宝视来 2025年季度报告

FORM 10-Q BOXLIGHT CORPORATION (Exact name of registrant as specified in its charter) The number of shares outstanding of the registrant’s Class A common stock on May12, 2025 was 2,230,379. Boxlight CorporationCondensed Consolidated Statements of Operations and Comprehensive Loss Boxlight CorporationCondensed Consolidated Balance SheetsAs of March31, 2025 and December31, 2024 Boxlight CorporationNotes to the Unaudited Condensed Consolidated Financial Statements NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS Boxlight Corporation, a Nevada Corporation (“Boxlight”), designs, produces and distributes interactive technology solutions for theeducation, corporate and government markets under its Clevertouch and Mimio brands. Boxlight’s solutions include interactive displays, audio BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying unaudited condensed consolidated financial statements include the accounts of Boxlight and its direct and indirectwholly owned subsidiaries (collectively, the “Company,” "we," "us," and "our"). All significant intercompany balances and transactions have The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance withaccounting principles generally accepted in the United States of America (“GAAP”) for interim unaudited condensed consolidated financialinformation and interim financial reporting guidelines and rules and regulations of the Securities and Exchange Commission (“SEC”).Accordingly, they do not include all of the information and notes required by GAAP for complete condensed consolidated financial statements.The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, inthe opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily ESTIMATES AND ASSUMPTIONS The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affectthe reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidatedfinancial statements, and the reported amounts of revenues and expenses during the reporting period. Note 1 in the Notes to the ConsolidatedFinancial Statements for 2024 contained in the 2024 Annual Report filed with the SEC on March 28, 2025, describes the significant accountingpolicies that the Company used in preparing its condensed consolidated financial statements. On an ongoing basis, the Company evaluates itsestimates, including, but not limited to, those related to reserves for inventory obsolescence; the recoverability of deferred tax assets; the fair REVERSE STOCK SPLIT In order to regain compliance with NASDAQ Listing Rule 5550(a)(2) (the "Bid Price Rule"), on February 14, 2025, the Companyeffected a reverse stock split of the Company’s Class A common stock whereby each five shares of the Company’s authorized and outstandingClass A common stock was converted into one share of Class A common stock. The par value of the Class A common stock was not adjusted.Following the reverse split, the authorized shares for Class A common stock was adjusted to 3,750,000, the authorized shares for Class B Table of Contents paid-in capital on the condensed consolidated balance sheets of approximately $1thousand. The quantity of Class A common stock equivalentsand the conversion and exercise ratios were adjusted for the effect of the reverse stock split for warrants, stock-based compensationarrangements, and the conversion features on preferred shares. There are presently no shares of Class B common stock outstanding and none GOING CONCERN The Company’s financial statements are prepared on a going concern basis, which contemplates the realization of assets and thesatisfaction of obligations in the normal course of business. As described in Note 8, the Company was not in compliance with the Senior Leverage Ratio financial covenant under its CreditAgreement at June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025. Non-compliance was waived by the Agent andLender under amendments to the Credit Agreement. In addition, the Company was also not in compliance with its borrowing base covenantunder the Credit Agreement at December 31, 2024, January 31, 2025 and February 28, 2025. On March 24, 2025, the Company entered into aneighth amendment to the Credit Agreement with the Collateral Agent and Lender (the “Eighth Amendment”) to (i) provide the Company withan additional $2.5million working capital bridge loan inMarch 2025 and (ii) waive any events of default that may have arisen directly as aresult of (1) the Financial Covenant Event of Default (as defined in the Eighth Amendment) for the periods ended December 31, 2024 and •Initiate recapitalization efforts and/or oth