Innovative Solutions and Support (ISSC) 10-Q14 Aug 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 09, 2024
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41503
Entity Registrant Name	INNOVATIVE SOLUTIONS AND SUPPORT, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2507402
Entity Address, Address Line One	720 Pennsylvania Drive
Entity Address, City or Town	Exton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19341
City Area Code	610
Local Phone Number	646-9800
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ISSC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,499,955
Entity Central Index Key	0000836690
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Sep. 30, 2023
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
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' equity	$ 59,782,945	$ 62,957,451

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Sep. 30, 2023
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	19,590,156	19,543,441
Treasury stock, shares (in shares)	2,096,451	2,096,451
Class A Convertible stock
Preferred stock, shares authorized (in shares)	200,000	200,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Sales:
Total net sales	$ 11,765,635	$ 7,959,208	$ 31,813,214	$ 21,815,917
Cost of sales:
Total cost of sales	5,485,814	3,224,562	14,427,868	8,617,317
Gross profit	6,279,821	4,734,646	17,385,346	13,198,600
Operating expenses:
Research and development	1,099,367	851,296	3,031,630	2,387,939
Selling, general and administrative	3,143,334	2,395,714	9,058,347	7,104,212
Total operating expenses	4,242,701	3,247,010	12,089,977	9,492,151
Operating income	2,037,120	1,487,636	5,295,369	3,706,449
Interest expense	(172,784)		(704,267)
Interest income	5,826	185,652	121,505	432,495
Other income	12,869	90,049	57,040	131,504
Income before income taxes	1,883,031	1,763,337	4,769,647	4,270,448
Income tax expense	330,511	339,958	951,461	877,315
Net income	$ 1,552,520	$ 1,423,379	$ 3,818,186	$ 3,393,133
Net income per common share:
Basic (in dollars per share)	$ 0.09	$ 0.08	$ 0.22	$ 0.19
Diluted (in dollars per share)	$ 0.09	$ 0.08	$ 0.22	$ 0.19
Weighted average shares outstanding:
Basic (in shares)	17,461,652	17,576,969	17,455,903	17,415,358
Diluted(in shares)	17,467,259	17,577,588	17,476,089	17,419,265
Product
Net Sales:
Total net sales	$ 5,127,056	$ 6,575,411	$ 14,446,753	$ 17,608,769
Cost of sales:
Total cost of sales	2,106,629	2,831,511	6,235,668	7,450,205
Customer Service
Net Sales:
Total net sales	6,408,961	1,318,214	15,734,430	3,774,666
Cost of sales:
Total cost of sales	3,101,875	371,359	7,291,096	1,088,014
Engineering development contracts
Net Sales:
Total net sales	229,618	65,583	1,632,031	432,482
Cost of sales:
Total cost of sales	$ 277,310	$ 21,692	$ 901,104	$ 79,098

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings	Treasury Stock	Total
Balance, beginning at Sep. 30, 2022	$ 19,413	$ 52,458,121	$ (359,042)	$ (21,368,537)	$ 30,749,955
Increase (Decrease) in Stockholders' Equity
Share-based compensation		233,125			233,125
Exercise of stock options	57	408,789			408,846
Net income			698,651		698,651
Balance, ending at Dec. 31, 2022	19,470	53,100,035	339,609	(21,368,537)	32,090,577
Balance, beginning at Sep. 30, 2022	19,413	52,458,121	(359,042)	(21,368,537)	30,749,955
Increase (Decrease) in Stockholders' Equity
Net income					3,393,133
Balance, ending at Jun. 30, 2023	19,533	54,097,502	3,034,091	(21,368,537)	35,782,589
Balance, beginning at Dec. 31, 2022	19,470	53,100,035	339,609	(21,368,537)	32,090,577
Increase (Decrease) in Stockholders' Equity
Share-based compensation	48	783,398			783,446
Net income			1,271,103		1,271,103
Balance, ending at Mar. 31, 2023	19,518	53,883,433	1,610,712	(21,368,537)	34,145,126
Increase (Decrease) in Stockholders' Equity
Share-based compensation	15	214,069			214,084
Net income			1,423,379		1,423,379
Balance, ending at Jun. 30, 2023	19,533	54,097,502	3,034,091	(21,368,537)	35,782,589
Balance, beginning at Sep. 30, 2023	19,543	54,317,265	5,668,713	(21,368,537)	38,636,984
Increase (Decrease) in Stockholders' Equity
Share-based compensation	6	205,710			205,716
Net income			1,057,350		1,057,350
Balance, ending at Dec. 31, 2023	19,549	54,522,975	6,726,063	(21,368,537)	39,900,050
Balance, beginning at Sep. 30, 2023	19,543	54,317,265	5,668,713	(21,368,537)	38,636,984
Increase (Decrease) in Stockholders' Equity
Net income					3,818,186
Balance, ending at Jun. 30, 2024	19,589	55,043,174	9,486,899	(21,368,537)	43,181,125
Balance, beginning at Dec. 31, 2023	19,549	54,522,975	6,726,063	(21,368,537)	39,900,050
Increase (Decrease) in Stockholders' Equity
Share-based compensation	7	269,332			269,339
Net income			1,208,316		1,208,316
Balance, ending at Mar. 31, 2024	19,556	54,792,307	7,934,379	(21,368,537)	41,377,705
Increase (Decrease) in Stockholders' Equity
Share-based compensation	33	250,867			250,900
Net income			1,552,520		1,552,520
Balance, ending at Jun. 30, 2024	$ 19,589	$ 55,043,174	$ 9,486,899	$ (21,368,537)	$ 43,181,125

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2024	Jun. 30, 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
Gain on disposal of property and equipment	(160,577)
Impairment of long-lived assets		44,400
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)
Proceeds from the sale of property and equipment	2,225,810
Acquisition of a business		(35,860,000)
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

