Air Industries Group Files Amendment to Annual Report

TL;DR

<b>Air Industries Group has filed an amendment to its 2023 10-K report, confirming compliance with SEC filing requirements.</b>

AI Summary

AIR INDUSTRIES GROUP (AIRI) filed a Amended Annual Report (10-K/A) with the SEC on April 29, 2024. This filing is an Amendment No. 1 to the Form 10-K for the fiscal year ended December 31, 2023. The company is registered under the ticker symbol AIRI on the NYSE-American exchange. Air Industries Group is incorporated in Nevada and its principal executive offices are located in Bay Shore, New York. The filing indicates the company has filed all required reports for the past 12 months and has been subject to filing requirements for the past 90 days. The company has submitted electronically all Interactive Data Files required for the preceding 12 months.

Why It Matters

For investors and stakeholders tracking AIR INDUSTRIES GROUP, this filing contains several important signals. This amendment suggests that the original 10-K filing may have contained errors or omissions that needed correction. The confirmation of electronic data submission indicates ongoing adherence to modern regulatory reporting standards.

Risk Assessment

Risk Level: low — AIR INDUSTRIES GROUP shows low risk based on this filing. The filing is an amendment to a previous 10-K, indicating potential issues with the initial submission, but it confirms ongoing compliance with filing requirements.

Analyst Insight

Monitor for further filings or disclosures that explain the reason for the amendment to the 10-K.

Key Numbers

• 20231231 — Fiscal Year End (Reported fiscal year end)
• 20240429 — Filing Date (Date of this amendment filing)
• 001-35927 — Commission File Number (SEC commission file number for AIRI)

Key Players & Entities

• AIR INDUSTRIES GROUP (company) — Filer name
• AIRI (company) — Trading Symbol
• NYSE-American (company) — Exchange where AIRI is traded
• Nevada (company) — State of incorporation
• Bay Shore, New York (company) — Principal executive offices location
• 20231231 (date) — Fiscal year end
• 20240429 (date) — Filing date

FAQ

Industry Context

Air Industries Group operates in the aircraft parts and auxiliary equipment manufacturing sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 13 or 15(d), and adheres to SEC regulations for annual reports.

What Investors Should Do

1. Review the full amended 10-K filing for specific details on any corrections or additions made.
2. Track future SEC filings from Air Industries Group for any updates or explanations regarding this amendment.
3. Analyze the company's financial performance and operational status in subsequent filings.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the amended 10-K report.
• 2024-04-29: Filing Date — Date of Amendment No. 1 filing.

Year-Over-Year Comparison

This is an amendment to the previously filed 10-K for the fiscal year ended December 31, 2023.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 AIRI NYSE-American Securities registe
• $3.55 — held by non-affiliates, and a price of $3.55 per share, which was the last reported
• $100,000 — or either of such fiscal years exceeded $100,000 for all services rendered in all capaci

Filing Documents

• ea0204721-10ka1_air.htm (10-K/A) — 223KB
• ea0204721ex31-1_air.htm (EX-31.1) — 8KB
• ea0204721ex31-2_air.htm (EX-31.2) — 7KB
• ea0204721ex32-1_air.htm (EX-32.1) — 4KB
• ea0204721ex32-2_air.htm (EX-32.2) — 4KB
• 0001213900-24-037146.txt (&nbsp;) — 504KB
• airi-20231231.xsd (EX-101.SCH) — 3KB
• airi-20231231_def.xml (EX-101.DEF) — 17KB
• airi-20231231_lab.xml (EX-101.LAB) — 36KB
• airi-20231231_pre.xml (EX-101.PRE) — 19KB
• ea0204721-10ka1_air_htm.xml (XML) — 5KB

Executive Compensation

Executive Compensation 6 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 9 Item 13. Certain Relationships and Related Transactions and Director Independence 11 Item 14. Principal Accountant Fees and Services 12 PART IV Item 15. Exhibits and Financial Statement Schedules 13 i Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking economic performance including, in particular, future sales, product demand, competition and the effect of economic conditions, include

forward-looking statements

forward-looking statements.

