right to take at least 21 days to consider whether to sign this Agreement, which I received
on June 7, 2024. If I elect to sign this Agreement before 21 days have passed, I understand I am to sign and date below this paragraph
to confirm that I knowingly and voluntarily agree to waive the 21-day consideration period.
Agreed: |
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/s/
Robert O. Nelson II |
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Signature
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June
7, 2024 |
|
Date |
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EXHIBITS
Exhibit
A
How
to File for Unemployment Insurance Benefits (Form 0590A)
Exhibit
B
Offer
Letter
Exhibit
C
Confidential
Information and Intellectual Property Agreement
Exhibit
D
Confidential
Information, Non-Competition, Non-Solicitation, and Intellectual Property Agreement
Exhibit
E
OLIT
Indemnity
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.; |
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|
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; |
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|
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 |
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b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
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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 |
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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 |
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|
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:
August 14, 2024
|
By: |
/s/
Al Kapoor |
|
Name: |
Al
Kapoor |
|
Title: |
Chairman
and Chief Executive Officer |
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|
(Principal
Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Dean Rudy, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Syntec Optics Holdings, Inc.; |
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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; |
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|
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; |
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|
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 |
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b) |
(Paragraph
omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313); |
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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 |
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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 |
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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:
August 14, 2024
|
By: |
/s/
Dean Rudy |
|
Name:
|
Dean
Rudy |
|
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 June 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Al Kapoor, 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:
August 14, 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 June 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Dean Rudy, 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:
August 14, 2024
|
By: |
/s/
Dean Rudy |
|
Name:
|
Dean
Rudy |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Accounting Officer and Financial Officer) |
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 13, 2024 |
Document Type |
10-Q
|
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|
|
Document Fiscal Period Focus |
Q2
|
|
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)
|
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Local Phone Number |
464-9336
|
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Entity Current Reporting Status |
Yes
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Yes
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|
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|
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|
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|
|
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|
|
Title of 12(b) Security |
Common
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|
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OPTX
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|
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NASDAQ
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash |
$ 830,479
|
$ 2,158,245
|
Accounts Receivable, Net |
5,939,091
|
6,800,064
|
Inventory |
7,501,090
|
5,834,109
|
Prepaid Expenses and Other Assets |
302,134
|
359,443
|
Total Current Assets |
14,572,794
|
15,151,861
|
Property and Equipment, Net |
10,651,951
|
11,101,052
|
Deferred Income Taxes |
283,104
|
|
Intangible Assets, Net |
265,000
|
295,000
|
Total Assets |
25,772,849
|
26,547,913
|
Current Liabilities |
