# EDGAR Filing Document

**Accession Number:** 0000889971
**File Stem:** 0001654954-25-013366
**Filing Date:** 2025-11
**Character Count:** 27638
**Document Hash:** cf0a1c444a8c35a9542c3dacaa305259
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-013366.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001654954-25-013366

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250218

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIGHTPATH TECHNOLOGIES INC
- **CENTRAL INDEX KEY:** 0000889971
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 860708398
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27548
- **FILM NUMBER:** 251507774

**BUSINESS ADDRESS:**
- **STREET 1:** 2603 CHALLENGER TECH CT
- **STREET 2:** STE 100
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32826-2716
- **BUSINESS PHONE:** 4073824003

**MAIL ADDRESS:**
- **STREET 1:** 2603 CHALLENGER TECH CT
- **STREET 2:** STE 100
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32826-2716

?xml version='1.0' encoding='ASCII'? lpth_8ka.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**<u>November 21, 2025 (February 18, 2025)</u>**

**Date of Report (Date of earliest event reported)**

---

| |
|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** |
| **(Exact name of registrant as specified in its charter)** |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-27548** | **86-0708398** |
| **(State or other jurisdiction of** <br>**incorporation or organization)** | **(Commission** <br>**File Number)** | **(I.R.S. Employer** <br>**Identification Number)** |

---

**2603 Challenger Tech Court, Suite 100**

**<u>Orlando, Florida 32826</u>**

**(Address of principal executive office, including zip code)**

**<u>(407) 382-4003</u>**

**(Registrant's telephone number, including area code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading** <br>**Symbol(s)** | **Name of each exchange** <br>**on which registered** |
| Class A Common Stock, par value $0.01 | LPTH | The Nasdaq Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

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 providing pursuant to Section 13(a) of the Exchange Act. ☐

**Introductory Note** 

This Amendment on Form 8-K/A is being filed by LightPath Technologies, Inc. (the "Company") to amend its current report on Form 8-K filed with the Securities and Exchange Commission on February 21, 2025 (the "Original Report"), which was amended on May 2, 2025 (the "Amended Report"), for the purpose of filing the unaudited pro forma condensed combined statement of operations for the year ended June 30, 2025, after giving effect to the acquisition of G5 Infrared, LLC ("G5 Infrared") on February 18, 2025 (the "Transaction").

As previously disclosed, the Company entered into a Membership Interest Purchase Agreement, dated as of February 13, 2025 (the "Membership Interest Purchase Agreement"), by and among the Company, G5 Infrared, the members of G5 Infrared (the "Sellers"), and Kenneth R. Greenslade, solely in his capacity as Sellers' Representative, pursuant to which the Company has agreed to acquire from the Sellers all of the issued and outstanding membership interests of G5 Infrared (the "Transaction"). On February 18, 2025, the Company completed the Transaction (the "Closing Date").

**Item 9.01 Financial Statements and Exhibits.**

**(a) Pro Forma Financial Information.** 

The unaudited pro forma consolidated statements of operations of LightPath Technologies, Inc. for the fiscal year ended June 30, 2025, giving effect to the Transaction, are attached hereto as Exhibit 99.1.

**(d) Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](lpth_ex991.htm) | [Unaudited pro forma consolidated statements of operations of LightPath Technologies, Inc. for the fiscal year ended June 30, 2025.](lpth_ex991.htm) |
| 104  | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed in its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | LIGHTPATH TECHNOLOGIES, INC. | LIGHTPATH TECHNOLOGIES, INC. |
| Dated: November 21, 2025 | By:  | /s/ Albert Miranda  |
|  |  | *Albert Miranda, Chief Financial Officer* |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

The following unaudited pro forma condensed combined statement of operations for the fiscal year ended June 30, 2025, presents the combination of the historical financial information of LightPath Technologies, Inc. ("LightPath" or the "Company") and G5 Infrared, LLC ("G5 Infrared") after giving effect to the Membership Interest Purchase Agreement ("MIPA"), (the "Acquisition") and the additional financing from third-party equity investors, pursuant to the securities purchase agreements and promissory notes (the "Acquisition Financing"), together referred to throughout as the "Transaction".

