Innovative Solutions & Support Inc. Files 10-K/A Amendment

TL;DR

<b>Innovative Solutions & Support, Inc. has filed an amended 10-K for the fiscal year ending September 30, 2023.</b>

AI Summary

INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC) filed a Amended Annual Report (10-K/A) with the SEC on January 29, 2024. Filing is an amended 10-K for the fiscal year ended September 30, 2023. The company is Innovative Solutions & Support, Inc. Incorporated in Pennsylvania, with principal executive offices in Exton, PA. Common stock trades on the Nasdaq Stock Market under the symbol ISSC. This filing is not for a well-known seasoned issuer.

Why It Matters

For investors and stakeholders tracking INNOVATIVE SOLUTIONS & SUPPORT INC, this filing contains several important signals. This amended filing provides updated information for the fiscal year 2023, crucial for investors to assess the company's current financial standing and operational status. The filing confirms the company's listing on the Nasdaq under ISSC, indicating its public market presence and the availability of its stock for trading.

Risk Assessment

Risk Level: low — INNOVATIVE SOLUTIONS & SUPPORT INC shows low risk based on this filing. The filing is an amendment to a previous 10-K, suggesting potential corrections or additions to previously reported information, but does not indicate significant new risks.

Analyst Insight

Review the specific amendments in this 10-K/A filing to understand any changes to the company's financial reporting or disclosures.

Key Numbers

• 2023-09-30 — Fiscal Year End (Fiscal year ended)
• 2024-01-29 — Filing Date (Date filed)
• 001-41503 — SEC File Number (Commission File Number)
• $.001 — Par Value (Common Stock par value)

Key Players & Entities

• INNOVATIVE SOLUTIONS & SUPPORT INC (company) — Filer name
• 0000836690 (company) — Central Index Key
• Pennsylvania (company) — State of incorporation and business address
• 720 Pennsylvania Drive (company) — Business and mail address
• Exton (company) — City in business address
• 19341 (company) — ZIP code
• 610 646 9800 (company) — Business phone number
• ISSC (company) — Trading symbol

FAQ

Industry Context

Innovative Solutions & Support, Inc. operates within the computer programming services industry.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing annual reports (10-K) and amendments.

What Investors Should Do

1. Review the specific changes and additions made in this 10-K/A filing.
2. Analyze the company's operational and financial status as of September 30, 2023.
3. Monitor future filings for any further updates or disclosures from Innovative Solutions & Support, Inc.

Key Dates

• 2023-09-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-01-29: Filing Date — Date the amended 10-K (10-K/A) was filed with the SEC.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to a previously submitted 10-K report for the fiscal year ended September 30, 2023.

Key Financial Figures

• $72,990 — Company having paid a consulting fee of $72,990 in November 2023 to a company in which

Filing Documents

• tm244196d1_10ka.htm (10-K/A) — 381KB
• tm244196d1_ex31-3.htm (EX-31.3) — 3KB
• tm244196d1_ex31-4.htm (EX-31.4) — 3KB
• tm244196d1_10kasp003img001.jpg (GRAPHIC) — 24KB
• tm244196d1_10kasp003img002.jpg (GRAPHIC) — 25KB
• 0001104659-24-007805.txt (&nbsp;) — 770KB
• issc-20230930.xsd (EX-101.SCH) — 3KB
• issc-20230930_lab.xml (EX-101.LAB) — 36KB
• issc-20230930_pre.xml (EX-101.PRE) — 24KB
• tm244196d1_10ka_htm.xml (XML) — 6KB

Directors, executive officers and corporate governance

Item 10. Directors, executive officers and corporate governance. 3 BOARD OF DIRECTORS 3 EXECUTIVE OFFICERS 4 RELATIONSHIPS AND ARRANGEMENTS 5 CORPORATE GOVERNANCE 5

Executive compensation

Item 11. Executive compensation. 6 GENERAL EXECUTIVE COMPENSATION POLICIES 7 EMPLOYMENT AGREEMENTS 9 SUMMARY COMPENSATION TABLE 12 GRANTS OF PLAN-BASED AWARDS 13 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 14 OPTION EXERCISES AND STOCK VESTED 14 POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL 15 PAY VERSUS PERFORMANCE 15 ADJUSTMENTS MADE TO DETERMINE COMPENSATION ACTUALLY PAID 16 DIRECTOR COMPENSATION 18