|
|
Accounts Payable |
2,574,836
|
3,042,315
|
Accrued Expenses |
1,197,066
|
1,071,257
|
Federal Income Tax Payable |
51,966
|
370,206
|
Deferred Revenue |
280,763
|
|
Line of Credit |
6,263,863
|
6,537,592
|
Current Maturities of Debt Obligations |
454,522
|
362,972
|
Total Current Liabilities |
10,823,016
|
11,384,342
|
Long-Term Liabilities |
|
|
Long-Term Debt Obligations |
2,813,391
|
2,024,939
|
Deferred Income Taxes |
|
74,890
|
Total Long-Term Liabilities |
2,813,391
|
2,099,829
|
Total Liabilities |
13,636,407
|
13,484,171
|
Commitments and Contingencies (Note 15) |
|
|
Stockholder’s Equity |
|
|
Additional Paid-In Capital |
1,927,204
|
1,927,204
|
Retained Earnings |
10,205,569
|
11,132,869
|
Total Stockholder’s Equity |
12,136,442
|
13,063,742
|
Total Liabilities and Stockholder’s Equity |
25,772,849
|
26,547,913
|
Common Class A [Member] |
|
|
Stockholder’s Equity |
|
|
Common Stock Value |
$ 3,669
|
$ 3,669
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Common stock, shares outstanding |
36,688,266
|
36,688,266
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Common Class A [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
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121,000,000
|
121,000,000
|
Common stock, shares issued |
36,688,266
|
36,688,266
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36,688,266
|
36,688,266
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net Sales |
$ 7,006,000
|
$ 7,692,296
|
$ 13,261,908
|
$ 14,576,732
|
Cost of Goods Sold |
4,831,673
|
5,315,662
|
10,380,138
|
10,488,396
|
Gross Profit |
2,174,327
|
2,376,634
|
2,881,770
|
4,088,336
|
General and Administrative Expenses |
2,015,783
|
1,609,270
|
4,130,326
|
3,127,232
|
Income (Loss) from Operations |
158,544
|
767,364
|
(1,248,556)
|
961,104
|
Other Income (Expense) |
|
|
|
|
Interest Expense, Including Amortization of Debt Issuance Costs |
(167,242)
|
(131,562)
|
(327,109)
|
(261,583)
|
Other Income |
319,623
|
49,056
|
338,972
|
49,807
|
Total Other Income (Expense), Net |
152,381
|
(82,506)
|
11,863
|
(211,776)
|
Income (Loss) Before Provision for (Benefit) Income Taxes |
310,925
|
684,858
|
(1,236,693)
|
749,328
|
Provision (Benefit) for Income Taxes |
29,082
|
117,093
|
(309,393)
|
128,541
|
Net Income (Loss) |
$ 281,843
|
$ 567,765
|
$ (927,300)
|
$ 620,787
|
Basic net income (loss) per share |
$ 0.01
|
$ 0.02
|
$ (0.03)
|
$ 0.02
|
Diluted net income (loss) per share |
$ 0.01
|
$ 0.02
|
$ (0.03)
|
$ 0.02
|
Weighted Average number of common shares outstanding - Basic |
36,688,266
|
31,600,000
|
36,688,266
|
31,600,000
|
Weighted Average number of common shares outstanding - Diluted |
36,688,266
|
31,600,000
|
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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v3.24.2.u1
Condensed Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balances 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) |
|
|
620,787
|
620,787
|
Distributions |
|
|
(62,065)
|
(62,065)
|
Balances at Jun. 30, 2023 |
$ 3,160
|
237,692
|
9,777,223
|
10,018,075
|
Balance, shares at Jun. 30, 2023 |
31,600,000
|
|
|
|
Balances at Mar. 31, 2023 |
$ 3,160
|
237,692
|
9,225,417
|
9,466,269
|
Balance, shares at Mar. 31, 2023 |
31,600,000
|
|
|
|
Net Income (Loss) |
|
|
567,765
|
567,765
|
Distributions |
|
|
(15,959)
|
(15,959)
|
Balances at Jun. 30, 2023 |
$ 3,160
|
237,692
|
9,777,223
|
10,018,075
|
Balance, shares at Jun. 30, 2023 |
31,600,000
|
|
|
|
Balances 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) |
|
|
(927,300)
|
(927,300)
|
Balances at Jun. 30, 2024 |
$ 3,669
|
1,927,204
|
10,205,569
|
12,136,442
|
Balance, shares at Jun. 30, 2024 |
36,688,266
|
|
|
|
Balances at Mar. 31, 2024 |
$ 3,669
|
1,927,204
|
9,923,726
|
11,854,599
|
Balance, shares at Mar. 31, 2024 |
36,688,266
|
|
|
|
Net Income (Loss) |
|
|
281,843
|
281,843
|
Balances at Jun. 30, 2024 |
$ 3,669
|
$ 1,927,204
|
$ 10,205,569
|
$ 12,136,442
|
Balance, shares at Jun. 30, 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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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows From Operating Activities |
|
|
Net (Loss) Income |
$ (927,300)
|
$ 620,787
|
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities: |
|
|
Depreciation and Amortization |
1,385,606
|
1,404,552
|
Amortization of Debt Issuance Costs |
4,387
|
4,825
|
Gain on Disposal of Property and Equipment |
(309,000)
|
|
Change in Allowance for Expected Credit Losses |
(24,395)
|
48,080
|
Change in Reserve for Obsolescence |
291,576
|
(8,032)
|
Deferred Income Taxes |
(357,994)
|
(461,514)
|
(Increase) Decrease in: |
|
|
Accounts Receivable |
885,368
|
(1,177,615)
|
Inventory |
(1,958,557)
|
(942,781)
|
Prepaid Expenses and Other Assets |
57,309
|
159,125
|
Increase (Decrease) in: |
