<SEC-DOCUMENT>0001104659-20-011466.txt : 20200206
<SEC-HEADER>0001104659-20-011466.hdr.sgml : 20200206
<ACCEPTANCE-DATETIME>20200205182116
ACCESSION NUMBER:		0001104659-20-011466
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200205
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200206
DATE AS OF CHANGE:		20200205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATIVE SOLUTIONS & SUPPORT INC
		CENTRAL INDEX KEY:			0000836690
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				232507402
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31157
		FILM NUMBER:		20580210

	BUSINESS ADDRESS:	
		STREET 1:		420 LAPP RD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6108899898

	MAIL ADDRESS:	
		STREET 1:		420 LAPP ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm206867-1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Washington</B></FONT><B>,
DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>current
report<BR>
<BR>
</B></FONT><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Securities
</B></FONT><B>Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): February 5, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INNOVATIVE
SOLUTIONS AND SUPPORT, INC</B></FONT><B>.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-top: 2pt; padding-right: -0.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pennsylvania</B></FONT></TD>
    <TD STYLE="width: 34%; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>0-31157</B></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23-2507402</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number) </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>720 Pennsylvania Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exton, Pennsylvania 19341</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(610) 646-9800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"> <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"> <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"> <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"> <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; border: Black 1pt solid; width: 38%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 23%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 39%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISSC</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ Global Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;&thinsp;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&sect;&thinsp;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 6pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 2.02</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Results of Operations and Financial Condition.</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">On February 5, 2020,
Innovative Solutions and Support, Inc. issued a press release announcing its financial results for its fiscal first quarter ended
December 31, 2019. A copy of that press release and the attached financial schedules are attached as Exhibit 99.1 to this report
and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">The information in
this report (including Exhibit 99.1) is being furnished pursuant to Item&nbsp;2.02 and shall not be deemed to be &ldquo;filed&rdquo;
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject
to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 9.01</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Financial Statements and Exhibits.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit Number</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm206867d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm206867d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated February 5, 2020, announcing financial results for the fiscal first quarter ended </FONT><FONT STYLE="font-size: 10pt">December 31, 2019.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">INNOVATIVE SOLUTIONS AND SUPPORT, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Date: February 5, 2020</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Relland M. Winand</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Relland M. Winand</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm206867d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>E</B></FONT><B><FONT STYLE="font-size: 10pt">xhibit
<FONT STYLE="text-transform: uppercase">99.1&nbsp;</FONT></FONT></B></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm206867d1_ex99-1img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>Innovative
Solutions &amp; Support, Inc. Announces First Quarter <BR>
Fiscal 2020 Financial Results</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Exton,
PA. &ndash; February 5, 2020&ndash;</B> Innovative Solutions &amp; Support, Inc. (&ldquo;IS&amp;S&rdquo; or the &ldquo;Company&rdquo;)
(NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2020 ended December 31, 2019.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the first quarter of fiscal
2020, the Company reported net sales of $4.5 million compared to net sales of $4.0 million in the first quarter a year ago. The
Company reported net income of $328,000, or $0.02 per share, in the first quarter, compared to net income of $139,000, or $0.01
per share, in the first quarter of fiscal 2019.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Other notable recent accomplishments
include:<BR>
<BR></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         signing of a multi-year agreement with an aircraft manufacturer to supply the recently
                                         certified ThrustSense&reg; auto-throttle as standard equipment on new aircraft production.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The
                                         Federal Aviation Administration (FAA) awarded a first-of-its-kind Supplemental Type Certificate
                                         (STC) for protection against one-engine-inoperative (OEI) catastrophic loss-of-control
                                         accidents.</FONT></TD></TR></TABLE>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Geoffrey
Hedrick, Chairman and Chief Executive Officer of IS&amp;S, said, &ldquo;The results for the first quarter of fiscal 2020 continue
to reflect steady improvement in our financial performance as well as success qualifying new products and winning new orders.
Shahram Askarpour and I will be available for questions after the formal portion of the earnings call is concluded.&rdquo;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">At December 31, 2019, the Company
had $22.2 million of cash on hand, little changed from fiscal year end September 30, 2019.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">New orders in the first quarter
of fiscal 2020 were $4.9 million and backlog as of December 31, 2019 was $6.3 million, a 47% increase from backlog of $4.3 million
a year ago. Backlog excludes potential future sole-source production orders from the Pilatus PC-24, and the KC-46A programs, both
of which the Company expects to remain in production for a decade. The Company expects that these contracts will add to production
sales already in backlog.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Conference Call</U></B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company will be hosting a
conference call on Thursday, February 6, 2020 at 10:00 a.m. ET to discuss these results, its business outlook and product development.