Forward-looking statements

Forward-looking statements are predictive in nature and can be identified by the fact that they do not relate strictly to historical or current facts and generally include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions. Although we believe that these statements are based upon reasonable assumptions, including projections of orders, sales, operating margins, earnings, cash flow, research and development costs, working capital, capital expenditures, distribution channels, profitability, new products, adequacy of funds from operations, and general economic conditions, these statements and other projections contained herein expressing opinions about future outcomes and non-historical information, are subject to uncertainties and, therefore, there is no assurance that the outcomes expressed in these statements will be achieved. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in forward-looking statements contained herein. Given these uncertainties, you should not place any reliance on these forward-looking statements which speak only as of the date hereof. See "Risk factors" for a discussion of factors that could cause our actual results to differ from those expressed or implied by forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You are advised, however, to consult any additional disclosures we make in our reports filed with the Securities and Exchange Commission ("SEC"). ii PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Our directors and executive officers are: Name: Age Position Luciano (Lou) Melluzzo 59 President and Chief Executive Officer Scott Glassman 46 Chief Financial Officer Michael N. Taglich 58 Director Robert F. Taglich 57 Director David J. Buonanno 68 Director Peter D. Rettaliata 73 Chairman of the Board Michael Brand 66 Director Michael D. Porcelain 55 Director Luciano (Lou) Melluzzo has been our President and Chief Executive Officer since November 15, 2017. He joined our company on September 11, 2017 as Chief Executive Officer. From November 2003 to September 2011, Mr. Melluzzo was employed in various capacities by EDAC Technologies Corporation ("EDAC") rising to the level of Chief Operating Officer in 2005. EDAC is a designer, manufacturer and distributor of precision aerospace components and assemblies, precision spindles and complex fixturing, tooling and gauging with design and build capabilities, whose shares were then listed on the Nasdaq Capital Market. From September 2011 to November 2015, Mr. Melluzzo was self-employed in the residential real estate redevelopment industry. From November 2015 to January 2017, he was general manager of Polar Corporation, a privately-held company specializing in computer numeric controlled milling and turning of small hardware components for the aerospace industry. Scott Glassman was appointed to the positions of Chief Financial Officer, Principal Accounting Officer and Secretary of our Company on October 16, 2023. Mr. Glassman has been employed by the Company since March of 2019, most recently serving as the Chief Accounting Officer. Mr. Glassman previously had been employed by the Company from February of 2007 to February of 2015, serving in various senior positions in the Company's Financial Department. From March of 2015 to November of 2018, Mr. Glassman worked at a privately held distributor of commer

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION The following summary compensation table shows, for the periods indicated, information regarding the compensation awarded to, earned by or paid to each individual that served as our principal executive officer during the fiscal year ended December 31, 2023, each other individual that was serving as an executive officer as of December 31, 2023, and each other individual who served as executive officer during the two years ended December 31, 2023 whose compensation for either of such fiscal years exceeded $100,000 for all services rendered in all capacities to our company and its subsidiaries. The individuals listed in the following table are referred to herein collectively as our "Named Executive Officers." Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock awards ($) Option awards ($) Non-equity Incentive Plan Compensation ($) Change in Pension Value and Nonqualified deferred compensation earnings ($) All other compensation ($) Total ($) Luciano Melluzzo 2023 374,575 — — 107,940 — — 10,800 (1) 493,315 President and CEO 2022 352,692 — — 79,600 101,500 — 10,800 (1) 544,592 Scott Glassman 2023 224,231 — — 13,332 — — — 237,563 CFO 2022 195,623 — — 11,940 20,750 — — 228,313 Michael Recca 2023 267,543 — 48,344 — — 4,950 (1) 320,837 CFO 2022 251,921 — — 39,800 43,500 — 5,400 (1) 340,621 (1) Represents car allowance. Our executive officers named in the above table do not have employment agreements providing for a fixed term of employment. All are employees at will, terminable at any time without any severance, other than that payable to employees generally.

Executive Compensation Policies as They Relate to Risk Management

Executive Compensation Policies as They Relate to Risk Management The Compensation Committee and management have considered whether our compensation policies might encourage inappropriate risk taking by the Company's executive officers and other employees. The Compensation Committee has determined that the current compensation structure aligns the interests of the executive officers with those of the Company without providing rewards for excessive risk taking by awarding a mix of fixed and performance based or discretionary bonuses with the performance-based compensation focused on profits as opposed to revenue growth. 6 The Compensation Committee working with management adopts a plan each year intended to award members of our management including executive officers for meeting or exceeding targeted goals, The Committee believes the amounts to be paid to Messrs. Melluzzo, Glassman and Recca for services rendered in fiscal 2023 are appropriate in light of our financial performance in 2023. Equity Awards – 2023 The following tab

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