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Concentrations | 12 Months Ended
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Sep. 30, 2021
Concentrations |
Concentrations | 2. Concentrations ​ Major Customers and Products ​ In fiscal 2021, 2020 and 2019, the Company derived 59%, 63% and 53%, respectively, of total sales from five customers, although not all the same customers in each year. Accounts receivable and contract assets related to those top five customers was $2.1 million, $3.4 million and $1.3 million as of September 30, 2021, 2020 and 2019, respectively. ​ The largest customer, Pilatus, accounted for 20% of total revenue in fiscal year 2021, 33% of total revenue in fiscal year 2020, and 25% of total revenue in fiscal year 2019. ​ Flat panel sales were 88%, 80% and 90% of total sales in the years ended September 30, 2021, 2020 and 2019, respectively. Sales of air data systems and components were 12%, 20% and 10% of total sales for the years ended September 30, 2021, 2020 and 2019, respectively. Sales to government contractors and agencies accounted for approximately 18%, 32% and 20% of total sales during fiscal years 2021, 2020 and 2019, respectively. The government agency or general contractor typically retains the right to terminate the contract at any time at its convenience. Upon alteration or termination of these contracts, IS&S is typically entitled to an equitable adjustment to the contract price so that it would be compensated for delivered items and allowable costs incurred. Accordingly, because these contracts can be terminated, the Company cannot be assured that its backlog will result in sales. ​ 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. ​ During fiscal 2021 the Company had one supplier that accounted for 14.9% of the Company's total inventory related purchases. During fiscal 2020 the Company had two suppliers that accounted for 32.8% 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.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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