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Certain of Innovative Solutions and Support, Inc.’s (the “Company,” “IS&S,” “we” or “us”) significant accounting policies are described below. All of the Company’s significant accounting policies are disclosed in the notes to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Description of the Company The Company was incorporated in Pennsylvania on February 12, 1988. The Company operates in one business segment as a systems integrator that designs, develops, manufactures, sells and services air data equipment, engine display systems, standby equipment, primary flight guidance, autothrottles and cockpit display systems for retrofit applications and original equipment manufacturers (“OEMs”). The Company supplies integrated flight management systems (“FMS”), flat panel display systems (“FPDS”), FPDS with autothrottle, air data equipment, integrated standby units, integrated standby units with autothrottle and advanced Global Positioning System (“GPS”) receivers that enable reduced carbon footprint navigation, communication and navigation products and inertial reference units. The Company has continued to position itself as a system integrator, which capability provides the Company with the potential to generate more substantive orders over a broader product base. This strategy, as both a manufacturer and integrator, is designed to leverage the latest technologies developed for the computer and telecommunications industries into advanced and cost-effective solutions for the general aviation, commercial air transport and, United States Department of Defense (“DoD”)/governmental and foreign military markets. This approach, combined with the Company’s industry experience, is designed to enable IS&S to develop high-quality products and systems, to reduce product time to market and to achieve cost advantages over products offered by its competitors. On June 30, 2023 (the “Acquisition Date”), the Company entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) whereby Honeywell sold certain assets and granted perpetual license rights to manufacture and sell licensed products related to its inertial, communication and navigation product lines (the “Product Lines”) to the Company (the “Transaction”). The Transaction involved a sale of certain inventory, equipment and customer-related documents; an assignment of certain customer contracts; and a grant of exclusive and non-exclusive licenses to use certain Honeywell intellectual property related to its inertial, communication and navigation product lines to repair, overhaul, manufacture sell, import, export and distribute certain products to the Company. See Acquisition within Note 2, “Supplemental Balance Sheet Disclosures” below for more details. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) in accordance with the disclosure requirements for the quarterly report on Form 10-Q and, therefore, do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete annual financial statements. In the opinion of Company management, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the results for the interim periods presented. The condensed consolidated balance sheet as of September 30, 2023 is derived from the audited financial statements of the Company. Operating results for the three- and nine-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2024 which cannot be determined at this time. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Principles of Consolidation The Company’s condensed consolidated financial statements include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The financial statements of the Company have been prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for, among other items, valuation of tangible and intangible assets acquired, long term contracts, evaluation of allowances for doubtful accounts, inventory obsolescence, product warranty cost liabilities, income taxes, engineering and material costs on Engineering Development Contract (“EDC”) programs, percentage of completion on EDC contracts, the useful lives of long-lived assets for depreciation and amortization, the recoverability of long-lived assets, evaluation of goodwill impairment and contingencies. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the condensed consolidated statements of operations in the period they are determined. Principles of Acquisitions The Company evaluates each of its acquisitions in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “ Business Combinations” The Company accounts for business acquisitions using the acquisition method of accounting. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company adjusts the provisional amounts of assets acquired and liabilities assumed with the corresponding offset to goodwill to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s condensed consolidated statements of operations. Intangible Assets The Company’s identifiable intangible assets primarily consist of license agreement and customer relationships. Intangible assets acquired in a business combination are recognized at fair value using generally accepted valuation methods deemed appropriate for the type of intangible asset acquired and are reported separately from any goodwill recognized. Intangible assets with a finite life are amortized over their estimated useful life and are reported net of accumulated amortization. They are assessed for impairment in accordance with the Company’s policy on assessing long-lived assets for impairment described in the notes of the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Indefinite-lived intangible assets are not amortized, but are subject to an annual impairment test, or when events or circumstances dictate, more frequently. The impairment review for indefinite-lived intangible assets can be performed using a qualitative or quantitative impairment assessment. The quantitative assessment consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. If the fair value exceeds its carrying amount, the indefinite-lived intangible asset is not considered impaired. Goodwill Goodwill represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. The recorded amounts of goodwill from business combinations are based on management’s best estimates of the fair values of assets acquired and liabilities assumed at the date of acquisition. Goodwill is assigned to the reporting units that are expected to benefit from the synergies of the business combination that generated the goodwill. The Company’s goodwill impairment test is performed at the reporting unit level. Reporting units are determined based on an evaluation of the Company’s operating segments and the components making up those operating segments. Goodwill is tested for impairment at fiscal year-end September 30 or in an interim period if certain changes in circumstances indicate a possibility that an impairment may exist. Factors to consider that may indicate an impairment may exist are: ● macroeconomic conditions; ● industry and market considerations, such as a significant adverse change in the business climate; ● cost factors; ● overall financial performance, such as current-period operating results or cash flow declines combined with a history of operating results or cash flow declines; ● a projection or forecast that demonstrates continuing declines in the cash flow or the inability to improve the operations to forecasted levels; and ● any entity-specific events. If the Company determines that it is more likely than not that the fair value of the reporting unit is below the carrying amount as part of its qualitative assessment, a quantitative assessment of goodwill is required. In the quantitative evaluation, the fair value of the reporting unit is determined and compared to the carrying value. If the fair value is greater than the carrying value, then the goodwill is deemed not to be impaired and no further action is required. If the fair value is less than the carrying value, goodwill is considered impaired and a charge is reported as impairment of goodwill in the condensed consolidated statements of operations. Fair Value of Financial Instruments The net carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value because of the short-term nature of these instruments. The carrying value of our debt approximates fair value as the interest rate is variable and approximates current market levels. For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value as follows: Level 1 — Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets in non-active markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2024 and September 30, 2023, according to the valuation techniques the Company used to determine their fair values. Fair Value Measurement on June 30, 2024 Quoted Price in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents: Money market funds $ 499,787 $ — $ — Fair Value Measurement on September 30, 2023 Quoted Price in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents: Money market funds $ 3,665,128 $ — $ — The June 30, 2024 money market funds balance differs from the cash and cash equivalents balance on the condensed consolidated balance sheet due to the timing of sweep transactions within the PNC cash investment accounts. Revenue Recognition The Company enters into sales arrangements with customers that, in general, provide for the Company to design, develop, manufacture, deliver and service large flat-panel display systems, flight information computers, autothrottles and advanced monitoring systems that measure and display critical flight information, including data relative to aircraft separation, airspeed, altitude and engine and fuel data measurements. Revenue from Contracts with Customers The Company accounts for revenue in accordance with ASC 606, “ Revenue from Contracts with Customers” 1) Identify the contract with a customer The Company’s contract with its customers typically is in the form of a purchase order issued to the Company by its customers and, to a lesser degree, in the form of a purchase order issued in connection with a formal contract executed with a customer. For the purpose of accounting for revenue under ASC 606, a contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. Most of our revenue is derived from purchases under which we provide a specific product or service and, as a result, there is only one 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. If the contract contains multiple performance obligation, the Company determines standalone selling price based on the price at which each performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price by taking into account available information such as market conditions as well as the cost of the goods or services and the Company’s normal margins for similar performance obligations. 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer. The Company has also recognized revenue from EDC contracts and is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Contract costs include material, components and third-party avionics purchased from suppliers, direct labor and overhead costs. Contract Estimates Accounting for performance obligations in long-term contracts that are satisfied over time involves the use of various techniques to estimate progress towards satisfaction of the performance obligation. The Company typically measures progress based on costs incurred compared to estimated total contract costs. Contract cost estimates are based on various assumptions to project the outcome of future events that often span more than a single year. These assumptions include the amount of labor and labor costs, the quantity and cost of raw materials used in the completion of the performance obligation and the complexity of the work to be performed. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the quarter in which it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates did not change our revenue and operating earnings (and diluted earnings per share) for the three- and nine-month periods ended June 30, 2024 and 2023. Therefore, no adjustment on any contract was material to our condensed consolidated financial statements for the three- and nine-month periods ended June 30, 2024 and 2023. Contract Balances Contract assets consist of the right to consideration in exchange for product offerings that we have transferred to a customer under the contract. Contract liabilities primarily relate to consideration received in advance of performance under the contract. The following table reflects the Company’s contract assets and contract liabilities: Contract Contract Assets Liabilities September 30, 2023 $ 487,139 $ 143,359 Amount transferred to receivables from contract assets (363,719) — Contract asset additions 974,881 — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (99,045) Increases due to invoicing prior to satisfaction of performance obligations — 87,220 June 30, 2024 $ 1,098,301 $ 131,534 Concentrations Major Customers and Products In the three-month period ended June 30, 2024, two customers, Pilatus Aircraft Ltd (“Pilatus”) and Lufthansa Technik AG, accounted for 21% and 10% of net sales, respectively. In the nine-month period ended June 30, 2024, one customer, Pilatus accounted for 26% of net sales. In the three-month period ended June 30, 2023, three customers, Pilatus, Air Transport Services Group (“ATSG”) and Textron Aviation, Inc. (“Textron”), accounted for 25%, 24% and 10% of net sales, respectively. In the nine-month period ended June 30, 2023, three customers, Pilatus, ATSG and Textron, accounted for 27%, 18% and 10% of net sales, respectively. Major Suppliers The Company buys several of its components from sole source suppliers. Although there are a limited number of suppliers of particular components, management believes other suppliers could provide similar components on comparable terms. For the three- and nine-month periods ended June 30, 2024, the Company had two and one suppliers, respectively, that were individually responsible for greater than 10% of the Company’s total inventory related purchases. For the three- and nine-month periods ended June 30, 2023, the Company had four suppliers, respectively, that were individually responsible for greater than 10% of the Company’s total inventory related purchases. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances and accounts receivable. The Company invests its excess cash where preservation of principal is the major consideration. Cash balances are maintained with two major banks. Balances on deposit with certain money market accounts and operating accounts may exceed the Federal Deposit Insurance Corporation limits. The Company’s customer base consists principally of companies within the aviation industry. The Company requests advance payments and/or letters of credit from customers that it considers to be credit risks. Change in Accounting Estimate Effective April 1, 2024, the Company changed its method of computing depreciation from accelerated methods to the straight-line method for the Company’s property and equipment, except for the manufacturing facility which was already depreciating using the straight-line method. Based on ASC 250, “ Accounting Changes and Error Corrections and the expected benefits of such assets and provide greater consistency with the depreciation methods used by other companies in the Company’s industry. The net book value of assets acquired with useful lives remaining will be depreciated using the straight-line method prospectively. As a result of the change to the straight-line method of depreciating the assets, accumulated depreciation and depreciation expense decreased by $113,000 for the three- and nine-month periods ended June 30, 2024. Recently Adopted Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument”