|
|
Accounts Payables and Accrued Expenses |
(993,406)
|
773,821
|
Federal Income Tax Payable |
(318,240)
|
449,245
|
Deferred Revenue |
280,763
|
(282,845)
|
Net Cash (Used In) Provided By Operating Activities |
(1,983,883)
|
587,648
|
Cash Flows From Investing Activities |
|
|
Purchases of Property and Equipment |
(254,767)
|
(828,299)
|
Proceeds from Disposal of Property and Equipment |
309,000
|
|
Net Cash Provided By (Used in) Investing Activities |
54,233
|
(828,299)
|
Cash Flows From Financing Activities |
|
|
(Repayments) Borrowing on Line of Credit, Net |
(273,729)
|
324,114
|
Borrowing on Debt Obligations |
1,100,388
|
|
Repayments on Debt Obligations |
(224,775)
|
(486,402)
|
Distributions |
|
(62,065)
|
Net Cash Provided By (Used in) Financing Activities |
601,884
|
(224,353)
|
Net Decrease in Cash |
(1,327,766)
|
(465,004)
|
Cash - Beginning |
2,158,245
|
526,182
|
Cash - Ending |
830,479
|
61,178
|
Supplemental Cash Flow Disclosures: |
|
|
Cash Paid for Interest |
276,809
|
267,220
|
Cash Paid for Taxes |
537,510
|
140,810
|
Supplemental Disclosures of Non-Cash Investing Activities: |
|
|
Assets Acquired and Included in Accounts Payable and Accrued Expenses |
$ 651,736
|
$ 22,364
|
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v3.24.2.u1
Description of Organization and Business Operations
|
6 Months Ended |
Jun. 30, 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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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 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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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
Revenue Recognition
|
6 Months Ended |
Jun. 30, 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 from amounts included in deferred revenue at the beginning of the period was $-0-
and $200,615 for the three months
ended June 30, 2024 and 2023, respectively and $-0- and $442,115 for the six months ended June 30, 2024 and 2023, 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 June 30, 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 and six months ended June
30:
Schedule
of Disaggregated Revenues
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Products | |
$ | 6,947,620 | | |
$ | 5,795,534 | | |
$ | 13,198,323 | | |
$ | 12,272,586 | |
Custom Tooling | |
| 15,443 | | |
| 776,681 | | |
| 19,648 | | |
| 1,114,061 | |
Non-Recurring Engineering | |
| 42,937 | | |
| 1,120,081 | | |
| 43,937 | | |
| 1,190,085 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
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 and six months ended June 30:
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Consumer | |
$ | 1,445,826 | | |
$ | 1,727,287 | | |
$ | 2,683,811 | | |
$ | 3,410,520 | |
Communication | |
| 1,705,843 | | |
| 1,084,669 | | |
| 3,763,105 | | |
| 1,458,387 | |
Defense | |
| 1,227,483 | | |
| 2,128,498 | | |
| 2,420,798 | | |
| 4,506,390 | |
Medical | |
| 2,626,848 | | |
| 2,751,842 | | |
| 4,394,194 | | |
| 5,201,435 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.2.u1
Inventory
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventory |
Note
4 — Inventory
Inventory
consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Inventory
| |
2024 | | |
2023 | |
| |
| | |
| |
Raw Materials | |
$ | 544,830 | | |
$ | 1,144,322 | |
Work-in-Process | |
| 7,322,492 | | |
| 4,818,156 | |
Finished Goods | |
| 241,964 | | |
| 188,251 | |
Inventory gross | |
| 8,109,286 | | |
| 6,150,729 | |
Less: Reserve for Obsolescence | |
| 608,196 | | |
| 316,620 | |
| |
| | | |
| | |
Inventory | |
$ | 7,501,090 | | |
$ | 5,834,109 | |
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v3.24.2.u1
Property and Equipment
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
5 — Property and Equipment
Property
and equipment consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Property and Equipment
| |
2024 | | |
2023 | |
| |
| | |
| |
Machinery and Equipment | |
$ | 32,037,918 | | |
$ | 32,466,641 | |
Building and Leasehold Improvements | |
| 5,109,467 | | |
| 5,096,436 | |
Land | |
| 130,000 | | |
| 130,000 | |
Office Furniture and Equipment | |
| 2,295,749 | | |
| 2,292,995 | |
Tooling | |
| 103,310 | | |
| 103,310 | |
Vehicles | |
| 24,059 | | |
| 24,059 | |
Assets Not Placed in Service | |
| 394,841 | | |
| 260,000 | |
Property
and Equipment, Gross | |
| 40,095,344 | | |
| 40,373,441 | |
Less: Accumulated Depreciation | |
| 29,443,393 | | |
| 29,272,389 | |
| |
| | | |
| | |
Property and Equipment, Net | |
$ | 10,651,951 | | |
$ | 11,101,052 | |
Depreciation
expenses were approximately $675,200 and $681,100 for the three months ended June 30, 2024 and 2023, respectively and $1,356,000 and
$1,405,000 for the six months ended June 30, 2024 and 2023, respectively.