Pursuant to the terms and subject to the conditions set forth in the MIPA, effective as of February 18, 2025 (the "Closing Date"), the Company acquired all of the issued and outstanding membership interest of G5 Infrared (the "Acquisition") in exchanged for (i) $20.25 million of cash consideration, (ii) $6.75 million of LightPath's Class A common stock and (iii) an Earnout that had an initial fair value of $3.5 million. After adjusting for the fair value of the common stock as of the Closing Date, the final net working capital and the revenue clawback provision, the fair value of the aggregate purchase consideration was $27.1 million which consisted of (i) $20.3 million in cash, (ii) 1,972,501 shares of the Company's Class A common stock, $0.01 par value ("Class A Common Stock") (at a value of $2.47 per share, which was the closing price on the G5 Acquisition Date), and (iii) potential earnout consideration paid annually in fiscal years 2026 and 2027 subject to achievement of certain revenue and EBITDA targets set forth in the G5 MIPA (see Note 4 to the unaudited pro forma condensed combined financial information for more detail on the earnout). The total consideration is as follows:

---

| | |
|:---|:---|
| **Description**  | **February 18,** <br> **2025** |
| Cash consideration | $20250000 |
| Net working capital adjustment | (423871) |
| Equity portion of consideration | 4872066 |
| Earnout portion of consideration | 3536471 |
| Revenue clawback | (1104471) |
| Fair value of consideration transferred | $27130195 |

---

For purposes of the unaudited pro forma condensed combined financial statements, the Company received aggregate proceeds of $32.2 million, inclusive of the conversion of certain existing indebtedness, based on the aggregate proceeds received from the Acquisition Financing to raise the necessary capital to purchase G5 Infrared.

The fiscal year end of LightPath is June 30, 2025, while G5 Infrared had a December 31, 2024, calendar year end. The calendar year of G5 Infrared has been adjusted to conform to the fiscal year end of LightPath for the purpose of presenting the unaudited pro forma condensed combined financial information, pursuant to Rule 11-02-(c)(3) of Regulation S-X, given the most recent fiscal year ends differed by more than one fiscal quarter. The accompanying unaudited pro forma condensed combined statement of operations for the year ended June 30, 2025 was derived by combining the results of the unaudited historical consolidated statement of operations of G5 Infrared for the period from July 1, 2024 to February 17, 2025, and combining the results of the historical condensed consolidated statement of operations of LightPath for the year ended June 30, 2025, after giving effect to the Transaction as if it had occurred on July 1, 2024.

The following unaudited condensed combined pro forma financial statements and related notes are derived from and should be read in conjunction with the audited consolidated statements and related notes of each of LightPath included in its Annual Report on Form 10-K for the year ended June 30, 2025, and the audited consolidated financial statements of G5 Infrared included in the Company's Form 8-K/A filed with the Securities and Exchange Commission on May 2, 2025.. Assumptions underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma condensed combined financial information.

**LightPath Technologies, Inc.**

**Unaudited Pro Forma Condensed Combined Statement of Operations**

**For the Year Ended June 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | | |
| <br>**Description** |<br>**Historical** <br> **LightPath** <br> **Year Ended** <br> **June 30,** <br> **2025** |<br>**Historical** <br> **Reclassified** <br> **G5 Infrared** <br> **July 1,** <br> **2024 to** <br> **February 17,** <br> **2025** <br> **(Note 2)** | **Acquisition** <br> **Financing** <br> **Adjustments** | **Note** | **Acquisition** <br> **Adjustments** |<br>**Note** |<br>**Pro Forma** <br> **Combined** |
| Revenue, net | $37202630 | $12125365 | $- |  | $- |  | $49327995 |
| Cost of sales | 27072516 | 7550478 | - |  | - |  | 34622994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross margin | 10130114 | 4574887 | - |  | - |  | 14705001 |
| Operating Expenses: |  |  |  |  |  |  |  |
| Selling, general, and administrative | 15814627 | 3356023 |  |  |  |  | 19170650 |
| New product development | 3063772 | 269311 |  |  |  |  | 3333083 |
| Amortization of intangibles | 1414817 | 58839 |  |  | 883604 | 3(c) | 2357260 |
| Change in fair value of acquisition liabilities | 1560445 |  |  |  |  |  | 1560445 |
| Loss on disposal of property and equipment | 99334 | - | - |  | - |  | 99334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 21952995 | 3684173 | - |  | 883604 |  | 26520772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating loss | (11822881) | 890714 |  |  | (883604) |  | (11815771) |
| Other Income (Expense): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (1118213) | (30364) | (211589) | 3(a) | 30364 | 3(b) | (1329802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | (418502) |  |  |  |  |  | (418502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrant liability | (1353716) |  |  |  |  |  | (1353716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | (122080) | - | - |  | - |  | (122080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | (3012511) | (30364) | (211589) |  | 30364 |  | (3224100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss before income taxes | (14835392) | 860350 | (211589) |  | (853240) |  | (15039871) |
| Income tax provision | 37790 | - | - |  | - |  | 37790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $(14873182) | $860350 | $(211589) |  | $(853240) |  | $(15077661) |
| Foreign currency translation adjustment | 468750 | - |  |  |  |  | 468750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss | $(14404432) | $860350 | $(211589) |  | $(853240) |  | $(14608911) |
| Weighted average shares outstanding (basic & diluted) | 40874068 |  | 437145 | 4(ii) | 1253754 | 4(iii) | 42564967 |
| Loss per common share (basic & diluted) | $(0.36) |  |  |  |  |  | $(0.70) |