Please use the following dial in number to register your name and company affiliation for the conference call: 877-270-2148. No
conference ID is required. The call will also be carried live on the Investor Relations page of the Company website at&nbsp;<U>www.innovative-ss.com.</U></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>About Innovative Solutions
 &amp; Support, Inc.</U></B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Headquartered in Exton, Pa.,
Innovative Solutions &amp; Support, Inc. (<U>www.innovative-ss.com</U>) is a systems integrator that designs and manufactures
flight guidance and cockpit display systems for Original Equipment Manufacturers (OEMs) and retrofit applications. The company
supplies integrated Flight Management Systems (FMS), auto-throttle systems and advanced GPS receivers for precision low carbon
footprint navigation.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Certain matters contained
herein that are not descriptions of historical facts are &ldquo;forward-looking&rdquo; (as such term is defined in the Private
Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially
from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings
made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company&rsquo;s future
results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking
statements, which reflect management&rsquo;s views only as of the date hereof. The Company undertakes no obligation to revise
or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information,
future events or otherwise.</I></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I></I></FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Innovative Solutions and Support, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">September 30,</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(unaudited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0"><U>ASSETS</U></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">22,158,756</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">22,416,830</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,976,749</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,348,537</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contract asset</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80,182</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Inventories</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,672,463</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,470,694</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Prepaid expenses and other current assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">686,614</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">642,049</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30,494,582</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,958,292</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Property and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,365,477</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,444,692</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Other assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">255,226</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">154,041</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total assets</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">39,115,285</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">38,557,025</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0"><U>LIABILITIES AND SHAREHOLDERS'
    EQUITY</U></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">977,636</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,079,073</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,414,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,110,918</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contract liability</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33,586</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">29,231</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,425,267</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,219,222</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Non-current deferred income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">129,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">129,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other liabilities</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,307</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total liabilities</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,579,225</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,348,873</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Commitments and contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Preferred stock, 10,000,000 shares authorized, $.001 par value, of which
    200,000 shares are authorized as Class A Convertible stock. No shares issued and outstanding at December 31, 2019 and
    September 30, 2019</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Common stock, $.001 par value: 75,000,000 shares authorized, 19,005,487
    issued at December 31, 2019 and September 30, 2019</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19,006</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19,006</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Additional paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">51,987,096</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">51,987,096</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Retained earnings</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,898,495</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,570,587</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Treasury stock, at cost,
    2,096,451 shares at December 31, 2019 and September 30, 2019</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21,368,537</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21,368,537</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.25in; text-align: left">Total shareholders' equity</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,536,060</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,208,152</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Total liabilities and shareholders' equity</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">39,115,285</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">38,557,025</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I></I></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Innovative Solutions and Support, Inc.</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements of Operations</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(unaudited)</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Three months ended</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net sales</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,511,428</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,977,650</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,909,781</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,811,847</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Gross profit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,601,647</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,165,803</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Research and development</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">666,615</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">596,372</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Selling, general and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,703,274</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,473,416</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,369,889</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,069,788</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">231,758</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">96,015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">78,870</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21,552</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,280</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,854</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Income before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">327,908</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">139,421</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">327,908</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">139,421</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Net income per common share:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.125in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.125in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average shares outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.125in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">16,909,036</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">16,840,599</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.125in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,081,578</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">16,840,599</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I></I></FONT></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm206867d1_ex99-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm206867d1_ex99-1img001.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  U ,X# 2(  A$! Q$!_\0
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M=.Z?GIJ:M%9&FZGI>KP_:-+OM/U&W[7%I>)?K_WTI;'M\_X&M>OGSZ4****
M"BBB@ HKSSQ?\1_A_P" +&TU#QSXW\+^#[#4O$.F^$-.O=>U[3-*@O/$VL.B
M:+HJS:O+'&VN3Y5X;1W,TB@RNCHN(_0Z "BBB@ HHHH **** "BBB@ HHHH
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!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