Supplemental Balance Sheet Disc

Supplemental Balance Sheet Disclosures	9 Months Ended
Supplemental Balance Sheet Disclosures	Jun. 30, 2024
Supplemental Balance Sheet Disclosures
Supplemental Balance Sheet Disclosures	2. Supplemental Balance Sheet Disclosures Acquisition On June 30, 2023, the Company entered into an Asset Purchase and License Agreement with Honeywell whereby Honeywell sold certain assets and granted perpetual license rights to manufacture and sell licensed products related to its inertial, communication and navigation product lines to the Company. The Transaction involves a sale of certain inventory, equipment and customer-related documents; an assignment of certain customer contracts; and a grant of exclusive and non-exclusive licenses to use certain Honeywell intellectual property related to its inertial, communication and navigation product lines to repair, overhaul, manufacture sell, import, export and distribute certain products to the Company. The Transaction allows the Company to diversify its product offerings in the aerospace industry. The Company determined that the Transaction met the definition of a business under ASC 805; therefore, the Company accounted for the Transaction as a business combination and applied the acquisition method of accounting. In connection with the Transaction, the Company entered into a term loan with PNC Bank, National Association for $20.0 million to fund a portion of the Transaction (the “Term Loan”) – refer to Note 9, “Loan Agreement” for further details. The purchase consideration transferred at the Acquisition Date was $35.9 million, which was entirely cash. In the third quarter of 2024 and within one year from the Acquisition Date, the Company finalized its accounting of the Transaction. The following purchase price allocation table presents the Company's estimates of the fair value of assets acquired and liabilities assumed as of the Acquisition Date, and subsequent measurement period adjustments recorded during the one-year period ended June 30, 2024: Amounts Recognized as of Acquisition Date Measurement Purchase Price (as previously reported) Period Adjustments Allocation Cash consideration $ 35,860,000 $ — $ 35,860,000 Total consideration $ 35,860,000 $ — $ 35,860,000 — Prepaid inventory (a) $ 10,036,160 $ (3,012,626) (d) $ 7,023,534 Equipment 2,609,000 3,675,000 (d) 6,284,000 Construction in progress 1,238,000 — 1,238,000 Intangible assets (b) 20,900,000 (3,660,000) (d) 17,240,000 Goodwill (c) 4,608,041 (533,575) (d)(e) 4,074,466 Assets acquired 39,391,201 (3,531,201) 35,860,000 Accrued expenses (3,531,201) 3,531,201 (e) — Liabilities assumed (3,531,201) 3,531,201 — Net assets acquired $ 35,860,000 $ — $ 35,860,000 (a) Prepaid inventory consists of raw materials and finished goods acquired by the Company but not in the Company’s physical possession as of the Acquisition Date. The fair value of raw materials was estimated to equal the replacement cost. The fair value of finished goods was determined based on the estimated selling price, net of selling costs and a margin on the selling activities, which resulted in a change in the value of the finished goods. (b) Intangible assets consist of license agreement related to the license rights to use certain Honeywell intellectual property and customer relationships and are recorded at estimated fair values. The estimated fair value of the license agreement is based on a variation of the income valuation approach and is determined using the relief from royalty method. The estimated fair value of the customer relationships is based on a variation of the income valuation approach known as the multi-period excess earnings method. Refer to Intangible assets within Note 2, “Supplemental Balance Sheet Disclosures” for further details. (c) Goodwill represents the excess of the purchase consideration over the estimated fair value of the assets acquired and liabilities assumed. The goodwill recognized is primarily attributable to the expected synergies from the Transaction. Goodwill resulting from the Transaction has been assigned to the Company’s one operating segment and one reporting unit. The goodwill is not expected to be deductible for income tax purposes. Further, the Company determined that the goodwill was not impaired as of June 30, 2024 and as such, no impairment charges have been recorded for the three- and nine-month periods ended June 30, 2024; the Company also determined that the goodwill was not impaired as of September 30, 2023. (d) In the third quarter of 2024 and within one year from the Acquisition Date, the Company identified measurement period adjustments related to fair value estimates. The measurement period adjustments were due to the refinement of inputs used to calculate the fair value of the prepaid inventory, equipment, license agreement and customer relationships based on facts and circumstances that existed as of the Acquisition Date. One of the refinements of inputs used was a change in classification of prepaid inventory to equipment (e) During the fourth quarter of 2023, the Company identified measurement period adjustments related to the fair value estimates for accrued expenses. While the Asset Purchase and License Agreement indicated an amount of liabilities related to open supplier purchase orders to be assumed by the Company as of the Acquisition Date, it was determined that there were no actual liabilities outstanding related to these open supplier purchase orders as of the Acquisition Date; therefore, the $3.5 million assumed liabilities preliminarily recorded were reversed. The adjustments resulted in an overall decrease to goodwill of $3.5 million; the adjustments have no impact to the condensed consolidated statement of operations. Transition services agreement Concurrent with the Transaction, the Company entered into a transition services agreement (the “TSA”) with Honeywell, at no additional costs, to receive certain transitional services and technical support during the transition service period. The Company accounted for the TSA separate from business combination and have recognized $140,000 in prepaid expenses and other current assets at September 30, 2023 within the condensed consolidated balance sheets for the services to be received in the future from Honeywell. The prepaid expense related to the TSA was determined using the with and without method. Acquisition and related costs In connection with the Transaction, the Company incurred no acquisition costs for the three- and nine-month periods ended June 30, 2024. The Company incurred acquisition costs of $408,961, which were expensed as incurred and included in selling, general and administrative expenses in the condensed consolidated statement of operations for the year ended September 30, 2023; of that amount, the Company incurred acquisition costs of $262,099, which were expensed as incurred and included in selling, general and administrative expenses in the condensed consolidated statement of operations for the three- and nine-month periods ended June 30, 2023. The debt issuance costs related to the Term Loan were not material. Unaudited pro forma information The following unaudited pro forma summary presents consolidated information of the Company, including the Product Lines, as if the Transaction had occurred on October 1, 2021: Three Months Ended Nine Months Ended June 30, 2023 Net sales $ 12,035,209 $ 36,846,252 Net income $ 2,859,238 $ 7,760,831 These pro forma results are for illustrative purposes and are not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations. The unaudited pro forma information for all periods presented was adjusted to give effect to pro forma events that are directly attributable to the Transaction and are factually supportable. The unaudited pro forma results do not include any incremental cost savings that may result from the integration. Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value, net of write-downs for excess and obsolete inventory and consist of the following: June 30, September 30, 2024 2023 Raw materials $ 12,277,086 $ 5,162,177 Work-in-process 1,242,259 966,888 Finished goods 1,020,827 10,648 $ 14,540,172 $ 6,139,713 Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: June 30, September 30, 2024 2023 Prepaid insurance $ 157,771 $ 623,186 Other 826,913 449,826 $ 984,684 $ 1,073,012 Intangible assets The Company’s intangible assets other than goodwill are as follows: As of June 30, 2024 Gross Carrying Accumulated Accumulated Net Carrying Value Impairment Amortization Value License agreement acquired from the Transaction (a) $ 5,600,000 $ — $ — $ 5,600,000 Customer relationships acquired from the Transaction (a) 11,640,000 — (1,164,000) 10,476,000 Licensing and certification rights (b) 696,506 (44,400) (638,285) 13,821 Total $ 17,936,506 $ (44,400) $ (1,802,285) $ 16,089,821 As of September 30, 2023 Gross Carrying Accumulated Accumulated Net Carrying Value Impairment Amortization Value License agreement acquired from the Transaction (a) $ 5,700,000 $ — $ — $ 5,700,000 Customer relationships acquired from the Transaction (a) 10,740,000 — (268,500) 10,471,500 Licensing and certification rights (b) 696,506 (44,400) (638,285) 13,821 Total $ 17,136,506 $ (44,400) $ (906,785) $ 16,185,321 (a) As part of the Transaction, the Company acquired intangible assets related to the license agreement for the license rights to use certain Honeywell intellectual property and customer relationships. The license agreement has an indefinite life and is not subject to amortization; the customer relationships have an estimated weighted average life of nine years. The Company determined that the intangible assets were not impaired as of June 30, 2024 and September 30, 2023; no impairment charges have been recorded for the three- and nine-month periods ended June 30, 2024. (b) The licensing and certification rights are amortized over a defined number of units. No impairment charges were recorded during the three-and nine-month periods ended June 30, 2024. An impairment charge of $44,400 was recorded during the three-and nine-month periods ended June 30, 2023. Intangible asset amortization expense was $358,500 and $1,063 for the three-month periods ended June 30, 2024 and 2023, respectively. Intangible asset amortization expense for the three-month periods ended June 30, 2024 and 2023 was charged to selling, general and administrative expense. Intangible asset amortization expense was $895,500 and $1,063 for the nine-month periods ended June 30, 2024 and 2023, respectively. Intangible asset amortization expense for the nine-month periods ended June 30, 2024 and 2023 was charged to selling, general and administrative expense. The timing of future amortization expense is not determinable for the licensing and certification rights because they are amortized over a defined number of units. The expected future amortization expense related to the customer relationships as of June 30, 2024 is as follows: 2024 (three months remaining) $ 291,000 2025 1,164,000 2026 1,164,000 2027 1,164,000 2028 1,164,000 Thereafter 5,529,000 Total $ 10,476,000 Assets Held for Sale As of September 30, 2023, the Company classified $2.1 million of net property and equipment as “assets held for sale” on the condensed consolidated balance sheet. During the fourth quarter 2023, management of the Company implemented a plan to sell a Company-owned aircraft and commenced efforts to locate a buyer for the aircraft. On November 20, 2023, the Company sold its assets held for sale, the King Air aircraft, for $2.3 million. The resultant gain on the sale of $162,000 is a reduction to selling, general and administrative expense in the quarter ended December 31, 2023. Property and equipment Property and equipment, net consists of the following: June 30, September 30, 2024 2023 Computer equipment $ 2,405,850 $ 2,343,996 Furniture and office equipment 984,206 970,230 Manufacturing facility 6,198,690 5,926,584 Equipment 13,025,229 9,554,197 Land 1,021,245 1,021,245 23,635,220 19,816,252 Less accumulated depreciation and amortization (12,045,013) (11,923,825) $ 11,590,207 $ 7,892,427 Depreciation and amortization related to property and equipment was $252,655 and $86,439 for the three-month periods ended June 30, 2024 and 2023, respectively. Depreciation and amortization related to property and equipment was approximately $541,732 and $257,829 for the nine-month periods ended June 30, 2024 and 2023, respectively. Other assets Other assets consist of the following: June 30, September 30, 2024 2023 Operating lease right-of-use assets $ 5,282 $ 15,065 Other non-current assets 540,698 176,657 $ 545,980 $ 191,722 Other non-current assets as of June 30, 2024 includes deferred ERP implementation costs, a supplier credit from one of our suppliers and a deposit for medical claims required under the Company’s medical plan. Other non-current assets as of September 30, 2023 includes a supplier credit from one of our suppliers, a deposit for medical claims required under the Company’s medical plan and an airplane hanger deposit. In addition, other non-current assets as of June 30, 2024 and September 30, 2023 includes $38,795 and $53,585, respectively, of prepaid software licenses that will be earned upon the shipment of a certain product to a customer. Other non-current assets amortization expense was $5,277 and $2,601 for the three-month periods ended June 30, 2024 and 2023, respectively. Other non-current assets amortization expense was $14,790 and $2,601 for the nine-month periods ended June 30, 2024 and 2023, respectively. Accrued expenses Accrued expenses consist of the following: June 30, September 30, 2024 2023 Warranty $ 550,081 $ 562,645 Salary, benefits and payroll taxes 1,173,868 1,181,219 Professional fees 419,082 200,668 Operating lease 5,282 12,965 Income tax payable — 116,697 Other 670,092 844,131 $ 2,818,405 $ 2,918,325 Warranty cost and accrual information for the three- and nine-month periods ended June 30, 2024 is highlighted below: Three Months Ending Nine Months Ended June 30, 2024 June 30, 2024 Warranty accrual, beginning of period $ 574,971 $ 562,645 Accrued expense 8,477 81,688 Warranty cost (33,367) (94,252) Warranty accrual, end of period $ 550,081 $ 550,081

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Jun. 30, 2024
Income Taxes
Income Taxes	3. Income Taxes The Company will continue to assess all available evidence during future periods to evaluate any changes to the realization of its deferred tax assets. If the Company were to determine that it would be able to realize additional state deferred tax assets in the future, it would make an adjustment to the valuation allowance which would reduce the provision for income taxes. As a result of the 2017 Tax Cuts and Jobs Act, the Company must amortize amounts paid or incurred for specified research and development expenditures, including software development expenses, ratably over 60 months, beginning at the mid-point of the tax year in which the expenditures are paid or incurred. The effective tax rate for the three-month periods ended June 30, 2024 and 2023 were 17.6% and 19.3%, respectively. This effective tax rate differs from the statutory tax rate primarily due to an increased R&D credit, as well as permanent items and state taxes. The effective tax rate for the nine-month periods ended June 30, 2024 and 2023 were 19.9% and 20.5%, respectively. This effective tax rate differs from the statutory tax rate primarily due to an increased R&D credit, as well as permanent items and state taxes.

