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Precision Optics Corporation, Inc. Operating Results for Six Months Ended December 31, 2012 and Recent Operating Activities
Date:2/25/2013

rch and development expenses. The increase in the pro forma net loss of $35,858 for the six months ended December 31, 2012 as compared to the same period in the prior year is primarily attributed to lower gross margins as a result of new product start-up manufacturing costs and higher research and development expenses, partially offset by the gain on the settlement of accounts payable of $76,149. The Company has provided this non-GAAP financial information to aid investors in better understanding the Company's performance.

Cash and cash equivalents were $1,635,422 at December 31, 2012 compared to $145,923 at June 30, 2012. As previously announced, in September 2012, the Company completed a private offering to accredited investors for the sale and purchase of units consisting of common stock and common stock purchase warrants, generating gross proceeds of approximately $2.5 million and net proceeds of approximately $2.2 million. Such funds are currently available for the Company's general working capital needs.

Recent Production and Marketing Activities
We are excited about the continued development, commercialization, and market acceptance of our new products and technical innovations based upon our unique proprietary technology. As previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on April 18, 2012, we accepted an order from a customer to purchase very small diameter endoscopes that incorporate our  proprietary Microprecision™ lens technology, for a total purchase amount of $1,032,000 (the "April 2012 Order"). We have successfully completed all substantive pre-production validation testing and are awaiting final customer approval to begin production and shipment of this product, which we expect to begin within the next few months. 

We have also focused recent operational efforts on sales and marketing activities intended to broaden awareness of the benefits of our new t
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SOURCE Precision Optics Corporation, Inc.
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