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v3.24.2.u1
Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
Note
6 — Intangible Assets
Intangible
assets consist of the following at June 30, 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 | |
| 35,000 | | |
| 5,000 | |
| |
| | | |
| | |
Intangible Assets, Net | |
$ | 265,000 | | |
$ | 295,000 | |
Amortization
expense for acquired finite-lived intangibles was $15,000
and $-0-
for the three months ended June 30, 2024 and 2023, respectively and $30,000 and $-0- for the six months ended June 30, 2024 and 2023. Expected future amortization expense of acquired finite-lived
intangible assets as of June 30, 2024, is as follows:
Schedule
of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets
| |
| | |
December 31, 2024 | |
$ | 30,000 | |
2025 | |
| 60,000 | |
2026 | |
| 60,000 | |
2027 | |
| 60,000 | |
2028 | |
| 55,000 | |
| |
| | |
Total | |
$ | 265,000 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.2.u1
Line of Credit
|
6 Months Ended |
Jun. 30, 2024 |
Line of Credit Facility [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 (the “Credit Agreement”). 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 June 30, 2024 was 7.63%.
As of June 30, 2024 and December 31, 2023, the Company had $6,263,863
and $6,537,592,
respectively, outstanding under the line of credit facility.
The
Credit Agreement contains 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 June 30, 2024, the Company was not in compliance with the minimum
fixed charge coverage ratio and limitation of additional capital lease indebtedness as defined in the Credit Agreement. On August
9, 2024, the Company obtained a waiver with respect to the Credit Agreement, pursuant to which the sections of the agreement mentioned
above are waived for the period ending June 30, 2024.
|
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v3.24.2.u1
Long-Term Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
Note
8 — Long-Term Debt
Long-term
debt consists of the following at June 30, 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. | |
$ | 854,765 | | |
$ | - | |
| |
| | | |
| | |
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. | |
| 226,612 | | |
| - | |
| |
| | | |
| | |
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. | |
| 1,568,599 | | |
| 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. | |
| 693,363 | | |
| 718,441 | |
| |
| | | |
| | |
Total Long-Term Debt | |
| 3,343,339 | | |
| 2,441,067 | |
| |
| | | |
| | |
Less: Unamortized Debt Issuance Costs | |
| 75,426 | | |
| 53,156 | |
| |
| | | |
| | |
Long-Term Debt, Less Unamortized Debt Issuance Costs | |
| 3,267,913 | | |
| 2,387,911 | |
| |
| | | |
| | |
Less: Current Maturities | |
| 454,522 | | |
| 362,972 | |
| |
| | | |
| | |
Long-Term Debt | |
$ | 2,813,391 | | |
$ | 2,024,939 | |
At
June 30, 2024, the future debt maturities are as follows:
Schedule
of Long Term Future Debt Maturities
| |
| | |
December 31, 2024 (remainder of year) | |
$ | 223,419 | |
2025 | |
| 468,611 | |
2026 | |
| 497,991 | |
2027 | |
| 529,310 | |
2028 | |
| 490,302 | |
Thereafter | |
| 1,133,706 | |
| |
| | |
Total | |
$ | 3,343,339 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.24.2.u1
Retirement Plan
|
6 Months Ended |
Jun. 30, 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 June 30, 2024 and 2023 amounted to $50,000 and $47,000,
respectively, and for the six months ended June 30, 2024 and 2023 were approximately $95,000 and $94,000, respectively.