Shareholders' Equity and Share-

Shareholders' Equity and Share-Based Payments	9 Months Ended
Shareholders' Equity and Share-Based Payments	Jun. 30, 2024
Shareholders' Equity and Share-Based Payments
Shareholders' Equity and Share-Based Payments	4. Shareholders’ Equity and Share-Based Payments At June 30, 2024, the Company’s Amended and Restated Articles of Incorporation provides the Company authority to issue 75,000,000 shares of common stock and 10,000,000 shares of preferred stock. Share-Based Compensation The Company accounts for share-based compensation under the provisions of ASC Topic 718, “ Compensation – Stock Compensation” Amended and Restated 2019 Stock-Based Incentive Compensation Plan The Company’s Amended and Restated 2019 Stock-Based Incentive Compensation Plan was approved by the Company’s shareholders at the Company’s Annual Meeting of Shareholders held on April 18, 2024, which amended and restated the 2019 Stock-Based Incentive Compensation Plan approved by the Company’s shareholders on April 2, 2019 (as Amended, the “Amended and Restated 2019 Plan”). The Amended and Restated 2019 Plan authorizes the grant of stock appreciation rights, restricted stock, options and other equity-based awards. Options granted under the Amended and Restated 2019 Plan may be either “incentive stock options” as defined in section 422 of the Code or nonqualified stock options, as determined by the Compensation Committee. Subject to an adjustment necessary upon a stock dividend, recapitalization, forward split or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase or share exchange, extraordinary or unusual cash distribution, or similar corporate transaction or event, the maximum number of shares of common stock available for awards under the Amended and Restated 2019 Plan is 1,950,000, plus the shares that were authorized to be granted but have not been issued under the Company’s 2009 Stock-Based Incentive Compensation Plan as of the effective date of the Amended and Restated 2019 Plan (i.e., April 18, 2024). If any award is forfeited, terminates or otherwise is settled for any reason without an actual distribution of shares to the participant, the related shares of common stock subject to such award will again be available for future grant. Any shares tendered by a participant in payment of the exercise price of an option or the tax liability with respect to an award (including, in any case, shares withheld from any such award) will not be available for future grant under the Amended and Restated 2019 Plan. If there is any change in the Company’s corporate capitalization, the Compensation Committee must proportionately and equitably adjust the number and kind of shares of common stock which may be issued in connection with future awards, the number and kind of shares of common stock covered by awards then outstanding under the Amended and Restated 2019 Plan, the aggregate number and kind of shares of common stock available under the Amended and Restated 2019 Plan, any applicable individual limits on the number of shares of common stock available for awards under the Amended and Restated 2019 Plan, the exercise or grant price of any award, or if deemed appropriate, make provision for a cash payment with respect to any outstanding award. In addition, the Compensation Committee may make adjustments in the terms and conditions of any awards, including any performance goals, in recognition of unusual or nonrecurring events affecting the Company or any subsidiary, or in response to changes in applicable laws, regulations, or accounting principles. The compensation expense related to stock options and awards issued to employees under the Amended and Restated 2019 Plan was $191,623 and $566,952 for the three- and nine-month periods ended June 30, 2024, respectively. The compensation expense related to stock options and awards issued to employees under the Amended and Restated 2019 Plan was $164,342 and $954,140 for the three- and nine-month periods ended June 30, 2023, respectively. The compensation expense under the Amended and Restated 2019 Plan related to stock awards issued to non-employee members of the Board was $59,278 and $159,003 for the three- and nine-month periods ended June 30, 2024, respectively. The compensation expense under the Amended and Restated 2019 Plan related to stock awards issued to non-employee members of the Board was $49,742 and $276,515 for the three- and nine-month periods ended June 30, 2023, respectively. Total compensation expense associated with the Amended and Restated 2019 Plan was $250,901 and $214,084 for the three-month periods ended June 30, 2024 and 2023, respectively. Total compensation expense associated with the Amended and Restated 2019 Plan was $725,955 and $1,230,655 for the nine-month periods ended June 30, 2024 and 2023, respectively. At June 30, 2024, unrecognized compensation expense of approximately $2,165,328, net of forfeitures, related to non-vested stock options under the Amended and Restated 2019 Plan, will be recognized.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share
Earnings Per Share	5. Earnings Per Share Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 1,552,520 $ 1,423,379 $ 3,818,186 $ 3,393,133 Denominator: Basic 17,461,652 17,576,969 17,455,903 17,415,358 Dilutive effect of share-based awards 5,607 619 20,186 3,907 Diluted weighted average shares 17,467,259 17,577,588 17,476,089 17,419,265 Net income per common share: Basic $ 0.09 $ 0.08 $ 0.22 $ 0.19 Diluted $ 0.09 $ 0.08 $ 0.22 $ 0.19 Net income per share is calculated pursuant to ASC Topic 260, “ Earnings per Share” The number of incremental shares from the assumed exercise of stock options and RSUs is calculated by using the treasury stock method. As of June 30, 2024 and 2023, there were 361,613 and 128,815 options to purchase common stock outstanding, respectively, and 250,975 and 76,636 shares subject to vesting of restricted stock units outstanding, respectively. The average outstanding diluted shares calculation excludes options with an exercise price that exceeds the average market price of shares during the period. For the three-month periods ended June 30, 2024 and 2023, respectively, 529,918 and 312,210 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the nine-month periods ended June 30, 2024 and 2023, respectively, 329,026 and 196,577 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies In the ordinary course of business, the Company is at times subject to various legal proceedings and claims. The Company does not believe any such matters that are currently pending will, individually or in aggregate, have a material effect on the results of operations or financial position.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions
Related Party Transactions	7. Related Party Transactions In recent years, the Company has had sales to AML Global Eclipse, LLC (“Eclipse”), whose principal shareholder is also a principal shareholder in the Company. Prior balances are disclosed below for comparability. Sales to Eclipse amounted to approximately $110,000 and $155,000 for the three-month periods ended June 30, 2024 and 2023, respectively. Sales to Eclipse amounted to approximately $203,000 and $231,000 for the nine-month periods ended June 30, 2024 and 2023, respectively. A company in which Parizad Olver (Parchi), a former member of the Board of Directors, is the managing partner and has an ownership interest, received a consulting fee of $72,990 in November 2023 for services provided in connection with the sale of the Company’s 2008 Super King Air B200GT SN BY-50.

Leases

Leases	9 Months Ended
Leases	Jun. 30, 2024
Leases
Leases	8. Leases The Company accounts for leases in accordance with ASU 2016-02, “ Leases previous accounting guidance, we will recognize payments for leases with a term of less than one year in the statement of operations on a straight-line basis over the lease term. We lease real estate and equipment under various operating leases. A lease exists when a contract or part of a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In determining whether a lease exists, we consider whether a contract provides us with both: (a) the right to obtain substantially all of the economic benefits from the use of the identified asset and (b) the right to direct the use of the identified asset. Some of our leases include base rental periods coupled with options to renew or terminate the lease, generally at our discretion. In evaluating the lease term, we consider whether we are reasonably certain to exercise such options. To the extent a significant economic incentive exists to exercise an option, that option is included within the lease term. However, based on the nature of our lease arrangements, options generally do not provide us with a significant economic incentive and are therefore excluded from the lease term for the majority of our arrangements. Our leases typically include a combination of fixed and variable payments. Fixed payments are generally included when measuring the right-of-use asset and lease liability. Variable payments, which primarily represent payments based on usage of the underlying asset, are generally excluded from such measurement and expensed as incurred. In addition, certain of our lease arrangements may contain a lease coupled with an arrangement to provide other services, such as maintenance, or may require us to make other payments on behalf of the lessor related to the leased asset, such as payments for taxes or insurance. As permitted by ASU 2016-02, we have elected to account for these non-lease components together with the associated lease component if included in the lease payments. This election has been made for each of our asset classes. The measurement of right-of-use assets and lease liabilities requires us to estimate appropriate discount rates. To the extent the rate implicit in the lease is readily determinable, such a rate is utilized. However, based on information available at lease commencement for our leases, the rate implicit in the lease is not known. In these instances, we utilize an incremental borrowing rate, which represents the rate of interest that we would pay to borrow on a collateralized basis over a similar term. The following table presents the lease-related assets and liabilities reported in the Condensed Consolidated Balance Sheet as of June 30, 2024: Classification on the Consolidated Balance Sheet on June 30, 2024 Assets Operating leases Other assets $ 5,282 Liabilities Operating leases - current Accrued expenses $ 5,282 Operating leases - noncurrent Other liabilities $ — Total lease liabilities $ 5,282 Rent expense and cash paid for various operating leases in aggregate are $11,007 for the nine-month period ended June 30, 2024. The weighted average remaining lease term is 0.4 years and the weighted average discount rate is 5.0% as of June 30, 2024. Future minimum lease payments under operating leases are as follows at June 30, 2024: Twelve Months Ending Operating June 30, Leases 2025 6,115 Total minimum lease payments $ 6,115 Amount representing interest (833) Present value of minimum lease payments $ 5,282 Current portion 5,282 Long-term portion of lease obligations $ —

