INNOVATIVE SOLUTIONS & SUPPORT INC
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 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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Condensed Consolidated Statements of Cash Flows
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · For the Nine Months Ended June 30, · | |||||||
| · 2024 · 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |
| Net income | | $3,818,186 | | $3,393,133 | | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | |
| Depreciation and amortization | | 1,437,232 | | 258,892 | | ||
| Share-based compensation expense | | | | | | | |
| Stock options | | 265,024 | | 646,172 | | ||
| Stock awards | | 460,931 | | 584,483 | | ||
| Impairment of long-lived assets | | | — | | | 44,400 | |
| Gain on disposal of property and equipment | | (160,577) | | — | | ||
| Deferred income taxes | | (623,683) | | (597,221) | | ||
| (Increase) decrease in: | | | | | | | |
| Accounts receivable | | 2,414,052 | | (1,646,558) | | ||
| Contract assets | | (611,162) | | (89,420) | | ||
| Inventories | | (3,275,938) | | (393,509) | | ||
| Prepaid expenses and other current assets | | 309,943 | | (71,679) | | ||
| Other non-current assets | | (364,041) | | (104,626) | | ||
| Increase (decrease) in: | | | | | | | |
| Accounts payable | | 2,006,601 | | 58,251 | | ||
| Accrued expenses | | (92,237) | | (854,793) | | ||
| Income taxes | | (221,615) | | (133,370) | | ||
| Contract liabilities | | (11,825) | | (156,230) | | ||
| Net cash provided by operating activities | | 5,350,891 | | 937,925 | | ||
| | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |
| Purchases of property and equipment | | (511,927) | | (165,084) | | ||
| Acquisition of a business | | — | | (35,860,000) | | ||
| Proceeds from the sale of property and equipment | | | 2,225,810 | | | — | |
| Net cash provided by (used in) investing activities | | 1,713,883 | | (36,025,084) | | ||
| | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |
| Repayments of term note | | | (19,500,000) | | | — | |
| Proceeds from line of credit note | | | 29,044,688 | | | — | |
| Repayments of line of credit note | | | (19,185,614) | | | — | |
| Proceeds from term note | | — | | 20,000,000 | | ||
| Proceeds from exercise of stock options | | | — | | 408,846 | | |
| Net cash (used in) provided by financing activities | | (9,640,926) | | 20,408,846 | | ||
| | | | | | | | |
| Net (decrease) increase in cash and cash equivalents | | (2,576,152) | | (14,678,313) | | ||
| Cash and cash equivalents, beginning of year | | 3,097,193 | | 17,250,546 | | ||
| | | | | | | | |
| Cash and cash equivalents, end of year | | $521,041 | | $2,572,233 | | ||
| | | | | | | | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | |
| Cash paid for income taxes | | $1,913,456 | | $1,608,506 | | ||
| | | | | | | | |
| SUPPLEMENTAL DISCLOSURE OF NONCASH INFORMATION | | | | | | | |
| Transfer from prepaid inventory to purchases of property and equipment | | $3,729,000 | | $— | | ||
| Transfer from prepaid inventory to inventory | | $5,124,521 | | $— | | ||
| Transfer from prepaid inventory to goodwill | | $516,580 | | $— | | ||
| Transfer from prepaid inventory to intangible assets, net | | $800,000 | | $— | | ||
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