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 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 25.0% and 17.2% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rate for
the six months ended June 30, 2024 and 2023 does not include any discrete tax benefits.
|
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v3.24.2.u1
Warrants
|
6 Months Ended |
Jun. 30, 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 six months
ended June 30, 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 June 30, 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, June 30, 2024 | |
| 14,107,989 | |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2023 to June 30, 2023:
| |
Common Stock Warrants | |
| |
| |
**Warrants outstanding, January 1, 2023 | |
| - | |
Assumed in merger | |
| 14,107,989 | |
Exercised subsequent to merger | |
| - | |
Warrants outstanding, June 30, 2023 | |
| 14,107,989 | |
SYNTEC
OPTICS HOLDINGS, INC.
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.2.u1
Common Stock
|
6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 13 |
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v3.24.2.u1
Stock-based Compensation
|
6 Months Ended |
Jun. 30, 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 June 30, 2024, there were 4,773,971 shares of unissued authorized and available for future awards under the plans.
|
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v3.24.2.u1
Income (Loss) Per Share
|
6 Months Ended |
Jun. 30, 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 and six
months ended June 30, 2024 and 2023:
Schedule
of Basic And Diluted (loss) Earnings Per Share
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Basic and diluted net income (loss) per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 281,843 | | |
$ | 567,765 | | |
$ | (927,300 | ) | |
$ | 620,787 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 36,688,266 | | |
| 31,600,000 | | |
| 36,688,266 | | |
| 31,600,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.01 | | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | 0.02 | |
|
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 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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v3.24.2.u1
Significant Customers
|
6 Months Ended |
Jun. 30, 2024 |
Risks and Uncertainties [Abstract] |
|
Significant Customers |
Note
16 — Significant Customers
For
the three months ended June 30, 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 $3,497,000 as of June 30, 2024.
For
the three months ended June 30, 2023, 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 $4,750,000 as of June 30, 2023.
For
the six months ended June 30, 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
$3,497,000 as of June 30, 2024.
For
the six months ended June 30, 2023, the Company generated 51% 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 $4,750,000 as of June 30, 2023.
|
X |
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 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, other than as
described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the interim
unaudited condensed consolidated financial statements.
On July 16, 2024, the Company entered into four separate capital lease
agreements for machinery and equipment with a total financed amount of $2,034,742.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 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 |
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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v3.24.2.u1
Revenue Recognition (Tables)
|
6 Months Ended |
Jun. 30, 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 and six months ended June
30:
Schedule
of Disaggregated Revenues
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Products | |
$ | 6,947,620 | | |
$ | 5,795,534 | | |
$ | 13,198,323 | | |
$ | 12,272,586 | |
Custom Tooling | |
| 15,443 | | |
| 776,681 | | |
| 19,648 | | |
| 1,114,061 | |
Non-Recurring Engineering | |
| 42,937 | | |
| 1,120,081 | | |
| 43,937 | | |
| 1,190,085 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
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 and six months ended June 30:
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Consumer | |
$ | 1,445,826 | | |
$ | 1,727,287 | | |
$ | 2,683,811 | | |
$ | 3,410,520 | |
Communication | |
| 1,705,843 | | |
| 1,084,669 | | |
| 3,763,105 | | |
| 1,458,387 | |
Defense | |
| 1,227,483 | | |
| 2,128,498 | | |
| 2,420,798 | | |
| 4,506,390 | |
Medical | |
| 2,626,848 | | |
| 2,751,842 | | |
| 4,394,194 | | |
| 5,201,435 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 7,006,000 | | |
$ | 7,692,296 | | |
$ | 13,261,908 | | |
$ | 14,576,732 | |
