Status
No credit decision is recorded on a guest package.
Request
SYNTEC OPTICS HOLDINGS, INC asks for 5,000,000 USD, unsecured. No lien and no guarantor are stated, so repayment is cash flow. Purpose, tenor, amortisation, and pricing are not on the request. This draft does not record a credit decision.
Borrower
SYNTEC OPTICS HOLDINGS, INC is the legal name on EDGAR. The listing used here is OPTX on Nasdaq. State of incorporation is DE. CIK 0001866816. SIC 3827, Optical Instruments & Lenses is the EDGAR industry label. Same-SIC names are not a selected comp set, and no multiples are calculated. Business address on EDGAR is 1111 LINCOLN ROAD, SUITE 500, MIAMI BEACH, FL, 33139. EIN on EDGAR is 870816957. No director or officer is named. The proxy was saved and the officer table was not parsed, so management is not on this draft. Ownership, guarantors, and any prior lending relationship are not on this package.
Repayment
The request is 5,000,000 USD, unsecured. Cited EBITDA on the 2025-12-31 10-K is 2,095,629 USD.
The year-to-date statement does not cite EBITDA, so earnings are not annualized. The comparison uses the 2025-12-31 10-K.
Cited total debt on the 2026-06-30 10-Q YTD is 3,326,609 USD. The new money alone is 2.39 times that EBITDA. Cited total debt plus the request is 3.97 times that EBITDA.
Interest expense is not tagged InterestExpense. The value used is InvestmentIncomeInvestmentExpense, 795,810 USD. Cited EBITDA divided by that amount is 2.63. The concept name is the citation.
2.39 times cited EBITDA in new money is a large ask relative to the cited earnings, and 3.97 times EBITDA after existing debt is the pro forma multiple. Purpose, tenor, amortisation, and pricing are not on the request, so the file does not show whether the borrower can service it. This draft does not record a credit decision.
Revenue on the 2025-12-31 10-K is 28,083,985 USD, against 28,449,941 on the 2024-12-31 10-K, down 1.3 percent.
EBITDA on the 2025-12-31 10-K is 2,095,629 USD, against 189,319 on the 2024-12-31 10-K, up 1,006.9 percent, on a small prior-year base.
The 2026-06-30 10-Q YTD is a stub, not a full year. Revenue on that statement is 14,787,224 USD. It is not converted to an annual run rate. EBITDA is not on that statement, so earnings are not annualized.
Operating income on the 2025-12-31 10-K is (517,600) USD. EBITDA of 2,095,629 USD is positive only after that add-back. Depreciation cited on that filing is 2,613,229 USD. Leverage in this draft uses EBITDA, not operating profit.
On the 2025-12-31 10-K, Debt/EBITDA is 1.49, interest coverage is 2.63, the current ratio is 1.35, and debt to equity is 0.33. Balance-sheet ratios stay at the statement date. Interest coverage is not annualized.
Current ratio on the 2026-06-30 10-Q YTD is 5.97. Cash on that balance sheet is 14,047,104 USD. Cash is not pledged unless the request says so, and these figures are not annualized.
Debt service coverage is not calculated. The spread has no debt-service line, and no debt schedule, tax return, or bank statement is on the file. Interest coverage is stated only where EBITDA and interest are both cited for the same period.
- 2026-06-30 10-Q YTD 0001493152-26-036869: revenue 14,787,224 USD (RevenueFromContractWithCustomerExcludingAssessedTax); interest_expense 334,443 USD (InvestmentIncomeInvestmentExpense); total_debt 3,326,609 USD (long_term_debt+short_term_debt); current_assets 29,650,952 USD (AssetsCurrent); current_liabilities 4,964,596 USD (LiabilitiesCurrent); equity 30,475,179 USD (StockholdersEquity).
- debt_to_ebitda omitted on 2026-06-30: not_annualized ebitda.
- interest_coverage omitted on 2026-06-30: missing ebitda.
- 2025-12-31 10-K 0001493152-26-014180: revenue 28,083,985 USD (RevenueFromContractWithCustomerExcludingAssessedTax); ebitda 2,095,629 USD (operating_income+depreciation); interest_expense 795,810 USD (InvestmentIncomeInvestmentExpense); total_debt 3,128,986 USD (long_term_debt+short_term_debt); current_assets 15,141,405 USD (AssetsCurrent); current_liabilities 11,229,362 USD (LiabilitiesCurrent); equity 9,540,855 USD (StockholdersEquity).
