Company: MITQ
Filing Date: 2025-09-29
Form Type: 10-K/A
Source: 0001437749-25-029978
Chunk: 81

Company: MOVING iMAGE TECHNOLOGIES INC.
Filing Date: 2025-09-29
Form: 10-K/A
Chunk 81
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’s aggregate warranty liabilities were as follows for the following periods (in thousands):

| Warranty Liabilities                           
 ($ in Thousands)                               |     | For the Year Ended June 30, | 2025 |   |     |   | 2024 |   |
|:-----------------------------------------------|:----|:----------------------------|-----:|:--|:----|:--|-----:|:--|
| Product warranty liability beginning of period |     | $                           |   69 |   |     | $ |   53 |   |
| Accruals for warranties issued                 |     |                             |  354 |   |     |   |  250 |   |
| Settlements made                               |     |                             | (386 | ) |     |   | (234 | ) |
| Product warranty liability end of the period   |     | $                           |   37 |   |     | $ |   69 |   |

50 MOVING IMAGE TECHNOLOGIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1— BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Research and Development:The Company incurs costs to develop new products, as well as improve the appeal and functionality of its existing products. Research and development costs are charged to expense when incurred. Share-Based Compensation:The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation. Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued Accounting Standard Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU 2023-07, which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The guidance is this update for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company adopted ASU 2023-07 on June 30, 2025, which adoption only impacted the Company's segment