|
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v3.24.2.u1
Inventory (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventory
consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Inventory
| |
2024 | | |
2023 | |
| |
| | |
| |
Raw Materials | |
$ | 544,830 | | |
$ | 1,144,322 | |
Work-in-Process | |
| 7,322,492 | | |
| 4,818,156 | |
Finished Goods | |
| 241,964 | | |
| 188,251 | |
Inventory gross | |
| 8,109,286 | | |
| 6,150,729 | |
Less: Reserve for Obsolescence | |
| 608,196 | | |
| 316,620 | |
| |
| | | |
| | |
Inventory | |
$ | 7,501,090 | | |
$ | 5,834,109 | |
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Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Property and Equipment
| |
2024 | | |
2023 | |
| |
| | |
| |
Machinery and Equipment | |
$ | 32,037,918 | | |
$ | 32,466,641 | |
Building and Leasehold Improvements | |
| 5,109,467 | | |
| 5,096,436 | |
Land | |
| 130,000 | | |
| 130,000 | |
Office Furniture and Equipment | |
| 2,295,749 | | |
| 2,292,995 | |
Tooling | |
| 103,310 | | |
| 103,310 | |
Vehicles | |
| 24,059 | | |
| 24,059 | |
Assets Not Placed in Service | |
| 394,841 | | |
| 260,000 | |
Property
and Equipment, Gross | |
| 40,095,344 | | |
| 40,373,441 | |
Less: Accumulated Depreciation | |
| 29,443,393 | | |
| 29,272,389 | |
| |
| | | |
| | |
Property and Equipment, Net | |
$ | 10,651,951 | | |
$ | 11,101,052 | |
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v3.24.2.u1
Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets |
Intangible
assets consist of the following at June 30, 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 | |
| 35,000 | | |
| 5,000 | |
| |
| | | |
| | |
Intangible Assets, Net | |
$ | 265,000 | | |
$ | 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 | |
$ | 30,000 | |
2025 | |
| 60,000 | |
2026 | |
| 60,000 | |
2027 | |
| 60,000 | |
2028 | |
| 55,000 | |
| |
| | |
Total | |
$ | 265,000 | |
|
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v3.24.2.u1
Long-Term Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long Term Debt Maturities |
Long-term
debt consists of the following at June 30, 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. | |
$ | 854,765 | | |
$ | - | |
| |
| | | |
| | |
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. | |
| 226,612 | | |
| - | |
| |
| | | |
| | |
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. | |
| 1,568,599 | | |
| 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. | |
| 693,363 | | |
| 718,441 | |
| |
| | | |
| | |
Total Long-Term Debt | |
| 3,343,339 | | |
| 2,441,067 | |
| |
| | | |
| | |
Less: Unamortized Debt Issuance Costs | |
| 75,426 | | |
| 53,156 | |
| |
| | | |
| | |
Long-Term Debt, Less Unamortized Debt Issuance Costs | |
| 3,267,913 | | |
| 2,387,911 | |
| |
| | | |
| | |
Less: Current Maturities | |
| 454,522 | | |
| 362,972 | |
| |
| | | |
| | |
Long-Term Debt | |
$ | 2,813,391 | | |
$ | 2,024,939 | |
|
Schedule of Long Term Future Debt Maturities |
At
June 30, 2024, the future debt maturities are as follows:
Schedule
of Long Term Future Debt Maturities
| |
| | |
December 31, 2024 (remainder of year) | |
$ | 223,419 | |
2025 | |
| 468,611 | |
2026 | |
| 497,991 | |
2027 | |
| 529,310 | |
2028 | |
| 490,302 | |
Thereafter | |
| 1,133,706 | |
| |
| | |
Total | |
$ | 3,343,339 | |
|
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v3.24.2.u1
Warrants (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Warrants |
|
Schedule of Warrant |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2024 to June 30, 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, June 30, 2024 | |
| 14,107,989 | |
The
following tables presents a roll-forward of the Company’s warrants from January 1, 2023 to June 30, 2023:
| |
Common Stock Warrants | |
| |
| |
**Warrants outstanding, January 1, 2023 | |
| - | |
Assumed in merger | |
| 14,107,989 | |
Exercised subsequent to merger | |
| - | |
Warrants outstanding, June 30, 2023 | |
| 14,107,989 | |
|
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v3.24.2.u1
Common Stock (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of Reserved shares of common stock |
As
of June 30, 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 13 |
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v3.24.2.u1
Income (Loss) Per Share (Tables)
|
6 Months Ended |
Jun. 30, 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 and six
months ended June 30, 2024 and 2023:
Schedule
of Basic And Diluted (loss) Earnings Per Share
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Basic and diluted net income (loss) per share | |
| | | |
| | | |
| | | |
| | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 281,843 | | |
$ | 567,765 | | |
$ | (927,300 | ) | |