Loan Agreement

Loan Agreement	9 Months Ended
Loan Agreement	Jun. 30, 2024
Loan Agreement
Loan Agreement	9. Loan Agreement On June 28, 2023, the Company and one of its subsidiaries entered into an Amendment to Loan Documents (the “Loan Amendment”) with PNC Bank, National Association (“PNC”), which amends certain terms of that certain Loan Agreement entered into by the parties on May 11, 2023 (the “Loan Agreement” and, as amended, the “Amended Loan Agreement”) and (ii) a corresponding Term Note in favor of PNC (the “Term Note”), which together provide for a senior secured term loan in an aggregate principal amount of $20.0 million, with a maturity date of June 28, 2028. Availability of funds under the Term Loan was conditioned upon the closing of the transactions contemplated by the Amended Loan Agreement and was used to fund a portion of the Transaction. Under the agreement, the Company has the right to prepay any amounts outstanding at any time and from time to time, whole or in part; subject to payment of any break funding indemnification amounts. The interest rate applicable to loans outstanding under the Term Loan is a floating interest rate equal to the sum of (A) the Term SOFR Rate (as defined in the Term Note) plus (B) an unadjusted spread of the Applicable SOFR Margin plus (C) a SOFR adjustment of ten basis points. The Applicable SOFR Margin ranges from 1.5% to 2.5% depending on the Company’s funded debt to EBITDA ratio. Commencing on June 30, 2023, the Term Loan will consist of sixty In addition to providing for the Term Loan, the Loan Agreement, together with a corresponding Revolving Line of Credit Note in favor of PNC, executed May 11, 2023 (“Line of Credit Note”), provides for a senior secured revolving line of credit in an aggregate principal amount of $10,000,000, with an expiration date of May 11, 2028 (the “Revolving Line of Credit”). The interest rate applicable to loans outstanding under the Revolving Line of Credit was a rate per annum equal to the sum of (A) Daily SOFR (as defined in the Line of Credit Note) plus (B) an unadjusted spread of Applicable SOFR Margin plus (C) a SOFR adjustment of ten basis points. The Applicable SOFR Margin ranges from 1.5% to 2.5% depending on the Company’s funded debt to EBITDA ratio. The Company will pay an annual commitment fee of 0.15% on the amount available for borrowing under the revolving credit facility. On December 19, 2023, the Company and PNC entered into an Amendment to the Loan (the “Restated Loan Amendment”) and a corresponding Amended and Restated Revolving Line of Credit Note (“Restated Line of Credit Note”) and Amended and Restated Line of Credit and Investment Sweep Rider (the “Restated Rider”), to increase the aggregate principal amount available under the Company’s senior secured revolving line of credit from $10,000,000 to $30,000,000 and extend the maturity date until December 19, 2028. Under the terms of the Restated Rider, at the end of each business day any cash balance will be applied by PNC to the outstanding principal balance under the terms of the Restated Line of Credit Note. The proceeds of the Restated Line of Credit Note will be used for working capital and other general corporate purposes, for acquisitions as permitted under the Restated Loan Amendment and to pay off and close the loan evidenced by the Term Note. The Interest rate applicable to loans outstanding under the Restated Line of Credit is a rate per annum equal to the sum of (A) Daily SOFR (as defined in the Restated Line of Credit Note) plus (B) an unadjusted spread of Applicable SOFR Margin (as defined in the Restated Line of Credit Note) plus (C) a SOFR adjustment of ten basis points. The Applicable SOFR Margin ranges from 1.5% to 2.5% depending on the Company’s funded debt to EBITDA ratio, as defined in the Restated Line of Credit Note. The foregoing descriptions of the Restated Loan Amendment, Restated Line of Credit Note and Restated Rider do not purport to be complete and are qualified in their entirety by reference to the full text of the Restated Loan Amendment, Restated Line of Credit Note and Restated Rider, which are filed as Exhibit 10.1 Exhibit 10.2 Exhibit 10.3 The Company was in compliance with all applicable covenants throughout the year and at June 30, 2024. The outstanding balance drawn on the Line of Credit was $9,859,074 at June 30, 2024.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events
Subsequent Events	10. Subsequent Events On July 22, 2024, the Company entered into that certain Amendment No. 3 to Asset Purchase and License Agreement (the “Amendment”) with Honeywell. Pursuant to the Amendment, Honeywell sold, assigned or licensed to the Company certain additional assets related to its communication and navigation product lines, including a sale of certain inventory and customer-related documents; an assignment of certain contracts; and a grant of exclusive and non-exclusive licenses to use certain Honeywell intellectual property related to its communication and navigation product lines to manufacture, upgrade and repair certain additional products for consideration of $4.2 million in cash. This Amendment complements the previously disclosed license and asset acquisition completed in June 2023 from Honeywell.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,552,520	$ 1,208,316	$ 1,057,350	$ 1,423,379	$ 1,271,103	$ 698,651	$ 3,818,186	$ 3,393,133

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) in accordance with the disclosure requirements for the quarterly report on Form 10-Q and, therefore, do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete annual financial statements. In the opinion of Company management, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the results for the interim periods presented. The condensed consolidated balance sheet as of September 30, 2023 is derived from the audited financial statements of the Company. Operating results for the three- and nine-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2024 which cannot be determined at this time. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.
Principles of Consolidation	Principles of Consolidation The Company’s condensed consolidated financial statements include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The financial statements of the Company have been prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for, among other items, valuation of tangible and intangible assets acquired, long term contracts, evaluation of allowances for doubtful accounts, inventory obsolescence, product warranty cost liabilities, income taxes, engineering and material costs on Engineering Development Contract (“EDC”) programs, percentage of completion on EDC contracts, the useful lives of long-lived assets for depreciation and amortization, the recoverability of long-lived assets, evaluation of goodwill impairment and contingencies. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the condensed consolidated statements of operations in the period they are determined.
Principles of Acquisitions	Principles of Acquisitions The Company evaluates each of its acquisitions in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “ Business Combinations” The Company accounts for business acquisitions using the acquisition method of accounting. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company adjusts the provisional amounts of assets acquired and liabilities assumed with the corresponding offset to goodwill to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s condensed consolidated statements of operations.
Intangible Assets	Intangible Assets The Company’s identifiable intangible assets primarily consist of license agreement and customer relationships. Intangible assets acquired in a business combination are recognized at fair value using generally accepted valuation methods deemed appropriate for the type of intangible asset acquired and are reported separately from any goodwill recognized. Intangible assets with a finite life are amortized over their estimated useful life and are reported net of accumulated amortization. They are assessed for impairment in accordance with the Company’s policy on assessing long-lived assets for impairment described in the notes of the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Indefinite-lived intangible assets are not amortized, but are subject to an annual impairment test, or when events or circumstances dictate, more frequently. The impairment review for indefinite-lived intangible assets can be performed using a qualitative or quantitative impairment assessment. The quantitative assessment consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. If the fair value exceeds its carrying amount, the indefinite-lived intangible asset is not considered impaired.
Goodwill	Goodwill Goodwill represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. The recorded amounts of goodwill from business combinations are based on management’s best estimates of the fair values of assets acquired and liabilities assumed at the date of acquisition. Goodwill is assigned to the reporting units that are expected to benefit from the synergies of the business combination that generated the goodwill. The Company’s goodwill impairment test is performed at the reporting unit level. Reporting units are determined based on an evaluation of the Company’s operating segments and the components making up those operating segments. Goodwill is tested for impairment at fiscal year-end September 30 or in an interim period if certain changes in circumstances indicate a possibility that an impairment may exist. Factors to consider that may indicate an impairment may exist are: ● macroeconomic conditions; ● industry and market considerations, such as a significant adverse change in the business climate; ● cost factors; ● overall financial performance, such as current-period operating results or cash flow declines combined with a history of operating results or cash flow declines; ● a projection or forecast that demonstrates continuing declines in the cash flow or the inability to improve the operations to forecasted levels; and ● any entity-specific events. If the Company determines that it is more likely than not that the fair value of the reporting unit is below the carrying amount as part of its qualitative assessment, a quantitative assessment of goodwill is required. In the quantitative evaluation, the fair value of the reporting unit is determined and compared to the carrying value. If the fair value is greater than the carrying value, then the goodwill is deemed not to be impaired and no further action is required. If the fair value is less than the carrying value, goodwill is considered impaired and a charge is reported as impairment of goodwill in the condensed consolidated statements of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The net carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value because of the short-term nature of these instruments. The carrying value of our debt approximates fair value as the interest rate is variable and approximates current market levels. For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value as follows: Level 1 — Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets in non-active markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2024 and September 30, 2023, according to the valuation techniques the Company used to determine their fair values. Fair Value Measurement on June 30, 2024 Quoted Price in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents: Money market funds $ 499,787 $ — $ — Fair Value Measurement on September 30, 2023 Quoted Price in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents: Money market funds $ 3,665,128 $ — $ — The June 30, 2024 money market funds balance differs from the cash and cash equivalents balance on the condensed consolidated balance sheet due to the timing of sweep transactions within the PNC cash investment accounts.
Revenue Recognition	Revenue Recognition The Company enters into sales arrangements with customers that, in general, provide for the Company to design, develop, manufacture, deliver and service large flat-panel display systems, flight information computers, autothrottles and advanced monitoring systems that measure and display critical flight information, including data relative to aircraft separation, airspeed, altitude and engine and fuel data measurements. Revenue from Contracts with Customers The Company accounts for revenue in accordance with ASC 606, “ Revenue from Contracts with Customers” 1) Identify the contract with a customer The Company’s contract with its customers typically is in the form of a purchase order issued to the Company by its customers and, to a lesser degree, in the form of a purchase order issued in connection with a formal contract executed with a customer. For the purpose of accounting for revenue under ASC 606, a contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. Most of our revenue is derived from purchases under which we provide a specific product or service and, as a result, there is only one 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. If the contract contains multiple performance obligation, the Company determines standalone selling price based on the price at which each performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price by taking into account available information such as market conditions as well as the cost of the goods or services and the Company’s normal margins for similar performance obligations. 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer. The Company has also recognized revenue from EDC contracts and is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Contract costs include material, components and third-party avionics purchased from suppliers, direct labor and overhead costs. Contract Estimates Accounting for performance obligations in long-term contracts that are satisfied over time involves the use of various techniques to estimate progress towards satisfaction of the performance obligation. The Company typically measures progress based on costs incurred compared to estimated total contract costs. Contract cost estimates are based on various assumptions to project the outcome of future events that often span more than a single year. These assumptions include the amount of labor and labor costs, the quantity and cost of raw materials used in the completion of the performance obligation and the complexity of the work to be performed. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the quarter in which it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates did not change our revenue and operating earnings (and diluted earnings per share) for the three- and nine-month periods ended June 30, 2024 and 2023. Therefore, no adjustment on any contract was material to our condensed consolidated financial statements for the three- and nine-month periods ended June 30, 2024 and 2023. Contract Balances Contract assets consist of the right to consideration in exchange for product offerings that we have transferred to a customer under the contract. Contract liabilities primarily relate to consideration received in advance of performance under the contract. The following table reflects the Company’s contract assets and contract liabilities: Contract Contract Assets Liabilities September 30, 2023 $ 487,139 $ 143,359 Amount transferred to receivables from contract assets (363,719) — Contract asset additions 974,881 — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (99,045) Increases due to invoicing prior to satisfaction of performance obligations — 87,220 June 30, 2024 $ 1,098,301 $ 131,534
Concentrations	Concentrations Major Customers and Products In the three-month period ended June 30, 2024, two customers, Pilatus Aircraft Ltd (“Pilatus”) and Lufthansa Technik AG, accounted for 21% and 10% of net sales, respectively. In the nine-month period ended June 30, 2024, one customer, Pilatus accounted for 26% of net sales. In the three-month period ended June 30, 2023, three customers, Pilatus, Air Transport Services Group (“ATSG”) and Textron Aviation, Inc. (“Textron”), accounted for 25%, 24% and 10% of net sales, respectively. In the nine-month period ended June 30, 2023, three customers, Pilatus, ATSG and Textron, accounted for 27%, 18% and 10% of net sales, respectively. Major Suppliers The Company buys several of its components from sole source suppliers. Although there are a limited number of suppliers of particular components, management believes other suppliers could provide similar components on comparable terms. For the three- and nine-month periods ended June 30, 2024, the Company had two and one suppliers, respectively, that were individually responsible for greater than 10% of the Company’s total inventory related purchases. For the three- and nine-month periods ended June 30, 2023, the Company had four suppliers, respectively, that were individually responsible for greater than 10% of the Company’s total inventory related purchases. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances and accounts receivable. The Company invests its excess cash where preservation of principal is the major consideration. Cash balances are maintained with two major banks. Balances on deposit with certain money market accounts and operating accounts may exceed the Federal Deposit Insurance Corporation limits. The Company’s customer base consists principally of companies within the aviation industry. The Company requests advance payments and/or letters of credit from customers that it considers to be credit risks.
Recently Adopted Accounting Pronouncements	Change in Accounting Estimate Effective April 1, 2024, the Company changed its method of computing depreciation from accelerated methods to the straight-line method for the Company’s property and equipment, except for the manufacturing facility which was already depreciating using the straight-line method. Based on ASC 250, “ Accounting Changes and Error Corrections and the expected benefits of such assets and provide greater consistency with the depreciation methods used by other companies in the Company’s industry. The net book value of assets acquired with useful lives remaining will be depreciated using the straight-line method prospectively. As a result of the change to the straight-line method of depreciating the assets, accumulated depreciation and depreciation expense decreased by $113,000 for the three- and nine-month periods ended June 30, 2024. Recently Adopted Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument”