---

**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Note 1 – Basis of Presentation**

The accompanying unaudited pro forma condensed combined financial statements and related notes were prepared pursuant to Article 11 of SEC Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." The fiscal year end of LightPath is June 30, 2025, while G5 Infrared had a December 31, 2024, calendar year end. The calendar year of G5 Infrared has been adjusted to conform to the fiscal year end of LightPath for the purpose of presenting the unaudited pro forma condensed combined financial information, pursuant to Rule 11-02-(c)(3) of Regulation S-X, given the most recent fiscal year ends differed by more than one fiscal quarter. The accompanying unaudited pro forma condensed combined statement of operations for the year ended June 30, 2025 was derived by combining the results of the unaudited historical consolidated statement of operations of G5 Infrared for the period from July 1, 2024 to February 17, 2025, and the results of the historical condensed consolidated statement of operations of LightPath for the year ended June 30, 2025, after giving effect to the Transaction as if it had occurred on July 1, 2024.

LightPath and G5 Infrared's historical financial statements were prepared in accordance with U.S. GAAP and presented in U.S. dollars. As discussed in Note 2, certain information of G5 Infrared, as presented in its historical financial statements, has been reclassified to conform to the historical presentation of LightPath's financial statements for purposes of preparing the unaudited pro forma condensed combined financial statements. LightPath has conducted a preliminary review of adjustments necessary to conform G5 Infrared's accounting policies to LightPath accounting policies. Further, there were no material transactions between LightPath and G5 Infrared for the year ended June 30, 2025.

**Note 2 – Reclassification Adjustments** 

As part of preparing the pro forma condensed combined financial statements, management performed a preliminary analysis of G5 Infrared's financial information to identify differences in accounting policies as compared to those of LightPath and differences in financial statement presentation as compared to the presentation of LightPath. The Company did not identify any significant differences in accounting policies.

Refer to the table below for a summary of identified reclassification adjustments made to present G5 Infrared's consolidated statement of operations to conform presentation to that of LightPath:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **G5 Infrared Consolidated Statement** <br> **of Operations Line Items** | **LightPath Consolidated** <br> **Statement of Operations** <br> **Line Items** | **Historical G5** <br> **Infrared July 1,** <br> **2024 to** <br> **December 31,** <br> **2024** | **Historical G5** <br> **Infrared** <br> **January 1,** <br> **2025 to** <br> **February 17,** <br> **2025** | **Reclassification** | **Historical** <br> **Reclassified G5 Infrared July 1,** <br> **2024 to** <br> **February 17,** <br> **2025** |
| Revenue | Revenue, net | $10919190 | $1206175 | $- | $12125365 |
| Cost of sales | Cost of sales | 6828480 | 721998 |  | 7550478 |
| Selling, general and administrative | Selling, general and administrative | 2508602 | 815781 | 31640 (a)(b) | 3356023 |
|  | New product development |  |  | 269311 (a) | 269311 |
| Depreciation and amortization | Amortization of intangibles | 286856 | 72934 | (300951) (b) | 58839 |
|  | Loss on disposal of property and equipment |  |  |  |  |
| Interest expense | Interest expense, net | (28024) | (2340) |  | (30364) |
| Other expense | Other income (expense), net |  |  |  |  |
| State income taxes | Income tax provision |  |  |  |  |

---

(a) Represents a reclassification of research and development ("R&D") expenses from selling, general and administrative ("SG&A") to new product development to conform to LightPath presentation.