$ | 620,787 | |
| |
| | | |
| | | |
| | | |
| | |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 36,688,266 | | |
| 31,600,000 | | |
| 36,688,266 | | |
| 31,600,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.01 | | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | 0.02 | |
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v3.24.2.u1
Schedule of Disaggregated Revenues (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 7,006,000
|
$ 7,692,296
|
$ 13,261,908
|
$ 14,576,732
|
Consumer [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,445,826
|
1,727,287
|
2,683,811
|
3,410,520
|
Communication [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,705,843
|
1,084,669
|
3,763,105
|
1,458,387
|
Defense [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,227,483
|
2,128,498
|
2,420,798
|
4,506,390
|
Medical [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
2,626,848
|
2,751,842
|
4,394,194
|
5,201,435
|
Products [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
6,947,620
|
5,795,534
|
13,198,323
|
12,272,586
|
Custom Tooling [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
15,443
|
776,681
|
19,648
|
1,114,061
|
Non-Recurring Engineering [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 42,937
|
$ 1,120,081
|
$ 43,937
|
$ 1,190,085
|
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v3.24.2.u1
Revenue Recognition (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jan. 01, 2024 |
Dec. 31, 2023 |
Jan. 01, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
|
|
|
|
|
Accounts receivable net |
$ 5,939,091
|
|
$ 5,939,091
|
|
$ 6,800,064
|
$ 6,800,064
|
$ 5,925,724
|
Deferred revenue |
|
|
|
|
$ 0
|
|
$ 348,095
|
Deferred revenue |
0
|
$ 200,615
|
0
|
$ 442,115
|
|
|
|
Capitalized contract cost |
$ 0
|
|
$ 0
|
|
|
$ 0
|
|
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v3.24.2.u1
Schedule of Inventory (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw Materials |
$ 544,830
|
$ 1,144,322
|
Work-in-Process |
7,322,492
|
4,818,156
|
Finished Goods |
241,964
|
188,251
|
Inventory gross |
8,109,286
|
6,150,729
|
Less: Reserve for Obsolescence |
608,196
|
316,620
|
Inventory |
$ 7,501,090
|
$ 5,834,109
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v3.24.2.u1
Schedule of Property and Equipment (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
$ 40,095,344
|
$ 40,373,441
|
Less: Accumulated Depreciation |
29,443,393
|
29,272,389
|
Property and Equipment, Net |
10,651,951
|
11,101,052
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
32,037,918
|
32,466,641
|
Land, Buildings and Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and Equipment, Gross |
5,109,467
|
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 |
2,295,749
|
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 |
$ 394,841
|
$ 260,000
|
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Property and Equipment (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation and Amortization |
$ 675,200
|
$ 681,100
|
$ 1,356,000
|
$ 1,405,000
|
X |
- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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Schedule of Intangible Assets (Details) - USD ($)
|
Jun. 30, 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 |
35,000
|
5,000
|
Intangible Assets, Net |
$ 265,000
|
$ 295,000
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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Schedule of Expected Future Amortization Expenses of Acquired Finite-Lived Intangible Assets (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
December 31, 2024 |
$ 30,000
|
|
2025 |
60,000
|
|
2026 |
60,000
|
|
2027 |
60,000
|
|
2028 |
55,000
|
|
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$ 265,000
|
$ 295,000
|
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Line of Credit (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Line of Credit Facility [Line Items] |
|
|
Outstanding line of credit |
$ 6,263,863
|
$ 6,537,592
|
Credit Agreement [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Outstanding line of credit |
6,263,863
|
$ 6,537,592
|
M&T Bank [Member] | Credit Agreement [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit available amount |
$ 10,000,000
|
|
Line of credit interest rate |
7.63%
|
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v3.24.2.u1
Schedule of Long Term Debt Maturities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
$ 3,343,339
|
$ 2,441,067
|
Less: Unamortized Debt Issuance Costs |
75,426
|
53,156
|
Long-Term Debt, Less Unamortized Debt Issuance Costs |
3,267,913
|
2,387,911
|
Less: Current Maturities |
454,522
|
362,972
|
Long-Term Debt |
2,813,391
|
2,024,939
|
