Company: MITQ
Filing Date: 2025-09-29
Form Type: 10-K/A
Source: 0001437749-25-029978
Chunk: 87

Company: MOVING iMAGE TECHNOLOGIES INC.
Filing Date: 2025-09-29
Form: 10-K/A
Chunk 87
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 have been determined to be not more likely than not realizable. Management does not believe that it had any significant uncertain tax positions at June 30, 2025 and 2024, nor is this expected to change within the next twelve months due to the settlement and expiration of statutes of limitation.

NOTE 10 —CUSTOMER AND VENDOR CONCENTRATIONS

: For the year ended June 30, 2025, three customers provided 18%, 16% and 13% of accounts receivable at June 30, 2025. No customers accounted for more than 10% of accounts receivable atJune 30, 2024.

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#### MOVING IMAGE TECHNOLOGIES, INC.

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10 —CUSTOMER AND VENDOR CONCENTRATIONS (continued)

For the year ended June 30, 2025, the two largest vendors provided 21% and 11%, respectively, of the Company’s purchases. For the year ended June 30, 2024, the two largest vendors provided 16% and 13%, respectively, of the Company’s purchases.

On June 30, 2025, one vendor accounted for 35% of accounts payable at June 30, 2025. At June 30, 2024, the one vendor accounted for 38% of accounts payable balance.

NOTE 11— COMMITMENTS AND CONTINGENCIES Operating Leases:The Company occupies an executive office and warehouse space in Fountain Valley and Whittier, CA, pursuant to separate lease agreements. Under ASC 842, at contract inception the Company determined whether the contract is or contains a lease and whether the lease should be classified as on operating or a financing lease. Operating leases are included in ROU (right-of-use) assets and operating lease liabilities in our consolidated balance sheet. The Company’s executive office and warehouse lease agreements are classified as operating leases. The office lease agreement, as amended, expire o n January 31, 2030, and does not include any renewal options. The Whittier, CA warehouse lease agreement commenced on February 1, 2025 expires on January 31, 2028, and does not include any renewal options.The agreements provide for initial monthly base amounts plus annual escalations through the term of the leases. In addition to the monthly base amounts in the lease agreements, the Company is required to pay a portion of real estate taxes and