Innovative Solutions & Support Inc. Q2 2024 10-Q Filed

TL;DR

ISSC 10-Q filed. Financials for Q2 2024 out, showing stock and retained earnings data.

AI Summary

Innovative Solutions & Support Inc. filed its 10-Q for the period ending June 30, 2024. The company, based in Exton, PA, operates in computer programming services. Key financial data points from previous periods are available, including details on common stock, treasury stock, retained earnings, and additional paid-in capital as of September 30, 2023, and March 31, 2024.

Why It Matters

This filing provides investors with the latest financial performance and position of Innovative Solutions & Support Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate operational or financial distress.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the company's fiscal year.)
• 2024-06-30 — Reporting Period End Date (The end date for the financial data presented in this 10-Q.)
• 2023-09-30 — Prior Fiscal Year Quarter End (Provides a comparative point for financial data.)

Key Players & Entities

• INNOVATIVE SOLUTIONS & SUPPORT INC (company) — Filer
• 0000836690 (company) — Central Index Key
• 720 PENNSYLVANIA DRIVE (location) — Business Address
• EXTON (location) — City
• PA (location) — State
• 19341 (location) — ZIP Code
• 610 646 9800 (phone_number) — Business Phone
• 20240630 (date) — Period of Report
• 20240814 (date) — Filed as of Date

FAQ

Key Financial Figures

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

Filing Documents

• issc-20240630x10q.htm (10-Q) — 1526KB
• issc-20240630xex2d2.htm (EX-2.2) — 11KB
• issc-20240630xex2d3.htm (EX-2.3) — 28KB
• issc-20240630xex2d4.htm (EX-2.4) — 83KB
• issc-20240630xex10d1.htm (EX-10.1) — 102KB
• issc-20240630xex18.htm (EX-18) — 15KB
• issc-20240630xex31d1.htm (EX-31.1) — 14KB
• issc-20240630xex31d2.htm (EX-31.2) — 15KB
• issc-20240630xex32d1.htm (EX-32.1) — 11KB
• issc-20240630xex2d3002.jpg (GRAPHIC) — 1KB
• issc-20240630xex2d3004.jpg (GRAPHIC) — 1KB
• issc-20240630xex2d3005.jpg (GRAPHIC) — 1KB
• issc-20240630xex2d3007.jpg (GRAPHIC) — 1KB
• 0001558370-24-012215.txt ( ) — 7072KB
• issc-20240630.xsd (EX-101.SCH) — 37KB
• issc-20240630_cal.xml (EX-101.CAL) — 59KB
• issc-20240630_def.xml (EX-101.DEF) — 176KB
• issc-20240630_lab.xml (EX-101.LAB) — 421KB
• issc-20240630_pre.xml (EX-101.PRE) — 301KB
• issc-20240630x10q_htm.xml (XML) — 1215KB

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 - 21 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) June 30, September 30, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 521,041 $ 3,097,193 Accounts receivable 7,329,662 9,743,714 Contract assets 1,098,301 487,139 Inventories 14,540,172 6,139,713 Prepaid inventory 1,899,013 12,069,114 Prepaid expenses and other current assets 984,684 1,073,012 Assets held for sale — 2,063,818 Total current assets 26,372,873 34,673,703 Goodwill 4,074,466 3,557,886 Intangible assets, net 16,089,821 16,185,321 Property and equipment, net 11,590,207 7,892,427 Deferred income taxes 1,109,598 456,392 Other assets 545,980 191,722 Total assets $ 59,782,945 $ 62,957,451 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt $ 9,859,074 $ 2,000,000 Accounts payable 3,343,876 1,337,275 Accrued expenses 2,818,405 2,918,325 Contract liability 131,534 143,359 Total current liabilities 16,152,889 6,398,959 Long-term debt — 17,500,000 Other liabilities 448,931 421,508 Total liabilities 16,601,820 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 June 30, 2024 and September 30, 2023 — — Common stock, $ .001 par value: 75,000,000 shares authorized, 19,590,156 and 19,543,441 issued at June 30, 2024 and September 30, 2023, respectively 19,589 19,543 Additional paid-in capital 55,043,174 54,317,265 Retained earnings 9,486,899 5,668,713 Treasury stock, at cost, 2,096,451 shares at June 30, 2024 and at September 30, 2023 ( 21,368,537 ) ( 21,368,537 ) Total shareholders' equity 43,181,125 38,636,984 Total liabilities and shareholders' e

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