M&T Bank Term Note Payable [Member] | Notes Payable 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
854,765
|
|
M&T Bank Term Note Payable [Member] | Notes Payable 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
226,612
|
|
M&T Bank Term Note Payable [Member] | Notes Payable 3 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
1,568,599
|
1,722,626
|
US Small Business Administration Term Note Payable [Member] | Notes Payable 4 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Long-Term Debt |
$ 693,363
|
$ 718,441
|
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v3.24.2.u1
Schedule of Long Term Debt Maturities (Details) (Parenthetical)
|
6 Months Ended |
Jun. 30, 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%
|
X |
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v3.24.2.u1
Schedule of Long Term Future Debt Maturities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
December 31, 2024 (remainder of year) |
$ 223,419
|
|
2025 |
468,611
|
|
2026 |
497,991
|
|
2027 |
529,310
|
|
2028 |
490,302
|
|
Thereafter |
1,133,706
|
|
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$ 3,343,339
|
$ 2,441,067
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v3.24.2.u1
Retirement Plan (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Retirement Benefits [Abstract] |
|
|
|
|
Retirement contribution, description |
|
|
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.
|
|
Retirement contribution amount |
$ 50,000
|
$ 47,000
|
$ 95,000
|
$ 94,000
|
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v3.24.2.u1
v3.24.2.u1
Schedule of Warrant (Details) - shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Warrants outstanding, beginning balance |
14,107,989
|
|
Warrants outstanding, ending balance |
14,107,989
|
|
Common Stock [Member] |
|
|
Warrants outstanding, beginning balance |
14,107,989
|
|
Warrant exercised |
|
|
Assumed in merger |
|
14,107,989
|
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|
|
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14,107,989
|
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v3.24.2.u1
Warrants (Details Narrative) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Class of warrant or right outstanding |
14,107,989
|
14,107,989
|
|
|
Common Stock [Member] |
|
|
|
|
Warrant to purchase share |
1
|
|
|
|
Warrant exercise price |
$ 11.50
|
|
|
|
Share price |
$ 18.00
|
|
|
|
Class of warrant or right outstanding |
14,107,989
|
14,107,989
|
14,107,989
|
|
Warrant [Member] |
|
|
|
|
Warrant exercise price |
$ 0.01
|
|
|
|
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14,107,989
|
|
|
|
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v3.24.2.u1
Schedule of Reserved shares of common stock (Details) - shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
|
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
|
|
|
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v3.24.2.u1
Common Stock (Details Narrative) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Class of Stock [Line Items] |
|
|
Common stock, shares outstanding |
36,688,266
|
36,688,266
|
Common Class A [Member] |
|
|
Class of Stock [Line Items] |
|
|
CommonStock, shares authorized |
121,000,000
|
121,000,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares issued |
36,688,266
|
36,688,266
|
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36,688,266
|
36,688,266
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v3.24.2.u1
Stock-based Compensation (Details Narrative) - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 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] | Maximum [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Shares reserved for issuance |
|
2,773,972
|
|
|
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v3.24.2.u1
Schedule of Basic And Diluted (loss) Earnings Per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Net income (loss) |
$ 281,843
|
$ 567,765
|
$ (927,300)
|
$ 620,787
|
Weighted-average shares outstanding |
36,688,266
|
31,600,000
|
36,688,266
|
31,600,000
|
Basic net income (loss) per share |
$ 0.01
|
$ 0.02
|
$ (0.03)
|
$ 0.02
|
Diluted net income (loss) per share |
$ 0.01
|
$ 0.02
|
$ (0.03)
|
$ 0.02
|
X |
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Significant Customers (Details Narrative) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Three Customers [Member] - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Concentration Risk [Line Items] |
|
|
|
|
Revenue percentage |
53.00%
|
53.00%
|
53.00%
|
51.00%
|
Accounts receivable |
$ 3,497,000
|
$ 4,750,000
|
$ 3,497,000
|
$ 4,750,000
|
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- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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