Security ownership of certain beneficial owners and management and related stockholder matters

Item 12. Security ownership of certain beneficial owners and management and related stockholder matters. 20

SECURITY OWNERSHIP OF PRINCIPAL SHAREHOLDERS

SECURITY OWNERSHIP OF PRINCIPAL SHAREHOLDERS 20

SECURITY OWNERSHIP OF MANAGEMENT

SECURITY OWNERSHIP OF MANAGEMENT 20 EQUITY COMPENSATION PLAN INFORMATION 21

Certain relationships and related transactions and director independence

Item 13. Certain relationships and related transactions and director independence. 22 RELATED PARTY TRANSACTIONS 22 DIRECTOR INDEPENDENCE 22

Principal accounting fees and services

Item 14. Principal accounting fees and services. 22 Part IV 24

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 24

SIGNATURES

SIGNATURES 26 PART III

Directors, executive officers and corporate governance

Item 10. Directors, executive officers and corporate governance. BOARD OF DIRECTORS As of the date of this Amendment No. 1, our directors are as follows: Director Current Name Age Since Term Expires Positions with the Company Shahram Askarpour 66 2022 2024 Director, Chief Executive Officer Glen R. Bressner 63 1999 2024 Director, Chairman of the Board Roger A. Carolin 68 2016 2024 Director Stephen L. Belland 66 2022 2024 Director Parizad Olver (Parchi) 44 2022 2024 Director Directors Shahram Askarpour. Dr. Askarpour joined the Company as Vice President of Engineering in 2003, was promoted to President in March 2012, and was appointed as the Company's Chief Executive Officer, and joined the Company's Board, in January 2022. Dr. Askarpour has more than 40 years of aerospace industry experience in managerial and technical positions. Prior to joining the Company, he was employed by Smiths Aerospace (a division of Smiths Group plc), Instrumentation Technology, and Marconi Avionics. He holds a number of key patents in the aviation field. Dr. Askarpour received his engineering education in the United Kingdom, and received an undergraduate degree in Electrical Engineering from Middlesex University, a post graduate Certificate of Advanced Study in Systems Engineering, and a PhD in Automatic Control from Brunel University London. He was awarded the title of Associate Research Fellow for three consecutive years by Brunel University and has published numerous papers in leading international, peer reviewed journals. In addition, he has completed management courses at Carnegie Mellon University and finance courses at the Wharton School of the University of Pennsylvania. Glen R. Bressner. Mr. Bressner is the co-founder and Managing Partner of Activate Venture Partners, an early-stage focused venture capital firm that has evolved from a series of affiliated venture funds that he is a co-founder of, beginning in

Executive compensation

Item 11. Executive compensation. Compensation Discussion and Analysis This Compensation Discussion and Analysis provides an overview of the Company's executive compensation program and a description of the material factors underlying the decisions that resulted in the compensation provided to the Company's President and Chief Executive Officer and Chief Financial Officer for the fiscal year ended September 30, 2023 (referred to herein as our " named executive officers "). The names of the Company's 2023 named executive officers, together with their titles during the 2023 fiscal year, are: Shahram Askarpour —President and Chief Executive Officer Michael Linacre —Chief Financial Officer (Former) Consistent with the SEC's rules, compensation information for Mr. Linacre is included even though Mr. Linacre resigned on November 8, 2023 because Mr. Linacre served as a named officer during the 2023 fiscal year. Objective of the Company's Executive Compensation Program The objective of the Company's executive compensation program is to attract and retain exceptional individuals as executive officers and to provide key executives with motivation to perform to the full extent of their abilities to maximize the performance of the Company and deliver enhanced value to the Company's shareholders. 6 What the Company's Executive Compensation Program is Designed to Reward Overall, the Company's executive compensation program is designed to reward the contributions of each individual executive officer, to ensure that each executive officer's interest is aligned with those of the Company's shareholders, and to provide sufficient incentives to executive officers to ensure their dedication to the Company. As discussed further below, the Company seeks to achieve these goals by providing sufficient base salaries to compensate executives for the day-to-day performance of their duties and awarding cash bonuses when the executive attains the annual personal or corporate goals

View Full Filing

View this 10-K/A filing on SEC EDGAR