Inrad Optics, Inc.

CIK:0000719494|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Total revenue	$ 2,889,799	$ 2,807,161
Cost and expenses:
Cost of goods sold	1,801,539	1,926,891
Selling, general and administrative expenses	1,046,498	750,362
Cost and expenses, Total	2,848,037	2,677,253
Income from operations	41,762	129,908
Other income (expense):
Interest expense-net	(33,645)	(38,381)
Nonoperating Income (Expense)	(33,645)	(38,381)
Income before income taxes	8,117	91,528
Income tax benefit (provision)		0
Net income	$ 978,117	$ 91,528
Net income per common share - basic	$ 0.07	$ 0.01
Net income per common share - diluted	$ 0.06	$ 0.01
Weighted average shares outstanding - basic	14,250,975	14,088,320
Weighted average shares outstanding - diluted	17,189,908	14,759,188

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 978,117	$ 91,528
Adjustments to reconcile net income to net cash provided (used in) by operating activities
Depreciation and amortization	88,635	74,353
401K common stock contribution - non cash item		54,721
Stock based compensation	28,292	34,203
Income tax benefit		0	$ 1,000,000.0
Change in inventory reserve	10,666	149,667
Changes in operating assets and liabilities:
Accounts receivable	258,219	(78,464)
Inventories	(242,620)	(327,036)
Other current and non - current assets	(89,468)	222,306
Other current and non - current liabilities	(75,940)	3,677
Accounts payable and accrued liabilities	(72,121)	(74,882)
Contract liabilities	(10,130)	13,983
Total adjustments and changes	(1,074,467)	72,528
Net cash provided by operating activities	(96,350)	164,056
Cash flows from investing activities:
Capital expenditures	(368,484)	(187,961)
Net cash (used in) investing activities	(368,484)	(187,961)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,400	31,786
Principal payments on notes payable-other, net	(17,474)	(16,533)
Net cash provided by financing activities	(12,074)	15,253
Net (decrease) in cash and cash equivalents	(476,908)	(8,652)
Cash and cash equivalents at beginning of period	2,973,384	2,003,485	2,003,485
Cash and cash equivalents at end of period	2,496,476	1,994,833	$ 2,973,384
Supplemental disclosure of cash flow information:
Interest paid	41,500	42,454
Income taxes paid	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,496,476	$ 2,973,384
Accounts receivable, net of allowance for credit losses of $46,000 at March 31, 2024 and December 31, 2023	1,333,777	1,591,996
Inventories, net	3,380,662	3,148,708
Other current assets	830,669	665,262
Total current assets	8,041,584	8,379,350
Plant and equipment:
Plant and equipment, at cost	16,699,043	16,330,559
Less: Accumulated depreciation and amortization	(15,123,302)	(15,034,667)
Total plant and equipment	1,575,741	1,295,892
Precious metals	561,909	561,909
Lease right-of-use, net	367,593	443,532
Deferred tax asset	1,970,000	1,000,000
Other assets	26,993	26,993
Total Assets	12,543,820	11,707,676
Current liabilities:
Current portion of other long term notes	72,311	71,362
Accounts payable and accrued liabilities	760,028	832,149
Contract liabilities	1,057,053	1,067,183
Current portion of lease obligation	313,567	309,618
Related party convertible notes payable	2,500,000	0
Total current liabilities	4,702,959	2,280,312
Related party convertible notes payable	$ 0	$ 2,500,000
Notes Payable, Noncurrent, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Other long term notes, net of current portion	$ 226,955	$ 245,379
Lease obligation, net of current portion	54,027	133,915
Total liabilities	4,983,941	5,159,606
Shareholders' equity:
Common stock: $.01 par value; 60,000,000 authorized shares; 14,255,575 shares issued at March 31, 2024, and 14,235,575 shares issued at December 31, 2023	142,557	142,357
Capital in excess of par value	20,169,214	20,135,722
Accumulated deficit	(12,736,942)	(13,715,059)
Stockholders' equity before treasury stock	7,574,829	6,563,020
Less - Common stock in treasury, at cost (4,600 shares)	(14,950)	(14,950)
Total shareholders' equity	7,559,879	6,548,070
Total Liabilities and shareholders' equity	$ 12,543,820	$ 11,707,676