- 2024-12-31 10-K 0001493152-25-016960: revenue 28,449,941 USD (RevenueFromContractWithCustomerExcludingAssessedTax); ebitda 189,319 USD (operating_income+depreciation); interest_expense 764,934 USD (InvestmentIncomeInvestmentExpense); total_debt 3,550,296 USD (long_term_debt+short_term_debt); current_assets 13,897,653 USD (AssetsCurrent); current_liabilities 10,573,111 USD (LiabilitiesCurrent); equity 11,034,082 USD (StockholdersEquity).
- 2023-12-31 10-K 0001493152-24-021130: revenue 29,441,180 USD (RevenueFromContractWithCustomerExcludingAssessedTax); ebitda 4,310,396 USD (operating_income+depreciation); interest_expense 654,765 USD (InvestmentIncomeInvestmentExpense); total_debt 2,750,883 USD (long_term_debt+short_term_debt); current_assets 15,151,861 USD (AssetsCurrent); current_liabilities 11,384,342 USD (LiabilitiesCurrent); equity 13,063,742 USD (StockholdersEquity).
Structure
The request is unsecured. No lien and no guarantor are stated. Repayment is cash flow. Collateral value is not on file.
State of incorporation on EDGAR is DE. EDGAR full-text search is not a lien index. A secretary-of-state UCC index was not searched.
8-K EX-4.4 filed 2023-11-14 0001493152-23-041322 https://www.sec.gov/Archives/edgar/data/1866816/000149315223041322/ex4-4.htm. Excerpt: is determined by reference to the SOFR Loan Rate or the Base Rate. "UCC" - the Uniform Commercial Code as in effect in New York State on the date of this Agreement, as the same shall hereafter be, renewed, extended, amended or replaced. "U.S. Government Securiti
EDGAR filed the statements as HTML. No company-signed PDF was on the filing, and a PDF rendering was not produced on this run.
Risks and mitigants
Repayment: new money of 5,000,000 USD is 2.39 times EBITDA of 2,095,629 on the 2025-12-31 10-K. Cited debt plus the request is 3.97 times that EBITDA. The request is unsecured, so a miss in cash flow has no stated second way out. Mitigant on file: none.
Interim earnings: the 2026-06-30 10-Q YTD does not cite EBITDA, so a stub cannot be annualized without inventing profit. Mitigant: the earnings comparison stays on the last full year that cites EBITDA.
Liquidity is not collateral. Cash of 14,047,104 USD is on the 2026-06-30 10-Q YTD. It is not pledged, and it is not a borrowing base.
Management: no officer is named from the proxy table. Willingness to repay is not tied to a person. Mitigant on file: none.
Liens: an EDGAR exhibit mentions a security agreement or the Uniform Commercial Code. That is not a lien search. A secretary-of-state UCC index was not searched. Mitigant on file: none.
Structure: purpose, tenor, and pricing are not together on the request, so the file cannot show covenants, a borrowing base, or whether the facility matches the asset being financed. Mitigant on file: none.
Diligence
Company screen: no hit for SYNTEC OPTICS HOLDINGS, INC.
People named in the filing were not screened on this guest package.
- purpose is not stated.
- tenor is not stated.
- amortisation is not stated.
- pricing is not stated.
- officers: DEF 14A 0001493152-25-026656 saved; officer table not parsed.
- The EDGAR exhibit is a filing mention, not a secretary-of-state UCC index.
- No credit pack is run on a guest package.
Position
A credit memo has to answer four questions. Can the borrower repay from cited cash flow? Will the borrower repay? What protects the lender if cash flow weakens? Does the structure match the risk?
Willingness is not on file. There is no payment history, no bank statement, and no person tied to the request.
What protects the lender if cash flow weakens? Nothing stated. Collateral value is not on file.
Purpose, tenor, amortisation, and pricing are not on the request. No covenant, condition precedent, or policy exception is stated.
No downside case is modeled. A stress that removes revenue would need a customer or contract schedule, and none is on file.
The request is not supported as presented. This draft does not record a credit decision.
Citations
10-Q 0001493152-26-036869 period 2026-06-30.
10-K 0001493152-26-014180 period 2025-12-31.
10-K 0001493152-25-016960 period 2024-12-31.
10-K 0001493152-24-021130 period 2023-12-31.