Innovative Solutions & Support Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Innovative Solutions & Support Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and key corporate events.</b>

AI Summary

INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Innovative Solutions & Support Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various balance sheet accounts as of March 31, 2024, September 30, 2023, and December 31, 2023. Key dates mentioned include November 20, 2023, for the King Air Aircraft, and November 2023 for director appointments. The company's fiscal year ends on September 30. The filing references the Stock Based Incentive Compensation Plan Amended Restated 2019 Plan as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking INNOVATIVE SOLUTIONS & SUPPORT INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of the company's financial position and operational activities for the most recent quarter. The inclusion of specific dates for asset acquisitions and executive appointments offers insight into the company's strategic moves and governance.

Risk Assessment

Risk Level: low — INNOVATIVE SOLUTIONS & SUPPORT INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for public companies and does not contain significant new risks or events.

Analyst Insight

Review the balance sheet details and any disclosed operational updates to understand the company's financial health and strategic direction.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 09-30 — Fiscal Year End (Company fiscal year end)
• 2023-11-20 — King Air Aircraft Acquisition Date (Specific asset transaction date)

Key Players & Entities

• INNOVATIVE SOLUTIONS & SUPPORT INC (company) — Filer name
• ISSC (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 720 PENNSYLVANIA DRIVE (address) — Business address
• EXTON (location) — Business address city
• PA (location) — Business address state
• 19341 (postal_code) — Business address zip

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-11-20: King Air Aircraft Transaction — Specific date related to a significant asset.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition between annual reports.)

Fiscal Year End

The last day of a company's fiscal year. (Helps in understanding the timing of annual financial reporting and the company's reporting cycle.)

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ISSC Nasdaq Stock Market

Filing Documents

• issc-20240331x10q.htm (10-Q) — 1452KB
• issc-20240331xex10d3.htm (EX-10.3) — 77KB
• issc-20240331xex10d4.htm (EX-10.4) — 67KB
• issc-20240331xex31d1.htm (EX-31.1) — 14KB
• issc-20240331xex31d2.htm (EX-31.2) — 14KB
• issc-20240331xex32d1.htm (EX-32.1) — 10KB
• issc-20240331xex10d3001.jpg (GRAPHIC) — 1KB
• issc-20240331xex10d4001.jpg (GRAPHIC) — 1KB
• 0001558370-24-008148.txt (&nbsp;) — 6712KB
• issc-20240331.xsd (EX-101.SCH) — 35KB
• issc-20240331_cal.xml (EX-101.CAL) — 58KB
• issc-20240331_def.xml (EX-101.DEF) — 169KB
• issc-20240331_lab.xml (EX-101.LAB) — 408KB
• issc-20240331_pre.xml (EX-101.PRE) — 286KB
• issc-20240331x10q_htm.xml (XML) — 1189KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Co ndensed C onsolidated Balance Sheets 1 Co ndensed C onsolidated Statements of Operations 2 Co ndensed C onsolidated Statements of Shareholders' Equity 3 - 4 Co ndensed C onsolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 - 20 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 - 31 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 35 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements INNOVATIVE SOLUTIONS AND SUPPORT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) March 31, September 30, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 574,079 $ 3,097,193 Accounts receivable 6,061,185 9,743,714 Contract assets 1,230,607 487,139 Inventories 9,120,870 6,139,713 Prepaid inventory 6,775,822 12,069,114 Prepaid expenses and other current assets 711,772 1,073,012 Assets held for sale — 2,063,818 Total current assets 24,474,335 34,673,703 Goodwill 3,557,886 3,557,886 Intangible assets, net 15,648,321 16,185,321 Property and equipment, net 12,450,425 7,892,427 Deferred income taxes 1,173,227 456,392 Other assets 319,704 191,722 Total assets $ 57,623,898 $ 62,957,451 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt $ 10,642,885 $ 2,000,000 Accounts payable 2,647,123 1,337,275 Accrued expenses 2,415,095 2,918,325 Contract liability 96,650 143,359 Total current liabilities 15,801,753 6,398,959 Long-term debt — 17,500,000 Other liabilities 444,440 421,508 Total liabilities 16,246,193 24,320,467 Commitments and contingencies (See Note 6) Shareholders' equity Preferred stock, 10,000,000 shares authorized, $ .001 par value, of which 200,000 shares are authorized as Class A Convertible stock. No shares issued and outstanding at March 31, 2024 and September 30, 2023 — — Common stock, $ .001 par value: 75,000,000 shares authorized, 19,556,434 and 19,543,441 issued at March 31, 2024 and September 30, 2023, respectively 19,556 19,543 Additional paid-in capital 54,792,307 54,317,265 Retained earnings 7,934,379 5,668,713 Treasury stock, at cost, 2,096,451 shares at March 31, 2024 and at September 30, 2023 ( 21,368,537 ) ( 21,368,537 ) Total shareholders' equity 41,377,705 38,636,984 Total liabilities and shareholders

View Full Filing

View this 10-Q filing on SEC EDGAR