(b) Represents a reclassification of depreciation expense from "depreciation and amortization" to SG&A to conform to LightPath presentation. The balance remains classified as amortization of intangibles.

**Note 3 – Adjustments to the Unaudited Pro Forma Condensed Combined Statement of Operations**

Refer to the items below for a reconciliation of the adjustments reflected in the unaudited pro forma condensed combined statements of operations for the periods presented:

**3(a)** ***Interest expense*** **–** In connection with the Acquisition Financing, the Company issued two senior secured promissory notes in an aggregate principal amount of $5.2 million (the "Acquisition Notes") and settled the bridge promissory note (the "Bridge Note"). The Acquisition Notes accrue interest at the rate between 10-12% per annum (12% as of June 30, 2025) and will mature on February 18, 2027. At June 30, 2025, the net carrying value of the convertible promissory notes is $4.6 million, including unamortized debt discount and issuance costs of $0.6 million, and had an effective interest rate of 5.7%. Pro forma interest expense related to the Acquisition Notes was computed using the interest rate of 12% for the period from July 1, 2024 to February 17, 2025. The elimination of the interest expense on the Bridge Note represents the interest expense recognized in the historical consolidated financial statement of the Company for the year ended June 30, 2025.

---

| | |
|:---|:---|
| <br>**Description** | **Year Ended**<br>**June 30,** <br> **2025** |
| Elimination of interest expense on certain existing indebtedness | 151027 |
| Interest expense on the Notes | (362616) |
| **Pro Forma Financing Adjustment –Interest expense** | $**(211589)** |

---

**3(b) *G5 Infrared's interest expense* –** Represents the elimination of interest expense associated with G5 Infrared's existing debt for the period presented, which debt was repaid prior to the close of the acquisition and was not assumed by LightPath.

**3(c)** ***Amortization of intangibles*** **–** Represents the pro forma adjustment to recognize additional amortization expense for the period from July 1, 2024 to February 17, 2025. The fair value of identifiable intangible assets acquired in the Acquisition, and the useful lives are as follows:

---

| | | |
|:---|:---|:---|
| **Intangible Asset** | **Total** | **Useful Lives** **(Years)** |
| Backlog | $361000 | 1 |
| Know-how | 4801000 | 10 |
| Tradename | 3450000 | 15 |
| Customer relationships | 5140000 | 15 |
| **Total** | $13752000 |  |

---

The acquired intangible assets, are amortized on a straight-line basis..

---

| | |
|:---|:---|
| <br>**Description** | **Year Ended**<br>**June 30,** <br> **2025** |
| Amortization expense for recognized intangible assets | 883604 |
| **Pro Forma Financing Adjustment – Amortization of intangible assets** | $**883604** |

---

**Note 4 – Pro Forma Net Loss Per Share Information**

Represents the pro forma net loss per share calculated using the weighted average shares outstanding that would result from (i) the Acquisition Financing, and (ii) the shares issuable in connection with the consideration transferred, assuming the shares were outstanding as of the beginning of each respective period. As the Transaction is reflected in the unaudited pro forma condensed combined statements of income as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issuable as part of the Acquisition Financing and the consideration transferred had been outstanding for the entire period. The Series G convertible preferred stock are participating securities, because holders of such instruments participate in the event a dividend is paid on common stock. The holders of the Series G convertible preferred stock do not have a contractual obligation to share in the Company's losses. As such, losses are attributed entirely to common stockholders.

---

| | | |
|:---|:---|:---|
| <br>**Description** |<br>**Note** | **Year Ended**<br>**June 30,** <br> **2025** |
| Pro forma net loss |  | $(15077661) |
| Accretion of dividends on Series G preferred | 4(i) | (14751134) |
| Pro forma net loss attributable to stockholders |  | $(29828795) |
| Weighted average shares outstanding - basic and diluted |  | 42564967 |
| **Pro Forma Net Loss Per Share – Basic and Diluted** |  | $**(0.70)** |
| Pro Forma Weighted Average Shares Outstanding – Basic and Diluted |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LightPath historical |  | 40874068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma financing adjustment – Acquisition Financing (Class A common stock) | 4(ii) | 437145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma acquisition adjustment – Consideration Transferred (Class A common stock) | 4(iii) | 1253754 |
| Pro forma weighted average shares outstanding – Basic and Diluted |  | 42564967 |