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024
Summary of Significant Accounting Policies
Schedule of financial assets and liabilities accounted for at fair value on a recurring basis	Fair Value Measurement on June 30, 2024 Quoted Price in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents: Money market funds $ 499,787 $ — $ — Fair Value Measurement on September 30, 2023 Quoted Price in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents: Money market funds $ 3,665,128 $ — $ —
Summary of contract assets and contract liabilities balances	Contract Contract Assets Liabilities September 30, 2023 $ 487,139 $ 143,359 Amount transferred to receivables from contract assets (363,719) — Contract asset additions 974,881 — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (99,045) Increases due to invoicing prior to satisfaction of performance obligations — 87,220 June 30, 2024 $ 1,098,301 $ 131,534

Supplemental Balance Sheet Di_2

Supplemental Balance Sheet Disclosures (Tables)	9 Months Ended
Supplemental Balance Sheet Disclosures (Tables)	Jun. 30, 2024
Supplemental Balance Sheet Disclosures
Schedule of preliminary allocation of the purchase consideration	Amounts Recognized as of Acquisition Date Measurement Purchase Price (as previously reported) Period Adjustments Allocation Cash consideration $ 35,860,000 $ — $ 35,860,000 Total consideration $ 35,860,000 $ — $ 35,860,000 — Prepaid inventory (a) $ 10,036,160 $ (3,012,626) (d) $ 7,023,534 Equipment 2,609,000 3,675,000 (d) 6,284,000 Construction in progress 1,238,000 — 1,238,000 Intangible assets (b) 20,900,000 (3,660,000) (d) 17,240,000 Goodwill (c) 4,608,041 (533,575) (d)(e) 4,074,466 Assets acquired 39,391,201 (3,531,201) 35,860,000 Accrued expenses (3,531,201) 3,531,201 (e) — Liabilities assumed (3,531,201) 3,531,201 — Net assets acquired $ 35,860,000 $ — $ 35,860,000 (a) Prepaid inventory consists of raw materials and finished goods acquired by the Company but not in the Company’s physical possession as of the Acquisition Date. The fair value of raw materials was estimated to equal the replacement cost. The fair value of finished goods was determined based on the estimated selling price, net of selling costs and a margin on the selling activities, which resulted in a change in the value of the finished goods. (b) Intangible assets consist of license agreement related to the license rights to use certain Honeywell intellectual property and customer relationships and are recorded at estimated fair values. The estimated fair value of the license agreement is based on a variation of the income valuation approach and is determined using the relief from royalty method. The estimated fair value of the customer relationships is based on a variation of the income valuation approach known as the multi-period excess earnings method. Refer to Intangible assets within Note 2, “Supplemental Balance Sheet Disclosures” for further details. (c) Goodwill represents the excess of the purchase consideration over the estimated fair value of the assets acquired and liabilities assumed. The goodwill recognized is primarily attributable to the expected synergies from the Transaction. Goodwill resulting from the Transaction has been assigned to the Company’s one operating segment and one reporting unit. The goodwill is not expected to be deductible for income tax purposes. Further, the Company determined that the goodwill was not impaired as of June 30, 2024 and as such, no impairment charges have been recorded for the three- and nine-month periods ended June 30, 2024; the Company also determined that the goodwill was not impaired as of September 30, 2023. (d) In the third quarter of 2024 and within one year from the Acquisition Date, the Company identified measurement period adjustments related to fair value estimates. The measurement period adjustments were due to the refinement of inputs used to calculate the fair value of the prepaid inventory, equipment, license agreement and customer relationships based on facts and circumstances that existed as of the Acquisition Date. One of the refinements of inputs used was a change in classification of prepaid inventory to equipment (e) During the fourth quarter of 2023, the Company identified measurement period adjustments related to the fair value estimates for accrued expenses. While the Asset Purchase and License Agreement indicated an amount of liabilities related to open supplier purchase orders to be assumed by the Company as of the Acquisition Date, it was determined that there were no actual liabilities outstanding related to these open supplier purchase orders as of the Acquisition Date; therefore, the $3.5 million assumed liabilities preliminarily recorded were reversed. The adjustments resulted in an overall decrease to goodwill of $3.5 million; the adjustments have no impact to the condensed consolidated statement of operations.
Summary of unaudited pro forma consolidated information	Three Months Ended Nine Months Ended June 30, 2023 Net sales $ 12,035,209 $ 36,846,252 Net income $ 2,859,238 $ 7,760,831
Schedule of inventories	June 30, September 30, 2024 2023 Raw materials $ 12,277,086 $ 5,162,177 Work-in-process 1,242,259 966,888 Finished goods 1,020,827 10,648 $ 14,540,172 $ 6,139,713
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following: June 30, September 30, 2024 2023 Prepaid insurance $ 157,771 $ 623,186 Other 826,913 449,826 $ 984,684 $ 1,073,012
Summary of intangible assets other than goodwill	The Company’s intangible assets other than goodwill are as follows: As of June 30, 2024 Gross Carrying Accumulated Accumulated Net Carrying Value Impairment Amortization Value License agreement acquired from the Transaction (a) $ 5,600,000 $ — $ — $ 5,600,000 Customer relationships acquired from the Transaction (a) 11,640,000 — (1,164,000) 10,476,000 Licensing and certification rights (b) 696,506 (44,400) (638,285) 13,821 Total $ 17,936,506 $ (44,400) $ (1,802,285) $ 16,089,821 As of September 30, 2023 Gross Carrying Accumulated Accumulated Net Carrying Value Impairment Amortization Value License agreement acquired from the Transaction (a) $ 5,700,000 $ — $ — $ 5,700,000 Customer relationships acquired from the Transaction (a) 10,740,000 — (268,500) 10,471,500 Licensing and certification rights (b) 696,506 (44,400) (638,285) 13,821 Total $ 17,136,506 $ (44,400) $ (906,785) $ 16,185,321 (a) As part of the Transaction, the Company acquired intangible assets related to the license agreement for the license rights to use certain Honeywell intellectual property and customer relationships. The license agreement has an indefinite life and is not subject to amortization; the customer relationships have an estimated weighted average life of nine years. The Company determined that the intangible assets were not impaired as of June 30, 2024 and September 30, 2023; no impairment charges have been recorded for the three- and nine-month periods ended June 30, 2024. (b) The licensing and certification rights are amortized over a defined number of units. No impairment charges were recorded during the three-and nine-month periods ended June 30, 2024. An impairment charge of $44,400 was recorded during the three-and nine-month periods ended June 30, 2023.
Summary of expected future amortization expense related to the customer relationships	2024 (three months remaining) $ 291,000 2025 1,164,000 2026 1,164,000 2027 1,164,000 2028 1,164,000 Thereafter 5,529,000 Total $ 10,476,000
Schedule of property and equipment, net	June 30, September 30, 2024 2023 Computer equipment $ 2,405,850 $ 2,343,996 Furniture and office equipment 984,206 970,230 Manufacturing facility 6,198,690 5,926,584 Equipment 13,025,229 9,554,197 Land 1,021,245 1,021,245 23,635,220 19,816,252 Less accumulated depreciation and amortization (12,045,013) (11,923,825) $ 11,590,207 $ 7,892,427
Schedule of other assets	June 30, September 30, 2024 2023 Operating lease right-of-use assets $ 5,282 $ 15,065 Other non-current assets 540,698 176,657 $ 545,980 $ 191,722
Schedule of accrued expenses	June 30, September 30, 2024 2023 Warranty $ 550,081 $ 562,645 Salary, benefits and payroll taxes 1,173,868 1,181,219 Professional fees 419,082 200,668 Operating lease 5,282 12,965 Income tax payable — 116,697 Other 670,092 844,131 $ 2,818,405 $ 2,918,325
Schedule of warranty cost and accrual information	Three Months Ending Nine Months Ended June 30, 2024 June 30, 2024 Warranty accrual, beginning of period $ 574,971 $ 562,645 Accrued expense 8,477 81,688 Warranty cost (33,367) (94,252) Warranty accrual, end of period $ 550,081 $ 550,081

