Company: MITQ
Filing Date: 2025-09-29
Form Type: 10-K/A
Source: 0001437749-25-029978
Chunk: 79

Company: MOVING iMAGE TECHNOLOGIES INC.
Filing Date: 2025-09-29
Form: 10-K/A
Chunk 79
---
 acquisition costs”, are considered incremental and recoverable costs of obtaining a contract with a customer. Management has determined that sales commissions paid are an immaterial component of obtaining a customer’s contract and has elected to expense sales commissions when earned.

|                                         | Disaggregation of Revenue ($ in Thousands) | Year Ended June 30, |   2025 |     |   |   2024 |
|:----------------------------------------|:-------------------------------------------|:--------------------|-------:|:----|:--|-------:|
| Equipment upon delivery (point in time) |                                            | $                   | 17,999 |     | $ | 19,943 |
| Installation (point in time)            |                                            |                     |     94 |     |   |    130 |
| Software and services (over time)       |                                            |                     |     54 |     |   |     66 |
| Total revenues                          |                                            | $                   | 18,147 |     | $ | 20,139 |

Revenue from the sale of equipment is recognized upon shipment of such equipment to customers and performance conditions are satisfied. Revenue from installation is recognized upon completion of installation project and performance obligation is complete. Software subscription revenue for remote monitoring services is recognized on a straight-line basis over the term of the contract, usually one year. Services revenues are generally recognized over time as the contracts are performed. 49 MOVING IMAGE TECHNOLOGIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1— BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Returns and Allowances:The Company records allowances for discounts and product returns at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. Shipping and Handling Costs:Shipping and handling costs are included in the cost of goods sold and are recognized as a period expense during the period in which they are incurred. Advertising Costs:Advertising costs of approximat ely $20,000 in 2025 and $34,000 for 2024 are expensed as incurred within selling and marketing expenses. Intangible Assets:Intangible assets are reviewed for impairment at least annually, in June, or more frequently if a triggering event occurs between impairment testing dates. The Company operates as a single operating segment and as a single reporting unit for the purpose of evaluating intangible asset impairment. In June 2025 and June 2024, the Company conducted its annual intangible asset impairment assessment. As a