---

---

| | |
|:---|:---|
| 4(i) | Pro forma net loss per share includes the accretion of dividends on Series G preferred as the Company elected to recognize any redemption value changes immediately as they occur and adjust the carrying amount to equal the redemption value at each reporting period. |
| 4(ii) | Assumes the issuance of 687,750 shares of Common Stock issued in connection with the Acquisition Financing at a purchase price of approximately $2.15 per share (the "Common Offering"), representing the incremental shares that would have been included in basic weighted average shares as if the Transaction had occurred on July 1, 2024.  |
| 4(iii) | Represents the issuance of 1,972,501 LightPath Class A common stock, par value $0.01 as a portion of the consideration transferred, representing the incremental shares that would have been included in basic weighted average shares as if the Transaction had occurred on July 1, 2024. |

---

The following potential outstanding securities were excluded from the computation of pro forma net loss per share, basic and diluted, because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which are not satisfied as of the period end for pro forma presentation purposes.

---

| | | |
|:---|:---|:---|
| **Description** | **Note** | **Year Ended** <br> **June 30,** <br> **2025** |
| Acquisition Financing: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G convertible preferred stock | 4(iv) | 11607397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants issued in conjunction with private placement | 4(v) | 4523471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible promissory notes | 4(vi) | 2364816 |
|  |  | 18324987 |

---

---

| | |
|:---|:---|
| 4(iv) | Represents an aggregate of approximately 24,956 shares (the "Preferred Shares") of a newly created series of preferred stock issued in connection with the Acquisition Financing to raise the necessary capital to complete the acquisition. The Preferred Shares were issued with a stated value of $1,000 per share (the "Preferred Stock"), designated Series G Convertible Preferred Stock, which shall be convertible into shares of Common Stock (the shares of Common Stock issuable upon conversion of the Preferred Shares being referred to as the "Conversion Shares"), in accordance with the terms of the Company's Certificate of Designations, Preferences and Rights of the Series G Convertible Preferred Stock filed with the Delaware Secretary of State. The Preferred Shares are equivalent to 11,607,937 LightPath Class A common stock, par value $0.01, at a price per share of $2.15.  |
| 4(v) | Represents warrants to purchase Common Stock, which were issued in connection with the Acquisition Financing to raise the necessary capital to complete the acquisition, including the following: (i) warrants issued in connection with the Preferred Shares (to purchase an aggregate of 4,352,774 shares of Common Stock, with an exercise price of $2.58 per share); and (ii) additional warrants issued in conjunction with the Common Offering (to purchase 170,697 shares of Class A common stock, with an exercise price of $2.58 per share).  |
| 4(vi) | Represents the Notes, which are convertible into Preferred Conversion Shares upon the occurrence of the event specified in the Notes, which are in turn convertible into Conversion Shares. |

---

The total consideration for the Acquisition included earnout payments of an aggregate of up to $23.0 million which may be paid annually in fiscal years 2026 and 2027 subject to achievement of certain minimum EBITDA and revenue targets for the one and two-year periods beginning on the first full calendar month commencing after the G5 Acquisition Date. If the targets are achieved during the respective periods, LightPath will (i) issue an aggregate number of shares of Class A Common Stock equal to 30% of the earnout payment divided by the average close price for the ten trading days immediately prior to the first anniversary of the earnout commencement date, as defined in the G5 MIPA, and (ii) pay additional cash consideration in an amount equal to 70% of the earnout payment, in each case to the former G5 Infrared members. The earnout is considered contingent consideration and is accounted for as a liability initially measured at fair value, with changes during each reporting period recognized in earnings. The portion of the earnout that will be settled in stock is also accounted for as a liability since the achievement of targets adjusts the number of shares to be issued at settlement based on a variable other than the Company's Class A Common Stock, and therefore it does not meet the criteria in ASC 480, Distinguishing Liabilities from Equity. The fair value of the earnout is calculated using a Monte Carlo valuation method, which involves assumptions of revenue and EBITDA forecasts, discount rates and revenue volatility. The earnout liability is subject to fair value measurement each reporting period. For the year-ended June 30, 2025, the Company recognized a $1.4 million increase in the fair value of the earnout liability, which is included in the Company's historical results on the unaudited pro forma condensed combined statement of operations. The portion of the earnout that will be settled in stock is also excluded from the computation of pro forma net loss per share, basic and diluted.