INNOVATIVE SOLUTIONS & SUPPORT INC
For the period ended Sep 30, 2023. Filed Jan 12, 2024.
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FY2023 · Filed Jan 12, 2024
IA$21.53+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · For the Fiscal Year Ended September 30, | |||||||||
| | 2023 | 2022 | 2021 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | |
| Net income | | $6,027,755 | | $5,523,778 | | $5,064,902 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Depreciation and amortization | | 697,943 | | 368,499 | | 432,176 | |||
| Share-based compensation expense | | | | | | | | | |
| Stock options | | 756,198 | | 166,617 | | 181,350 | |||
| Stock awards | | 694,230 | | 173,325 | | 159,980 | |||
| Impairment of long-lived assets | | | 44,400 | | | — | | | — |
| Gain on disposal of property and equipment | | — | | (1,191,743) | | — | |||
| Excess and obsolete inventory cost (recovery) | | 44,308 | | — | | (100,446) | |||
| Deferred income taxes | | 9,503 | | 1,017,335 | | (1,193,511) | |||
| (Increase) decrease in: | | | | | | | | | |
| Accounts receivable | | (5,446,257) | | (251,120) | | 322,774 | |||
| Contract assets | | (324,397) | | (162,742) | | — | |||
| Inventories | | (834,917) | | (708,859) | | (153,611) | |||
| Prepaid expenses and other current assets | | 69,458 | | (309,394) | | (157,967) | |||
| Other non-current assets | | (101,356) | | — | | — | |||
| Increase (decrease) in: | | | | | | | | | |
| Accounts payable | | 628,430 | | 85,224 | | (167,272) | |||
| Accrued expenses | | 203,754 | | 1,272,826 | | (4,655) | |||
| Income taxes | | (257,055) | | 269,015 | | 104,640 | |||
| Contract liabilities | | (115,823) | | (158,321) | | 104,139 | |||
| Net cash provided by operating activities | | 2,096,174 | | 6,094,440 | | 4,592,499 | |||
| | | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | |
| Purchases of property and equipment | | (298,373) | | (161,230) | | (340,678) | |||
| Proceeds from the sale of property and equipment | | — | | 2,750,576 | | — | |||
| Acquisition of a business | | | (35,860,000) | | | — | | | — |
| Net cash (used in) provided by investing activities | | (36,158,373) | | 2,589,346 | | (340,678) | |||
| | | | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | |
| Proceeds from exercise of stock options | | 408,846 | | 301,154 | | 17,010 | |||
| Debt payments | | | (500,000) | | | — | | | — |
| Debt proceeds | | | 20,000,000 | | | — | | | — |
| Dividend paid | | | — | | | — | | | (19,788,092) |
| Net cash provided by (used in) financing activities | | 19,908,846 | | 301,154 | | (19,771,082) | |||
| | | | | | | | | | |
| Net (decrease) increase in cash and cash equivalents and restricted cash | | (14,153,353) | | 8,984,940 | | (15,519,261) | |||
| Cash and cash equivalents and restricted cash, beginning of year | | 17,250,546 | | 8,265,606 | | 23,784,867 | |||
| | | | | | | | | | |
| Cash and cash equivalents and restricted cash, end of year | | $3,097,193 | | $17,250,546 | | $8,265,606 | |||
| | | | | | | | | | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | | |
| Cash paid for income taxes | | $1,855,069 | | $531,481 | | $1,089 | |||
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