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
Earnings Per Share
Schedule of earnings per share	Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 1,552,520 $ 1,423,379 $ 3,818,186 $ 3,393,133 Denominator: Basic 17,461,652 17,576,969 17,455,903 17,415,358 Dilutive effect of share-based awards 5,607 619 20,186 3,907 Diluted weighted average shares 17,467,259 17,577,588 17,476,089 17,419,265 Net income per common share: Basic $ 0.09 $ 0.08 $ 0.22 $ 0.19 Diluted $ 0.09 $ 0.08 $ 0.22 $ 0.19

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases
Schedule of lease-related assets and liabilities reported in the Consolidated Balance Sheet	Classification on the Consolidated Balance Sheet on June 30, 2024 Assets Operating leases Other assets $ 5,282 Liabilities Operating leases - current Accrued expenses $ 5,282 Operating leases - noncurrent Other liabilities $ — Total lease liabilities $ 5,282
Schedule of future minimum lease payments under operating leases	Future minimum lease payments under operating leases are as follows at June 30, 2024: Twelve Months Ending Operating June 30, Leases 2025 6,115 Total minimum lease payments $ 6,115 Amount representing interest (833) Present value of minimum lease payments $ 5,282 Current portion 5,282 Long-term portion of lease obligations $ —

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2024 segment
Number of business segments
Number of operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Fair Value, Warranty Reserve, Self-Insurance Reserves (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Fair Value, Measurements, Recurring \| Quoted Price in Active Markets for Identical Assets (Level 1) \| Money Market Funds
Assets
Cash and cash equivalents	$ 499,787	$ 3,665,128

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Revenue Recognition (Details)	9 Months Ended
	Jun. 30, 2024
Revenue Recognition.
Revenue, remaining performance obligation, optional exemption, performance obligation [true false]	true

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Concentration Risk (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2024 item customer	Jun. 30, 2023 customer	Jun. 30, 2024 item customer	Jun. 30, 2023 customer
Concentration of Credit Risk
Number of banks for maintenance of cash balances \| item	2		2
Revenues Net \| Customer Concentration Risk
Concentrations
Number of major customers \| customer	2	3	1	3
Revenues Net \| Customer Concentration Risk \| Pilatus Aircraft Ltd ("Pilatus")
Concentrations
Concentration of risk (as a percent)	21%	25%	26%	27%
Revenues Net \| Customer Concentration Risk \| Air Transport Services Group
Concentrations
Concentration of risk (as a percent)		24%		18%
Revenues Net \| Customer Concentration Risk \| Textron Aviation, Inc
Concentrations
Concentration of risk (as a percent)	10%	10%		10%
Inventory \| Supplier Concentration Risk
Concentrations
Number of major suppliers \| item	2		1
Supplier Concentration Risk \| Supplier Concentration Risk
Concentrations
Number of major customers \| customer		4		4

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract Balances
Balance at beginning of the period (Contract Assets)	$ 487,139
Balance at beginning of the period (Contract Liabilities)	143,359
Amount transferred to receivables from contract assets	(363,719)
Contract asset additions	611,162	$ 89,420
Contract asset additions	974,881
Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period (Contract Liabilities)	(99,045)
Increases due to invoicing prior to satisfaction of performance obligations (Contract Liabilities)	87,220
Balance at end of the period (Contract Assets)	1,098,301
Balance at end of the period (Contract Liabilities)	$ 131,534

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Change in Accounting Estimate (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Change in Accounting Estimate [Line Items]
decrease in accumulated depreciation expense	$ 12,045,013	$ 11,923,825
Change in depreciation method
Change in Accounting Estimate [Line Items]
decrease in accumulated depreciation expense	$ 113,000

Supplemental Balance Sheet Di_3

Supplemental Balance Sheet Disclosures - Acquisition (Details) - Honeywell International, Inc - USD ($)	Jun. 30, 2023	Jun. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Preliminary purchase consideration transferred	$ 35,860,000
Asset Purchase and License Agreement (the "Honeywell Agreement")
Business Acquisition [Line Items]
Preliminary purchase consideration transferred	35,900,000
Incurred acquisition costs	262,099	$ 0	$ 408,961
Asset Purchase and License Agreement (the "Honeywell Agreement") \| PNC Bank [Member] \| Term loan
Business Acquisition [Line Items]
Debt instrument face amount	$ 20,000,000
Transition services agreement
Business Acquisition [Line Items]
Business combination recognized prepaid expenses and other current assets			$ 140,000

Supplemental Balance Sheet Di_4

Supplemental Balance Sheet Disclosures - Preliminary allocation of the purchase consideration (Details)		3 Months Ended			6 Months Ended	9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 4,074,466				$ 4,074,466		$ 3,557,886
Number of Operating Segments \| segment						1
Additional amortization expense		358,500		$ 1,063		$ 895,500	$ 1,063
Asset Purchase and License Agreement (the "Honeywell Agreement") \| Measurement Period Adjustments \| Adjustment of preliminary fair value estimates of liabilities
Business Acquisition [Line Items]
Goodwill		(3,500,000)				$ (3,500,000)
Honeywell International, Inc
Business Acquisition [Line Items]
Cash consideration	$ 35,860,000
Total consideration	35,860,000
Prepaid inventory	7,023,534			7,023,534			7,023,534
Equipment	6,284,000			6,284,000			6,284,000
Intangible assets	17,240,000			17,240,000			17,240,000
Goodwill	4,074,466			4,074,466			4,074,466
Assets acquired	35,860,000			35,860,000			35,860,000
Net assets acquired	35,860,000			35,860,000			35,860,000
Number of Operating Segments \| segment						1
Number of reportable unit \| segment						1
Goodwill impairment charges			$ 0		$ 0
Honeywell International, Inc \| Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Cash consideration	35,860,000
Total consideration	35,860,000
Prepaid inventory	10,036,160			10,036,160			10,036,160
Equipment	2,609,000			2,609,000			2,609,000
Intangible assets	20,900,000			20,900,000			20,900,000
Goodwill	4,608,041			4,608,041			4,608,041
Assets acquired	39,391,201			39,391,201			39,391,201
Accrued expenses	(3,531,201)			(3,531,201)			(3,531,201)
Liabilities assumed	(3,531,201)			(3,531,201)			(3,531,201)
Net assets acquired	35,860,000			35,860,000			35,860,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	3,531,201			3,531,201			3,531,201
Honeywell International, Inc \| Measurement Period Adjustments
Business Acquisition [Line Items]
Prepaid inventory	(3,012,626)			(3,012,626)			(3,012,626)
Equipment	3,675,000			3,675,000			3,675,000
Intangible assets	(3,660,000)			(3,660,000)			(3,660,000)
Goodwill	(533,575)			(533,575)			(533,575)
Assets acquired	(3,531,201)			(3,531,201)			(3,531,201)
Accrued expenses	3,531,201			3,531,201			3,531,201
Liabilities assumed	3,531,201			3,531,201			3,531,201
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(3,531,201)			(3,531,201)			(3,531,201)
Honeywell International, Inc \| Measurement Period Adjustments \| Adjustment of preliminary fair value estimates of assets
Business Acquisition [Line Items]
Prepaid inventory		(3,700,000)				$ (3,700,000)
Equipment		3,700,000				3,700,000
Goodwill		3,000,000				3,000,000
Additional depreciation expense in cost of sales						218,623
Additional amortization expense						67,500
Honeywell International, Inc \| Measurement Period Adjustments \| Adjustment of preliminary fair value estimates of liabilities
Business Acquisition [Line Items]
Liabilities assumed		3,500,000				3,500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ (3,500,000)				$ (3,500,000)
Honeywell International, Inc \| Asset Purchase and License Agreement (the "Honeywell Agreement")
Business Acquisition [Line Items]
Total consideration	35,900,000
Construction in progress \| Honeywell International, Inc
Business Acquisition [Line Items]
Intangible assets	1,238,000			1,238,000			1,238,000
Construction in progress \| Honeywell International, Inc \| Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Intangible assets	$ 1,238,000			$ 1,238,000			$ 1,238,000

Supplemental Balance Sheet Di_5

Supplemental Balance Sheet Disclosures - Summary of unaudited pro forma consolidated information (Details) - Honeywell International, Inc - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Net sales	$ 12,035,209	$ 36,846,252
Net income	$ 2,859,238	$ 7,760,831

Supplemental Balance Sheet Di_6

Supplemental Balance Sheet Disclosures - Inventories and Prepaid expenses and other current assets (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Inventory Valuation
Raw materials	$ 12,277,086	$ 5,162,177
Work-in-process	1,242,259	966,888
Finished goods	1,020,827	10,648
Total inventories	14,540,172	6,139,713
Prepaid expenses and other current assets
Prepaid insurance	157,771	623,186
Other	826,913	449,826
Total prepaid expenses and other current assets	$ 984,684	$ 1,073,012

