Company: PDEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001079973-25-000729
Chunk: 31

Company: PRO DEX INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 31
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000, share-based compensation of $588,000
as well as a decrease in inventory of $1.9 million. Offsetting these sources of cash, our accounts receivable increased by $2.6 million
consistent with our increase in revenue.

Investing Activities

Net cash provided by investing
activities for the nine months ended March 31, 2025, was $754,000 and relates to the sale of some of our marketable securities for $1.9
million offset by purchases of capital equipment and improvements of $1.2 million.

Net cash used in investing
activities for the nine months ended March 31, 2024, was $2.1 million and related to the exercise of the Monogram Warrant for cash in
the amount of $1,250,000 (See Note 4 to the condensed consolidated financial statements contained elsewhere in this report) as well as
equipment and improvements purchases in the amount of $876,000.

Financing Activities

Net cash provided by financing
activities for the nine months ended March 31, 2025, totaled $2.6 million and related primarily to the net increase in borrowings of $6.4
million from Minnesota Bank & Trust (“MBT”) more fully described in Note 11 to the condensed consolidated financial statements
contained elsewhere in this report offset by $3.5 million attributable to the repurchase of 130,148 shares of our common stock pursuant
to our share repurchase program.

Net cash used in financing
activities for the nine months ended March 31, 2024, totaled $2.8 million and related primarily to the $1.8 million repurchase of 96,890
shares of our common stock pursuant to our share repurchase program as well as $990,000 of net principal payments on our loans from MBT
more fully described in Note 11 to the condensed consolidated financial statements contained elsewhere in this report.

Financing Facilities & Liquidity Requirements for the next
twelve months

As of March 31, 2025, our working
capital was $31.6 million. We currently believe that our existing cash and cash equivalent balances together with our accounts receivable
balances will provide us sufficient funds to satisfy our cash requirements as our business is currently conducted for at least the next
12 months. In addition to our cash and cash equivalent balances, we expect to derive a portion of our liquidity from our cash flows
from operations. We may also liquidate some