Supplemental Balance Sheet Di_7

Supplemental Balance Sheet Disclosures - Intangible assets (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets, Net
Accumulated Impairment	$ (44,400)				$ (44,400)		$ (44,400)
Accumulated Amortization	(1,802,285)				(1,802,285)		(906,785)
Impairment charges	0		$ 44,400		0	$ 44,400
Intangible asset amortization expense	358,500		$ 1,063		895,500	$ 1,063
Intangible Assets, Net (Excluding Goodwill)
Gross Carrying Value	17,936,506				17,936,506		17,136,506
Accumulated Impairment	(44,400)				(44,400)		(44,400)
Accumulated Amortization	(1,802,285)				(1,802,285)		(906,785)
Net Carrying Value	16,089,821				16,089,821		16,185,321
Customer relationships acquired from the Transaction
Finite-Lived Intangible Assets, Net
Gross Carrying Value	11,640,000				11,640,000		10,740,000
Accumulated Amortization	(1,164,000)				(1,164,000)		(268,500)
Total	10,476,000				10,476,000		10,471,500
Estimated weighted average life		9 years 3 months		9 years 3 months				9 years 3 months
Intangible Assets, Net (Excluding Goodwill)
Accumulated Amortization	(1,164,000)				(1,164,000)		(268,500)
Licensing and certification rights
Finite-Lived Intangible Assets, Net
Gross Carrying Value	696,506				696,506		696,506
Accumulated Impairment	(44,400)				(44,400)		(44,400)
Accumulated Amortization	(638,285)				(638,285)		(638,285)
Total	13,821				13,821		13,821
Intangible Assets, Net (Excluding Goodwill)
Accumulated Impairment	(44,400)				(44,400)		(44,400)
Accumulated Amortization	(638,285)				(638,285)		(638,285)
Licensing and certification rights
Indefinite-Lived Intangible Assets (Excluding Goodwill)
Gross Carrying Value	5,600,000				5,600,000		5,700,000
Net Carrying Value	$ 5,600,000				$ 5,600,000		$ 5,700,000
Honeywell International, Inc \| Asset Purchase and License Agreement (the "Honeywell Agreement") \| Customer relationships acquired from the Transaction
Finite-Lived Intangible Assets, Net
Impairment charges		$ 0		$ 0

Supplemental Balance Sheet Di_8

Supplemental Balance Sheet Disclosures - Intangible assets timing of future amortization expense (Details) - Customer relationships acquired from the Transaction - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Expected future amortization expense
2024 (six months remaining)	$ 291,000
2025	1,164,000
2026	1,164,000
2027	1,164,000
2028	1,164,000
Thereafter	5,529,000
Total	$ 10,476,000	$ 10,471,500

Supplemental Balance Sheet Di_9

Supplemental Balance Sheet Disclosures - Assets held for sale (Details) - USD ($)		9 Months Ended
	Nov. 20, 2023	Jun. 30, 2024	Sep. 30, 2023
Assets Held for Sale
Assets held for sale			$ 2,063,818
Proceeds from assets held for sale		$ 2,225,810
Gain loss on sale of property and equipment		160,577
King Air aircraft
Assets Held for Sale
Proceeds from assets held for sale	$ 2,300,000
Gain loss on sale of property and equipment		$ 162,000

Supplemental Balance Sheet D_10

Supplemental Balance Sheet Disclosures - Property and Equipment & Other Assets (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Property and Equipment
Property and equipment, gross	$ 23,635,220				$ 23,635,220		$ 19,816,252
Less: accumulated depreciation and amortization	(12,045,013)				(12,045,013)		(11,923,825)
Property and equipment, net	11,590,207				11,590,207		7,892,427
Depreciation and amortization for property and equipment	252,655	$ 86,439			541,732	$ 257,829
Other assets
Operating lease right-of-use asset	5,282				5,282		15,065
Other non-current assets	540,698				540,698		176,657
Total other assets	545,980				545,980		191,722
Accumulated amortization of intangible assets	1,802,285				1,802,285		906,785
Intangible asset amortization expense	358,500	$ 1,063			895,500	$ 1,063
Prepaid software licenses	38,795				38,795		53,585
Computer equipment
Property and Equipment
Property and equipment, gross	2,405,850				2,405,850		2,343,996
Furniture and office equipment
Property and Equipment
Property and equipment, gross	984,206				984,206		970,230
Manufacturing facility
Property and Equipment
Property and equipment, gross	6,198,690				6,198,690		5,926,584
Equipment
Property and Equipment
Property and equipment, gross	13,025,229				13,025,229		9,554,197
Land
Property and Equipment
Property and equipment, gross	1,021,245				1,021,245		$ 1,021,245
Prepaid software licenses
Other assets
Intangible asset amortization expense	$ 5,277		$ 2,601	$ 2,601	$ 14,790

Supplemental Balance Sheet D_11

Supplemental Balance Sheet Disclosures - Accrued Expenses (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accrued expenses
Warranty	$ 550,081	$ 550,081	$ 574,971	$ 562,645
Salary, benefits and payroll taxes	1,173,868	1,173,868		1,181,219
Professional fees	419,082	419,082		200,668
Operating lease	5,282	5,282		12,965
Income tax payable				116,697
Other	670,092	670,092		844,131
Total accrued expenses	2,818,405	2,818,405		$ 2,918,325
Warranty cost and accrual information
Warranty accrual, beginning of period		562,645
Accrued expense	8,477	81,688
Warranty cost	(33,367)	(94,252)
Warranty accrual, end of period	$ 550,081	$ 550,081

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Effective tax rate (as a percent)	17.60%	19.30%	19.90%	20.50%

Shareholders' Equity and Shar_2

Shareholders' Equity and Share-Based Payments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Sep. 30, 2023
Shareholders' Equity and Share-Based Payments
Common stock, shares authorized (in shares)	75,000,000		75,000,000			75,000,000
Preferred stock, shares authorized (in shares)	10,000,000		10,000,000			10,000,000
Amended and Restated 2019 Plan
Shareholders' Equity and Share-Based Payments
Share-based compensation expense	$ 250,901	$ 725,955	$ 214,084	$ 1,230,655
Unrecognized compensation cost, related to non-vested stock options	2,165,328		2,165,328
Amended and Restated 2019 Plan \| Maximum
Shareholders' Equity and Share-Based Payments
Number of shares of common stock available for awards					1,950,000
Amended and Restated 2019 Plan \| Employee
Shareholders' Equity and Share-Based Payments
Share-based compensation expense	191,623	164,342	566,952	954,140
Amended and Restated 2019 Plan \| Non Employee Director
Shareholders' Equity and Share-Based Payments
Share-based compensation expense	$ 59,278	$ 49,742	$ 159,003	$ 276,515

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
Earnings Per Share (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 1,552,520	$ 1,208,316	$ 1,057,350	$ 1,423,379	$ 1,271,103	$ 698,651	$ 3,818,186	$ 3,393,133
Denominator:
Basic weighted average shares	17,461,652			17,576,969			17,455,903	17,415,358
Dilutive effect of share-based awards	5,607			619			20,186	3,907
Diluted weighted average shares	17,467,259			17,577,588			17,476,089	17,419,265
Net income per common share:
Basic EPS	$ 0.09			$ 0.08			$ 0.22	$ 0.19
Diluted EPS	$ 0.09			$ 0.08			$ 0.22	$ 0.19
Options to purchase common stock outstanding (in shares)	361,613			128,815			361,613	128,815
Restricted stock units outstanding (in shares)	250,975			76,636			250,975	76,636
Diluted weighted-average shares outstanding excluded from computation of diluted EPS (in shares)	529,918			312,210			329,026	196,577

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transactions
Net sales		$ 11,765,635	$ 7,959,208	$ 31,813,214	$ 21,815,917
Principal shareholder \| Eclipse
Related Party Transactions
Net sales		$ 110,000	$ 155,000	$ 203,000	$ 231,000
Director
Related Party Transactions
Professional Fees	$ 72,990

Leases - Schedule of lease-rela

Leases - Schedule of lease-related assets and liabilities (Details) - USD ($)	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Leases
Operating leases	$ 5,282	$ 15,065
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Operating leases- current	$ 5,282	$ 12,965
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Present value of minimum lease payments	$ 5,282
Operating leases expenses	$ 11,007
Weighted average remaining lease term	4 months 24 days
Weighted average discount rate	5%

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Future minimum lease payments under operating leases
2025	$ 6,115
Total minimum lease payments	6,115
Amount representing interest	(833)
Present value of minimum lease payments	5,282
Operating leases- current	$ 5,282	$ 12,965
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent

Loan Agreement (Details)

Loan Agreement (Details) - USD ($)		9 Months Ended
Loan Agreement (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2024	Dec. 19, 2023	Dec. 18, 2023	Jun. 28, 2023	May 11, 2023
Loan Agreement
Amount drawn		$ 29,044,688
Senior secured revolving line of credit
Loan Agreement
Aggregate principal amount						$ 10,000,000
Annual commitment fee (in percent)		0.15%
Amount drawn		$ 9,859,074
Senior secured revolving line of credit \| PNC Bank
Loan Agreement
Aggregate principal amount			$ 30,000,000	$ 10,000,000
SOFR \| Senior secured revolving line of credit
Loan Agreement
Adjustment to variable interest rate		0.10%
SOFR \| Minimum \| Senior secured revolving line of credit
Loan Agreement
Applicable Margin		1.50%
SOFR \| Maximum \| Senior secured revolving line of credit
Loan Agreement
Applicable Margin		2.50%
Senior secured term loan
Loan Agreement
Aggregate principal amount					$ 20,000,000
Adjustment to variable interest rate		0.10%
Amortization period of debt	10 years
Senior secured term loan \| Maximum
Loan Agreement
Amortization period of debt in equal monthly principal installments	60 months
Senior secured term loan \| SOFR \| Minimum
Loan Agreement
Applicable Margin		1.50%
Senior secured term loan \| SOFR \| Maximum
Loan Agreement
Applicable Margin		2.50%

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jul. 22, 2024 USD ($)
Subsequent Event \| Asset Purchase and License Agreement (the "Honeywell Agreement")
Subsequent Event
Cash consideration	$ 4.2